News

Spectra Systems Reports Increased Profit and Revenue in First Half of 2022

1 Mins read

Spectra Systems, a leading provider of technology for banknote and product authentication, announced a significant rise in pretax profit for the first half of the year. The company’s strong performance can be attributed to higher demand for banknotes from central-bank customers.

In the first half of 2022, Spectra Systems’ pretax profit surged to $5.5 million, compared to $3.3 million in the same period last year. Moreover, the adjusted pretax profit increased to $5.8 million, up from $3.7 million.

The company’s total revenue also witnessed a notable growth, reaching $11.6 million, compared to $9.3 million previously. This increase was primarily driven by pre-production development contracts and a rise in demand for materials to meet the growing banknote requirements of one of its existing central-bank customers.

Furthermore, Spectra Systems’ adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a substantial rise of 55%, reaching $5.9 million.

Looking ahead, Spectra Systems is confident that it will achieve record earnings for the full year and meet market expectations. According to a market consensus provided by Factset, the company is projected to achieve sales of $20.0 million and a pretax profit of $7.6 million.

As of 0741 GMT, Spectra Systems’ shares were up 2.50 pence, or 1.5%, at 168.50 pence.

Related posts
News

Newsroom Panama

1 Mins read
Panama President Mulino Supports Jorge Herrera’s Election and Reiterates Respect for the Separation of Powers Cryptocurrency Holders: How to Earn Daily Income…
News

$69.5 Million Bitcoin ETF Holder Files for IPO

2 Mins read
Software manufacturer Figma has registered for an initial public offering (IPO) and announced that it holds $69.5 million in a Bitcoin exchange-traded…
News

Strong Ethereum Accumulation Detected: LTH Buying Heavy During June Consolidation | Ethereum Ethereum Accumulation | CryptoRank.io

2 Mins read
Ethereum is trading above $2,400 after enduring several days of volatility and uncertainty. The price has managed to stabilize despite sharp intraday…

Leave a Reply

Your email address will not be published. Required fields are marked *