Spectra Systems secures $5.6m contract with Chinese manufacturer
Spectra Systems, a provider of advanced technology‑based security solutions, secured a nine-year contract with a Chinese manufacturer of secure documents for $5.6m.
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The unamed company is a supplier of government certificates, and its "strong ties" to other customers are expected to help Spectra to drive up its revenues, it said.
The contract covers at least $5.6m of high margin materials and up to $0.5m of hand-held readers.
Furthermore, Spectra added it is on track to meet its half-year expectations thanks to long-term contracted revenue growth in areas outside the banknote industry.
The contract requires minimum annual materials revenues of $0.625m, and the delivery of these materials to the new customer will not require additional staffing.
Chief executive Nabil Lawandy said: "We are extremely pleased about the penetration of our security products into Asia.
"We are confident that this new relationship will also benefit our TruBrandTM smartphone-based authentication technology in the Asian markets."
Shares rose 3.72% to 24.3p on Thursday at 16:06.