Spectra
The results from Spectra should give SNC a kick along in these turbulent times
Revenue of $11,621k (2022: $9,265k) up 25% ·
Adjusted EBITDA1 up 55% at $5,903k (2022: $3,818k) ·
Adjusted PBTA1 up 59% to $5,837k (2022: $3,669k) ·
Adjusted earnings2 per share up 74% to US $10.8 cents (2022: US $6.2 cents) ·
Cash generated from operations of $4,418k (2022: $7,245k)
Commenting on the results, Nabil Lawandy, Chief Executive Officer, said: "The Company's first half revenues and earnings are up substantially from the six months ended June 30, 2022 with increases of 25% and 59% for revenue and PBTA, respectively. Our cash position remains strong at $16,582k with a debt free balance sheet. The increased revenues in the first half are derived principally from pre-production development contracts as well as larger demand for our materials to meet increased banknote demands of one of our existing central bank customers.We have achieved key milestones with our sensor development contract and are moving into the final phase of the program with the delivery of preproduction units in Q4 of 2024. The central bank customer expects to provide a first draft of the manufacturing contract in H2 of this year. Our anticipation of potential supply chain issues and proactive implementation of a supply chain mitigation program with our largest central bank customer has resulted in significantly enhanced revenues in H1 as we have been able to complete that entire fiscal year order for 2022-2023 on time. On the optical materials front, we have significantly grown revenue from K-cup printers and have received approval from a third customer in Canada which we expect to place a first order in Q1 of 2024. With regards to our suite of smartphone-based authentication solutions, we have initiated a testing program with a UK passport company and are awaiting approval on the use of our combined smartphone and covert authentication holographic labels for protection of physical versions of non-fungible token ("NFT") artworkFinally, our gaming software operation has gone live with the New York State lottery, and we have appointed a new managing director with a strong background in software management, development and sales."The Board therefore believes that the Company is on track to achieve record earnings and meet market expectations for the full year."
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