Spectra Systems Corp on Monday posted a positive outlook, while reporting higher interim profit and revenue.

In the first half of 2023, the Providence, Rhode Island-based authentication technology provider reported that pretax profit rose 67% to $5.5 million from $3.3 million a year earlier, as revenue grew by 25% to $11.6 million from $9.3 million.

‘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,’ Chief Executive Officer Nabil Lawandy explained.

Looking ahead, Spectra said it is ‘highly confident’ it will achieve market expectations for the full year.

Spectra declared no interim dividend, unchanged from a year ago. For 2022, Spectra paid a final dividend of $0.115 per share, up 4.5% from $0.110 in 2021.

Shares in Spectra rose 2.0% to 169.25 pence each in London on Monday around midday.

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