Spectra Systems has narrowed its H1 pretax loss to $430,000, from a loss of $758,000. It said its financial performance was in line with expectations. Revenue was $4.8m, from $6.7m.
CEO Nabil Lawandy said:
"The Company's revenues tracked to plan in the first half and are increasing in the second half of the year.
"The planned delivery of covert materials, the long projected increase in profit margins for these products through in house manufacture, robust brand authentication and specialty materials sales, and sustained gaming software profitability give us confidence in meeting the expected Group earnings targets for the year.
"In addition, the new products based on smartphone authentication are steadily gaining traction with a number of successful potential customer trials bolstering our belief that these new products will produce sustainable new earnings streams in 2017 and going forward.
"The Board therefore believes that the Company, by achieving key business milestones, will continue to perform well for the remainder of 2016 with excellent prospects for ongoing growth thereafter."
(LON:SPSC) Spectra Systems Corporation share price was 0p at 17.5p
(LON:SPSY) Spectra Systems Corporation share price was -1.38p at 23.63p