Spectra gets $9.4m downpayment for banknote sensor contract

(Sharecast News) - Banknote authentication and security technology specialist Spectra Systems announced on Wednesday that it has received a $9.4m downpayment from a customer as part of a $39.6m contract for the production of advanced high-speed banknote sensors. The AIM-traded firm said the initial payment marked a significant milestone in the contract, which was first announced on 16 July.

It said the funds would support the manufacturing of cutting-edge sensors, further enhancing the company's position in the high-speed banknote authentication sector.

"We are keen to accelerate our manufacturing programme with this infusion of cash to support our customer's requirements," said chief executive officer Dr Nabil Lawandy.

"Furthermore, this infusion of cash will significantly replenish our cash position following both the acquisition of Cartor Security Printers in December of 2023 as well as advance purchases of components for our customer's sensor order."

At 0906 GMT, shares in Spectra Systems Corporation were down 0.56% at 247.6p.

Reporting by Josh White for Sharecast.com.