Trading update and expected grant of share options

RNS Number : 2909O

Spectra Systems Corporation

08 February 2016

 

Spectra Systems Corporation

("Spectra" or the "Company")

Trading update and expected grant of share options

Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication and brand protection technologies, announces that it anticipates releasing its preliminary results for the year ended 31 December 2015 in late April 2016. 

The Board anticipates that the profit is likely to be significantly in excess of market expectations.  This is due to it becoming clear that the margin achieved on the hardware sensor contract was higher than predicted with the Company's standard costings and due to an increase in materials sales occurring in late 2015.  The Board currently anticipates that Spectra's performance in 2016 will be in line with market expectations.

Spectra also announces that it expects within the next two weeks to announce a grant of options, exercisable at the prevailing market price, over its shares of common stock to Directors and senior managers.  The exercise of these options, which together with options already granted since the admission of the Company to AIM in July 2011 will not exceed 10% of the Company's issued share capital, will be dependent upon the satisfaction of stringent performance conditions.

Enquiries:

Spectra Systems Corporation

Nabil Lawandy (President and Chief Executive Officer) Tel: [phone]

WH Ireland Limited

Chris Fielding (Head of Corporate Finance) Tel: [phone]

 

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