Spectra Systems (SPSY)

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Spectra Systems SPSY Logo

A leader in machine-readable high speed banknote authentication and brand protection technologies.

16-Oct-2017 – 81.5p – £36.5m

Trading Update For The 12 Months To End December 2017 – Profit will significantly exceed market expectations. Next year the Chief Exec states “we expect the royalties to be somewhat higher than average next year although not necessarily at these record levels”.

Quite like the look of this – As does Stockopedia, StockRank 93.

1-Feb-2018 – 103.5p – £45.3m – PER 15.6

Trading Update – Licensee for covert materials supplied to 18 central banks, royalty will be higherthan previously expected for 2017. Profits for the year ended 31 December 2017 will exceed market expectations.

A nice update which seems like confirmation of the previous note. Not sure how much of this is in the price already. I remain Neutral here for now (need to research more) as I am not sure what exactly they do.

19-Mar-2018 – 115p – £51.5m – PER 18.0

Preliminary Results For The 12 Months To End December 2017 – Revenue up 9% to US$12,170k (2016: US$11,122k), Adjusted EPS of US $8.8 cents (2016: US 4.4 cents), Strongdebt-free balance sheet, with cash of US$11,181k (2016: US$8,808k). The annual Dividend is up 20% to US$0.06.

I just don’t truly understand what this company actually does. As attractive as some of the fundamentals are I just have to remain Neutral, it’s still on my look into more list.

24-Sep-2018 – 98p – £44.7m – PER 17.5

Interim Results For The 6 Months To End June 2018 – Revenue up 11% with Adjusted EPS up 30% – Expects to perform well for the remainder of the year.

I remain Neutral here, need to research more into what they actually do.

18-Mar-2019 – 116p – £53m – PER 19

Trading Update – Expects profits for the year ending 31st December 2019 to exceed market expectations – Related to a G7 Central bank contract due to start in Q2 2019 and extend through 2020.

Quite this but it just seems so hard to judge, never know where the new contracts are coming from (but they seem to keep coming) – For this reason alone I have to remain on the sidelines.

25-Mar-2019 – 124p – £57m – PER 18.5

Results For The 12 Months To End December 2018 – Revenue up 3%, Adjusted PBTA up 19%, EPS up 11%, Debt free and the Dividend is up 17%.

Still quite like this but still just too hard for me to judge – Just Never know where those new contracts are coming from (but they seem to keep coming) – For this reason alone I have to remain on the sidelines.

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