Spectra Systems expects 'significant increase' to profits following surprise order

Secure transaction and banknote technology firm Spectra Systems has received unexpected additional orders for its high-performance phosphor used by a G7 central bank.

As a result, Spectra anticipates the additional end of year orders to bring about a "significant increase" in the AIM-listed firm's profits for 2018, helping its earnings move "above market expectations".

Chief executive Dr Nabil Lawandy, said: "We are very pleased that we were able to provide a second positive trading update in 2018 further underpinning our continued growth, particularly in the area of optical materials"

Spectra reported an increase in first-half revenues in September, also on the back of a large customer order, and increased its annual dividend by 20% to $0.06 per share.

As of 0845 GMT, Spectra shares had shot up 11.07% to 114.40p.