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- Security technology company Spectur (SP3) is expecting a quarter-on-quarter revenue drop, but believes it is still well-positioned for the new financial year
- The company’s third-quarter revenue was $1.13 million less than expected and fourth-quarter revenue is estimated to drop $1.05 million more
- However, with the last two quarters over, Spectur is entering the new financial year with $1.62 million in cash and no bank debt
- To help quicken its recovery, Spectur has recruited a new sales executive and announced two new agreements with New Zealand-based Deus Ex and Australian national science agency CSIRO
- Spectur shares have entered a trading halt today ahead of a capital raising announcement
- Stock last traded for seven cents each on July 2
Security technology company Spectur (SP3) is expecting a quarter-on-quarter revenue drop but believes it is still well-positioned for the new financial year.
The company’s third-quarter revenue was $1.13 million less than expected and fourth-quarter revenue is estimated to drop $1.05 million more.
The drop was attributed to a slower than expected recovery since Christmas and wary consumer decision-making in the light of the COVID-19 pandemic.
Despite the drop, underlying sales were reportedly strong during the two quarters and recurring and rental revenue remained consistent at $275,000 and $340,000, respectively.
With the last two quarters over, Spectur is entering the new financial year with $1.62 million in cash and no bank debt.
To help quicken the recovery, the company has announced its upcoming plans following the launch of its latest solar-powered security platform STA6.
Firstly, Spectur has recruited a new sales executive, who has with experience the utilities and government markets in New South Wales, to help prompt STA6 sales.
Further, the company has also announced two new agreements with New Zealand-based Deus Ex and national science agency CSIRO to progress the STA6 platform in the coming months.
Spectur also hopes to benefit from recently announced government stimulus into the construction sector, which is expected in the second half of 2020.
Spectur Managing Director, Gerard Dyson, believes the upcoming fiscal year will be exciting for the company.
“We have largely concluded the recruiting and development of our outbound sales team. Our new website and digital marketing platform is well advanced and expected to be progressively deployed in the next two months,” Gerard said.
“Spectur has an exciting new product platform, with improved functional performance as well as an expanding range of applications. We are advancing a number of channel partner opportunities in and out of Australia,” he said.
Spectur shares have entered a trading halt today ahead of a capital raising announcement. Stock last traded for seven cents each on July 2.
