TIDMSPSY TIDMSPSC
RNS Number : 7394K
Spectra Systems Corporation
06 September 2021
Spectra Systems Corporation
Interim Results for the Six Months Ended 30 June 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Spectra Systems Corporation (the "Company"), a leader in
machine-readable high speed banknote authentication, brand
protection technologies, and gaming security software, is pleased
to announce its interim results for the six months ended 30 June
2021.
Financial highlights:
-- Revenue of $8,023k (2020: $6,519k) up 23%
-- Adjusted EBITDA (1) up 44% at $3,522k (2020: $2,442k)
-- Adjusted PBTA (1) up 47% to $3,383k (2020: $2,303k)
-- Adjusted earnings(2) per share up 45% to US $6.7 cents (2020: US $4.6 cents)
-- Cash generated from operations of $4,464k (2020: $2,283k)
-- Annual 2020 dividend of US$0.095 per share ($4,302k in aggregate) paid in June 2021
-- Strong, debt-free balance sheet, with cash (3) of $12,851k (2020: $10,906k) at 30 June
-- Buy-back of 500,000 shares in the period
-- $34,970 donated to Leicester Royal Infirmary SACT Suite extension project
(1) Before stock compensation expense and excludes
noncontrolling interest
(2) Before amortization and stock compensation expense and
excludes noncontrolling interest
(3) Does not include $1,099k (2020: $1,344k) of restricted cash
and investments
Operational highlights:
-- Execution of a contract with our central bank customer
concerning the second phase of the sensor development program
followed on by an amendment to include the capability to detect
exotic counterfeit notes
-- Continued increase of sales of optical materials for K-cups
and final end customer qualification of the product by a new
customer
-- Obtained a new customer for our TruBrand product in addition
to current tobacco related sales in China
-- Established a complete vertical integration of polymer
banknote substrate manufacturing to produce ready for printing
substrates
-- Validated the efficacy of Aeris banknote cleaning process for deactivating SARS-2
-- Patented our Banknote Disinfection System and introduced the product to the market
-- Expanded the lottery business into Canada with a new contract
award and renewed a long-term US customer contract
Commenting on the results, Nabil Lawandy, Chief Executive
Officer, said:
"The Company's first half revenues and earnings are up
substantially from the six months ended June 30, 2020 and in line
with the Board's expectations for H1.
"We have obtained new business from a long standing central bank
customer which supports our position as the technology leaders for
difficult technological requirements. To date we have been granted
contracts worth $8.8MM for this customer's sensor development
program and have recently successfully demonstrated a key design
milestone to the customer. Based on the current program timeline,
we continue to plan around a 2024 delivery for the first order of
sensors. Although we have yet to receive the materials order from
this customer, we expect it to be robust and above the average
order size of the pre-Covid-19 yearly orders.
"Our K-Cup business continues to grow and we have passed the
final end-customer approval and expect orders in H2 of this year
from a new customer. In spite of Covid delays at many testing sites
in our industry, we have received requests for sample evaluation
quantities of our new red emitting phosphour from a security
printer in Europe. We have made a significant leap with our polymer
substrate product by integrating the opacification and conducting
layers into our finished product. This is major advancement as it
will allow direct competition with current industry suppliers of
polymer such as De La Rue and CCL. This integration process has
also led to new intellectual property beyond the machine
readability we already have and which already gives us a singular
position in this market.
"In addition, we have received tangible interest from Asia for
our patented banknote disinfection system and have been asked to
quote pricing for several units.
"Finally, the results on the efficacy of Aeris banknote cleaning
technology in completely deactivating SARS-2 virus, have led to an
inquiry by a central bank to visit our facilities to evaluate the
system.
"The Board therefore believes that the Company is on track to
achieve record earnings and meet market expectations for the full
year."
Enquiries:
Spectra Systems Corporation
Dr. Nabil Lawandy, Chief Executive Tel: +1 (0) 401 274 4700
Officer
WH Ireland Limited
Chris Fielding, Managing Director Tel: +44 (0) 20 7220 1650
Corporate Finance
Chief Executive Officer's statement
Introduction
Having achieved a number of key commercial milestones, as
described in the Review of Operations below, Spectra Systems is on
track to deliver an excellent performance for the full 2021
financial year and expects to meet market expectations, in spite of
the Covid-19 pandemic.
Revenue was up 23% at $8,023k (2020: $6,519k) for the first half
of the year. The increased revenues in the first half are derived
principally from pre-production development contracts as well as
larger demand for our materials to meet increased banknote demands
of one of our existing central bank customers.
As a result of the increased revenue, adjusted EBITDA (before
stock compensation expense) for the half year increased 44%, to
$3,522k compared to the prior year of $2,442k.
Having generated cash from operations of $4,464k (2020:
$2,283k), cash at the period end amounted to $12,851k (2020:
$10,906k), excluding $1,099k of restricted cash and investments
(2020: $1,344k). This is notwithstanding $4,302k paid to
shareholders during June in the form of the Company's dividend of
$0.095 per share and $1,170k used for buying back 500,000
shares.
Based on the expected revenue and earnings for the second half
of the year, the Company anticipates a similar end of the year
dividend relative to the 2020 dividend paid in June 2021.
Review of Operations
Physical and Software Authentication Business
The Authentication Systems business generated revenue of $7,103k
(2020: $5,826k) and Adjusted EBITDA of $3,470k (2020: $2,286k).
Authentication Systems revenues are driven by sales of covert
materials and their associated equipment and service, optical and
security phosphor materials and licence payments from our licensee.
The increased revenue is due to larger demand for our covert
materials to meet the increased banknote demands of one of our
existing central bank customers as well as funded development of
sensors for this same customer. Orders for our covert consumables
reached the highest level in the Company's history which was
partially fulfilled in 2020 with the balance being delivered in
2021, primarily in the first half of the year.
We have advanced our machine-readable covert polymer substrate
as well as our ability to supply standard polymer substrate by
developing a further integrated operation which allows us to sell
fully ready for printing substrates with full opacification and
conducting layers in all print format requirements. This is a major
advancement as it will allow us to directly compete with the other
suppliers in the industry, even at the level of standard BOPP
substrates without machine readability. We have produced a large
number of custom designed sheets for a Middle Eastern central bank
print trial and are also in discussions with an issuing authority
interested in converting from paper to polymer only if the
substrate is secure. We are also working on joining a consortium
which is bidding on a commemorative polymer note for a central bank
which may eventually shift to polymer.
With the TruBrand authentication product having been
successfully introduced into the Chinese tobacco market with over 6
million packs with our smartphone authentication in retail stores
in 2019, we have obtained a new customer in the stationery industry
who is suffering from counterfeiting losses in China. We have
greatly expanded our search for new customers for TruBrand while we
continue to be ready to undertake a gravure trial for tobacco which
has been stalled by both Covid and the generally negative USA-China
relations, particularly as relating to intellectual property. As
far as new customers, we are working with two UK companies on
securing an opportunity for motor vehicle registrations, we
continue to refine our product to obtain adoption into a European
tax stamp, and we are in the process of bidding for a contract to
authenticate foodstuffs in a large Asian country.
During H1 we moved our K-cup material acceptance with a new
customer to the final level and expect orders to begin in the end
of H2. This customer is expected to be approximately 20% larger in
sales volume than the current customer and we are confident that
this business line will reach a million dollars of high margin
materials sales in aggregate in 2022. The new business will not
require additional staffing and hence will be completely accretive
to our earnings.
On the software security side of the Company's business, the
Secure Transactions Group, formed around the various gaming
technology acquisitions made in 2012, generated an Adjusted EBITDA
of $112k (2020: $156k) on revenue of $920k (2020: $693k). The H1
results are in line with expectations as we continue development of
a new software platform which has led to costs depressing EBITDA
but which will result in lower support costs in the long run.
During the first half of 2021, the Group renewed a long-term US
customer contract and expanded our business internationally with
the addition of a new customer in Canada. This new customer we
believe will open the door to the other four additional lotteries
in Canada where we hope to win contracts based on successful
performance with this new Canadian customer.
Solaris BioSciences Investment Asset
In December 2020, the Company made an investment in Solaris
BioSciences, whose core technology is well understood by us. The
results of Solaris BioSciences are consolidated by the Company. As
Solaris BioSciences is a development stage company, it does not
generate revenue and generated an EBITDA loss of $60k attributable
to the Company's ownership share.
During H1, Solaris BioSciences has completed two alpha-phase
Laser Drag Microliter Viscometers and is in the process of
calibrating the units with blood plasma samples. The parallel
effort at Brown University is also proceeding at a fast pace with
paper-based laboratory level test strip separation of hematocrit
from plasma.
The market opportunity for a two-minute, pinprick volume, blood
plasma viscosity test is believed to be potentially similar to the
market for blood oximeters which have become ubiquitous and are
currently a $2.1 billion dollar market. The measurement of blood
plasma viscosity has received a significant resurgence as an
important diagnostic since a number of world class institutions in
the USA and the United Kingdom have made direct connections with
the progression of Covid-19 disease.
Solaris BioSciences is in the early stages of a Series C
financing and currently has approximately $180,000 of cash to fund
its operations.
Strategy
The Company's strategy for increasing revenue and earnings
continues to be focused on both brand authentication and a robust
effort to commercialize our covert security technologies with an
emphasis on polymer banknotes and technology driven existing
central bank customers.
The brand authentication sector offers short-term growth
potential and some very large opportunities for smartphone-based
technology and advanced optical materials, while the covert
banknote security sector provides stable long-term, multi-decade
revenues once new contracts are executed.
In addition, we have deliberately and successfully positioned
the company to be the world's only provider of technology for
disinfecting banknotes from SARS-2 on a large scale and on a time
scale which meets supply challenges for both central banks and
casinos. We believe that this is of particular importance for
polymer notes where numerous studies, including our own data
obtained at Boston University's National Emerging Infections
Disease Laboratories, indicate that SARS-2 survives for the longest
periods on this type of banknote substrate.
Prospects
The Company continues to have and to create new long-term and
short-term prospects. The short-term opportunities are expected in
the 2021-2023 period and the long-term opportunities are expected
in the 2024-2028 time frame.
The important, near-term opportunities are:
-- Fulfillment of new, larger than typical pre-Covid-19 orders
for covert materials to a long-standing central bank customer
during 2022;
-- Completion of the development of the new generation of
hardware for a long-standing central bank customer with an
additional $7.7MM of revenue to be recognized through 2023;
-- Increase sales of TruBrand related products to reach the
level of several million dollars per annum in both tobacco and
other opportunities such as tax stamps and government
documents;
-- Increase the K-cup business to the $1MM per annum level and beyond;
-- First sales of our newest patent pending phosphour product;
-- Sale of our first banknote cleaning and decontamination systems to central banks;
-- Qualification with a central bank of our Fusion(TM) machine-readable polymer substrate; and
-- Expand our gaming software business in Canada and other non-USA customers.
The longer-term opportunities are:
-- A supply agreement for our polymer substrate technology (
Fusion(TM) ) with a major central bank; and
-- Supply of upgraded sensors worth up to $42MM in hardware to a central bank customer.
The combination of these prospects, both short and long term,
has positioned the Company to continue its revenue and earnings
growth over the coming years. We continue to develop cutting edge
technologies to remain the technology leader in the authentication
industry and to offer our shareholders growth through
innovation.
Nabil M. Lawandy
Chief Executive Officer
September 6, 2021
Consolidated statements of income
for the half year ended 30 June 2021
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2021 2020 2020
Unaudited Unaudited Audited
Note USD '000 USD '000 USD '000
Revenues
Product $ 4,607 $ 4,436 $ 9,692
Service 2,548 1,191 3,230
License and
royalty 868 892 1,753
--------------------------- --------------------------- --------------------------
Total revenues 8,023 6,519 14,675
Cost of sales 2,578 2,168 4,606
--------------------------- --------------------------- --------------------------
Gross profit 5,445 4,351 10,069
Operating
expenses
Research and
development 755 823 1,605
General and
administrative 1,433 1,330 2,627
Sales and
marketing 230 300 509
--------------------------- --------------------------- --------------------------
Total operating
expenses 2,418 2,453 4,741
--------------------------- --------------------------- --------------------------
Operating
profit 3,027 1,898 5,328
Interest and
other income 29 79 115
Loss on sale of (19) - -
equipment
Foreign currency
loss (3) (1) (16)
--------------------------- --------------------------- --------------------------
Profit before
taxes 3,034 1,976 5,427
Income tax
expense 157 81 304
--------------------------- --------------------------- --------------------------
Net income 2,877 1,895 5,123
Net loss
attributable
to
noncontrolling
interest 71 - 1
--------------------------- --------------------------- --------------------------
Net income
attributable
to Spectra
Systems
Corporation $ 2,948 $ 1,895 $ 5,124
=========================== =========================== ==========================
Earnings per
share 2
Basic $ 0.06 $ 0.04 $ 0.11
Diluted $ 0.06 $ 0.04 $ 0.11
All of the Group's operations are continuing
Consolidated statements of comprehensive income
for the half year ended 30 June 2021
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2021 2020 2020
Unaudited Unaudited Audited
USD '000 USD '000 USD '000
Net income $ 2,877 $ 1,895 $ 5,123
Other comprehensive income
(loss)
Unrealized loss on currency
exchange (6) (9) (32)
Reclassification for
realized loss in net
income 3 1 16
---------------------- ---------------------- ---------------------
Total other comprehensive
loss (3) (8) (16)
---------------------- ---------------------- ---------------------
Comprehensive income 2,874 1,887 5,107
Net loss attributable
to noncontrolling interest 71 - 1
---------------------- ---------------------- ---------------------
Comprehensive income
attributable to Spectra
Systems Corporation $ 2,945 $ 1,887 $ 5,108
Consolidated balance sheets
as of 30 June 2021
As of As of As of
30 Jun 30 Jun 31 Dec
2021 2020 2020
Unaudited Unaudited Audited
USD '000 USD '000 USD '000
Current assets
Cash and cash equivalents $ 12,851 $ 10,906 $ 14,038
Trade receivables, net of
allowance 1,870 676 2,587
Unbilled and other receivables 478 929 477
Inventory 2,737 2,840 2,794
Prepaid expenses 327 234 274
Total current assets 18,263 15,585 20,170
Non-current assets
Property, plant and equipment,
net 1,557 1,795 1,726
Operating lease right of use
assets, net 1,045 1,313 1,181
Intangible assets, net 7,178 6,228 7,200
Restricted cash and investments 1,099 1,344 1,099
Deferred tax assets 1,400 1,400 1,400
Other assets 118 130 124
------------------------ ----------------------- ------------------------
Total non-current assets 12,397 12,210 12,730
Total assets $ 30,660 $ 27,795 $ 32,900
======================== ======================= ========================
Current liabilities
Accounts payable $ 681 $ 356 $ 533
Accrued expenses and other
liabilities 446 583 478
Operating lease liabilities,
short term 267 258 270
Taxes payable 28 278 223
Deferred revenue 2,066 719 1,666
------------------------ ----------------------- ------------------------
Total current liabilities 3,488 2,194 3,170
Non-current liabilities
Operating lease liabilities,
long term 827 1,094 956
Deferred revenue 650 592 552
------------------------ ----------------------- ------------------------
Total non-current liabilities 1,477 1,686 1,508
Total liabilities 4,965 3,880 4,678
------------------------ ----------------------- ------------------------
Stockholders' equity
Common stock 453 459 456
Additional paid in capital -
common stock 53,795 55,537 54,892
Accumulated other comprehensive
loss (137) (127) (135)
Accumulated deficit (29,085) (30,960) (27,731)
Less: Common stock held in - (994) -
treasury
------------------------ ----------------------- ------------------------
Total Spectra Systems
Corporation stockholders'
equity 25,026 23,915 27,482
Noncontrolling interest 669 - 740
------------------------ ----------------------- ------------------------
Total stockholders' equity 25,695 23,915 28,222
------------------------ ----------------------- ------------------------
Total liabilities and
stockholders' equity $ 30,660 $ 27,795 $ 32,900
======================== ======================= ========================
Consolidated statements of cash flows
for the half year ended 30 June 2021
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2021 2020 2020
Unaudited Unaudited Audited
USD '000 USD '000 USD '000
Cash flows from
operating activities
Net income $ 2,877 $ 1,895 $ 5,123
Adjustments to
reconcile net
income to net cash
provided
by operating
activities
Depreciation and
amortization 398 515 968
Stock based
compensation
expense 33 29 59
Lease amortization
expense 137 131 265
Allowance for
doubtful accounts - - 1
Loss on sale of 19 - -
equipment
Changes in operating
assets
and liabilities
Accounts
receivables 719 821 (1,090)
Unbilled and other
receivables (1) (635) (82)
Inventory 57 241 287
Prepaid expenses (53) (45) (84)
Accounts payable 146 (1) 122
Operating leases (132) (126) (252)
Accrued expenses
and other
liabilities (230) 25 (74)
Deferred revenue 494 (567) 331
--------------------------- --------------------------- ---------------------------
Net cash provided by
operating
activities 4,464 2,283 5,574
Cash flows from
investing activities
Restricted cash and
investments - - 245
Payment of patent and
trademark
costs (223) (171) (459)
Contribution from
noncontrolling
interest - - 2
Proceeds from sale of 36 - -
equipment
Purchases of property,
plant
and equipment (32) (329) (458)
--------------------------- --------------------------- ---------------------------
Net cash used in
investing
activities (219) (500) (670)
Cash flows from
financing activities
Dividends paid (4,302) (4,123) (4,123)
Repurchase of shares (1,170) (992) (992)
Proceeds from exercise
of stock
options 37 3 12
--------------------------- --------------------------- ---------------------------
Net cash used in
financing
activities (5,435) (5,112) (5,103)
Effect of exchange
rate on
cash and cash
equivalents 3 (15) (13)
--------------------------- --------------------------- ---------------------------
Net decrease in cash
and cash
equivalents (1,187) (3,344) (212)
Cash and cash
equivalents
, beginning of period 14,038 14,250 14,250
--------------------------- --------------------------- ---------------------------
Cash and cash
equivalents
, end of period $ 12,851 $ 10,906 $ 14,038
=========================== =========================== ===========================
Notes to financial information
1. Basis of preparation
This report was approved by the Directors on 2 September
2021.
This financial information has been prepared using the
recognition and measurement principles of US Generally Accepted
Accounting Principles (GAAP). The Group has not elected to apply
IAS 34 Interim Financial Reporting.
The principal accounting policies used in preparing the interim
results are those the Company expects to apply in its financial
statements for the year ending 31 December 2021 and are unchanged
from those disclosed in the Company's Annual Report for the year
ended 31 December 2020.
The results for the half year are unaudited. The financial
information for the year ended 31 December 2020 does not constitute
the full statutory accounts for that period. The Annual Report and
financial statements for the year ended 31 December 2020 have been
filed with the Registrar of Companies. The Independent Auditors'
Report on the financial statements for the year ended 31 December
2020 was unmodified and did not draw attention to any matters by
way of emphasis.
2. Earnings per share
The calculation of basic earnings per share is based on the net
income divided by the weighted average number of common shares
outstanding. Diluted earnings per share is calculated by
considering the dilutive impact of common stock equivalents under
the treasury stock method as if they were converted into common
stock as of the beginning of the period or as of the date of grant,
if later. Excluded from the calculation of diluted earnings per
common share for the six months ended June 30, 2021 and the year
ended December 31, 2020 were 118,740 and 8,656 shares related to
stock options, respectively, because their exercise prices would
render them anti-dilutive. For the six months ended June 30, 2020,
no shares were excluded from the calculation of diluted earnings
per common share. The following table shows the calculation of
basic and diluted earnings per common share .
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2021 2020 2020
Numerator:
Net income $ 2,948,000 $ 1,895,000 $ 5,124,000
Denominator:
Weighted average common
shares 45,415,199 45,820,928 45,599,014
Effect of dilutive securities:
Stock Options 2,662,613 2,747,538 2,767,105
--------------------- --------------------- ---------------------
Diluted weighted average
common shares 48,077,812 48,568,466 48,366,119
===================== ===================== =====================
Earnings per common share:
Basic: $ 0.06 $ 0.04 $ 0.11
===================== ===================== =====================
Diluted: $ 0.06 $ 0.04 $ 0.11
===================== ===================== =====================
3. Investment in affiliates and other entities
During the course of business, the Company enters into various
types of investment arrangements. The Company determines whether
such investments involve variable interest entities (VIEs). If the
entity is determined to be a VIE, then management determines if the
Company is the primary beneficiary of the entity and whether or not
consolidation of the VIE is required. The primary beneficiary
consolidating the VIE must normally have both (i) the power to
direct the activities of a VIE that most significantly affect the
VIE's economic performance and (ii) the obligation to absorb losses
of the VIE or the right to receive benefits from the VIE, in either
case that could potentially be significant to the VIE. When the
Company is deemed to be the primary beneficiary, the VIE is
consolidated and the other party's equity interest in the VIE is
accounted for as a noncontrolling interest.
On December 10, 2020, the Company invested $702,000 in Solaris
BioSciences (Solaris) and increased its equity interest from 4.79%
to 48.65% on an as converted basis. A noncontrolling interest is
attributable to the 51.35% of Solaris not owned by the Company.
Prior to the investment, the Chief Executive Officer of Spectra
owned 84.54% of Solaris which declined to 46.01% after the
transaction. As part of the transaction, the Company committed to
provide $100,000 of services at cost to Solaris, of which $93,558
were provided during the six months ended June 30, 2021. In
addition, the Company will provide nominal accounting support to
Solaris and allow Solaris use of optical table space and facilities
at Spectra. In accordance with Delaware law, the transaction was
(a) unanimously approved by all three of Spectra's non-executive
Directors and (b) specially approved by a majority-in-interest of
the disinterested stockholders of Solaris. In addition, going
forward Spectra's shares in Solaris will be voted as directed by
Spectra's non-executive Directors. The Chief Executive Officer of
Solaris is also the Chief Executive Officer of Spectra.
The Company has concluded that Solaris is a VIE and the Company
is the primary beneficiary. The Company has consolidated the
accounts of Solaris as of December 10, 2020. The aggregate carrying
value of Solaris' assets and liabilities after elimination of any
intercompany transactions and balances in the consolidated balance
sheets were as follows:
As of As of As of
30 Jun 2021 30 Jun 2020 31 Dec 2020
Unaudited Unaudited Audited
USD '000 USD '000 USD '000
Assets
Cash $ 218 $ - $ 257
Property, plant and equipment, net 8 - -
Intangible assets, net 8 - -
----------------- ------------------------ ------------------------
Total Assets 234 - 257
Liabilities
Accounts payable 10 - 15
Accrued expenses and other
liabilities 8 - 8
Total liabilities $ 18 $ - $ 23
4. Copies of this statement are available to the public on the
Company's website at http://www.spsy.com.
Appendix - Reconciliation of Non-GAAP measures
The Company publishes certain additional information in a
non-statutory format in order to provide readers with an increased
insight into the underlying performance of the business.
Reconciliations to the GAAP measures are shown in the following
tables:
Half Year Half Year Full Year
to 30 Jun to 30 Jun to 31 Dec
2021 2020 2020
Unaudited Unaudited Unaudited
USD '000 USD '000 USD '000
Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA)
Operating profit $ 3,027 $ 1,898 $ 5,328
Depreciation 146 217 417
Amortization 252 298 552
Stock compensation 33 29 59
Operating loss -
noncontrolling
interest 71 - 1
Stock compensation - (7) - -
noncontrolling
interest
Adjusted EBITDA $ 3,522 $ 2,442 $ 6,357
Adjusted profit before taxes and amortization (PBTA)
Profit before taxes $ 3,034 $ 1,976 $ 5,427
Amortization 252 298 552
Stock compensation 33 29 59
Operating loss -
noncontrolling
interest 71 - 1
Stock compensation - (7) - -
noncontrolling
interest
Adjusted PBTA $ 3,383 $ 2,303 $ 6,039
Adjusted earnings per share
Adjusted PBTA $ 3,383 $ 2,303 $ 6,039
Income tax expense (157) (81) (304)
Adjusted earnings $ 3,226 $ 2,222 $ 5,735
Diluted weighted average common
shares 48,077,812 48,568,466 48,366,119
Adjusted earnings per share $ 0.067 $ 0.046 $ 0.119
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