Spectra Systems Corp on Monday lifted its yearly dividend as it saw an increase in both profit and revenue, and said it expects 2023 to meet market expectations.

The Rhode Island, US-based authentication technology provider said revenue was $19.6 million in 2022, up 18% from $16.6 million in 2021.

Spectra noted continued momentum towards customer acceptance of its latest pre-production sensor units.

Pretax profit grew 19% to $7.0 million from $5.9 million, as gross profit rose to $12.3 million from $10.5 million a year earlier.

Adjusted earnings per share rose by 21% to $14.5 cents from $12.0 cents in 2021.

Adjusted earnings before interest, tax, depreciation and amortisation amounted to $8.1 million, up 17% from $6.9 million a year earlier.

Chief Executive Officer Nabil Lawandy said: ‘Company’s earnings and revenues are up substantially over 2021 both due to strong sales which would in themselves had enabled the company to exceed market expectations and which were further increased due to over-manufacturing of covert materials for a Central Bank. Improved financial planning has been put in place for 2023.’

The company declared a total dividend of $0.115 per share, up 4.5% from $0.11 per share a year prior.

Looking ahead, Spectra said it is on track to achieve record earnings and meet market expectations for 2023.

Shares were up 2.7% at 174.50 pence each on Monday morning in London.

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