Spectra Systems Corp said it has signed a $1.9 million contract for the development and production of three online quality control units for a central bank, as expected.

Under the contract, the Rhode Island, US-based authentication technology provider said it has achieved ‘two sensor development milestones’ worth $2.7 million in total.

The contract with the central bank was initially announced in October 2020.

Spectra the milestones were related to the approval of an alpha phase unit successfully operating on the new sorting machines being acquired by the central bank customer.

Spectra did not say which central bank it signed the contract with.

Chief Executive Officer Nabil Lawandy said: ‘These developments and payments were included in our financial projections for the 2023 fiscal year and solidify our expectations for the full year results.’

Shares in Spectra were up 1.5% to 167.95 pence each in London on Wednesday morning.

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