Largest ever order boosts Spectur’s forecast full-year revenue by 81%
Spectur’s accelerated revenue has been driven by uptake of products such as its shark warning HD system by state and local governments.
Spectur (ASX: SP3) has received its largest ever order to date, boosting forecast revenues for the current financial year by 81% to approximately $4.7 million.
An order for 39 HD camera systems was made by Western Australia’s Department of Planning, Lands and Heritage, with the units scheduled for deployment statewide to monitor illegal land access and dumping activities.
It adds to a record number of large orders being received by the Perth-based security systems and cloud-based technology solutions company and will help increase full-year revenues to between $4.5 million and $4.7 million.
The lower end of the range would represent an increase of 81% on the previous year’s revenue of $2.48 million.
Managing director Peter Holton said current acceleration of revenues had been a result of continued engagement with larger customers and the acceptance of Spectur’s remote monitoring and surveillance products into state and local government sectors.
“Large orders from government and corporate clients are significant, as they strengthen our recurring revenue streams of income and demonstrate the enterprise-grade quality of [our] systems,” he said.
“The revenue growth off the back of larger clients and larger orders positions [us] to become cashflow self-sufficient in the short term.”
Spectur has also marked its foray into the international arena with the shipment of an additional 10 systems to a distribution channel partner in New Zealand for deployment to potential clients on a sale or rental basis.
On home soil, the company continues its negotiations with a major Australian bank regarding a working capital debt facility to accelerate its growth objectives.
The facility is expected to be finalised in the next few months.
Shark warning technology
The HD camera order follows Spectur’s supply in February of nine solar-powered, remotely-operated shark warning units to the WA Government.
The systems will be installed adjacent to the government’s SMART drumlines in trial areas along Perth’s beaches and employ lights, sirens and audio broadcasts to provide prompt, localised information about shark-related closures.
Each system is connected to a 3G or 4G network and alerts are triggered remotely using Spectur’s cloud platform from any location as soon as a sighting is confirmed. The technology claims to “close the safety gap” – sometimes up to 45 minutes – between rangers receiving a reported shark sighting then informing beachgoers.
“[We’ve developed] the shark warning system as a cost-competitive solution to improve the safety of everyone on the beach, particularly [at beaches] which aren’t patrolled by surf lifesavers or those located in remote areas,” Mr Holton said.
Other applications
The Shire of Augusta-Margaret River and the City of Busselton have been conducting paid trials of shark warning systems since November.
The technology is also being expanded for use in other applications, with Spectur poised to deploy three systems to Kakadu National Park on a paid-trial basis to monitor access and provide protection for significant Aboriginal sites and artefacts.
Australian explosives company Johnex has purchased six HD systems to protect its Perth worksite and John Holland has ordered four HD5 systems for its Melbourne rail project.
At mid-afternoon, shares in Spectur were trading 37.50% higher at $0.165.