Technology solutions company Spectur (ASX: SP3) has posted a revenue of more than $800,000 for the first two months of the September 2018 quarter, representing a greater than 100% increase on the previous corresponding period.
Revenues for the September quarter surpassed the June 2017 quarter’s comparable revenues of around $275,000, as well as the June 2018 quarter by at least $45,000.
Revenues for the entire quarter are expected to exceed $1 million, which would constitute a record result for the young company.
Spectur has attributed the financial gains to its east coast expansion activities which have seen new offices established in Queensland, New South Wales and Victoria.
It has also seen an increase in general business activities which has also been reflected in its bottom line.
Spectur managing director Peter Holton said the positive financial results validate the company’s decision to expand nationally.
“We are very pleased with the acceleration of revenues across the business,” he said.
“We will be actively targeting larger contracts with tier one clients for enterprise level solutions, as well as continuing to explore new business activities in new industries and verticals outside of traditional security.”
Perth-based Spectur recently reviewed its product and services pricing strategy to closer reflect its associated costs and improve overall gross margins.
The pricing amendments are also intended to increase recurring revenue streams, however the company said this may take time to flow through to total revenues due to pre-payments.
Spectur invested in additional camera unit stock during July and August to ensure it can keep meeting strong market demand.
The company is also gearing up its inventory levels to address anticipated demand during the year end quarter, which is traditionally its busiest of the year.
Spectur specialises in the manufacture and supply of security surveillance products, services and associated systems.
It has designed and built the unique technology that runs its cameras and systems, including proprietary software coding of camera internal systems, the Internet of Things management platform and a client surveillance interface.
The company has traditionally focused on servicing security requirements within the construction and civil engineering industries; however, earlier this year, it expanded into the transport, mining, critical infrastructure, military and government sectors.
In April, Spectur secured its first military order for its flagship HD4 camera system, as an authorised supplier to the Australian Department of Defence.
Spectur made its debut on the ASX last year, after raising $4.5 million and attracting capital from high-profile investors.
At midday, shares in Spectur were trading 13.04% higher at $0.260.