Spectur targets more revenue growth in 2022, achieves several records
Spectur managing director Gerard Dyson said 2022 was shaping up to be a “game changing” year for the company.
Spectur’s (ASX: SP3) growth momentum has continued with several new revenue records achieved, including posting its best-ever December quarter 2021 (Q2 FY2022).
The company revealed it attained its best Q2 performance to-date with revenue of $1.42 million for Q2 FY2022 – up 45% on the previous corresponding period.
Revenue growth gained momentum as the quarter progressed, resulting in the largest December month of revenue in Spectur’s history, with $564,000 generated, which was a 96% increase on December 2020.
Driving the strong Q2 FY2022 and December monthly result was the roll-out of Spectur’s hardware, software and services subscriptions under its contract with Optus, which was extended in November.
Spectur has a $1.07 million contract with Optus to deploy its security and internet of things technology across Optus’ remote Australian assets.
Calendar year records
By the end of Q2 FY2022, Spectur had 352 rental units actively deployed – the highest in its history.
Overall, for the 2021 calendar year, Spectur brought in $6.1 million in revenue, which was 44% higher on 2020’s $4.2 million, and marked another record.
More than 50% of this revenue ($3.1 million) was recurring.
Spectur managing director Gerard Dyson said 2021 had been a “strong year of recovery” for the company, despite the ongoing challenges of COVID-19.
“A 44% top line growth across a year, which included severe lockdowns and disruptions, bodes well for a less constrained 2022.”
Reduced cash outflows
While boosting revenue, Spectur has curbed cash out flows, which decreased from $2.4 million in Q1 FY2022 to $2.1 million in Q2 FY2022.
The higher revenue and lower cash outflow resulted in Spectur closing out 2021 with $1 million in cash and $1.1 million in an available debt facility.
Positive outlook for 2022
Building on its growth momentum, Spectur kicked-off 2022 with healthy sales pipeline – with unweighted sales opportunities totalling $5.3 million.
The company also had a probability weighted sales pipeline worth $2.08 million, which it says reflects the conversion to revenue from a number of larger contracts.
Earlier this month, Spectur secured another contract valued at almost $140,000 with Australian Department of Defence contractor Ventia.
Spectur is also rolling-out its shark and emergence beach warning system, which it anticipates will heighten the visibility of its technology and result in more sales.
“In addition to building, converting and rebuilding a healthy sales pipeline with quality customers in our target sectors, Spectur has also been busy expanding the strategic roadmap for accelerating future growth,” Mr Dyson noted.
“Ongoing enhancements to the technology platform aimed at improving performance, reliability, cost and expandability have been advanced in both the HD5 and STA6 platforms, as well as solid progress on the future STA7 sensing platform concepts.”
Mr Dyson added 2022 was shaping up to be a “game changing year” for the company.