SP3 has this morning announced that due to substantial growth in sales pipeline during Q4 FY22, July and August 2022 sales and revenue are all record results. The combination of record revenue, sales and pipeline results is indicative of a likely record Q1 FY23 and ongoing growth.
Spectur has recently been awarded two State Government contracts to provide beach community safety solutions.
- The Office of Local Government NSW, as part of the Smart Beaches Project, ordered 15 Spectur Shark Camera variants, with 12 months of subscription for a total contract value of $153,516.
- The Department of Planning Industries and Regional Development, WA ordered 4 Spectur Shark systems, with 12 months of subscription for $36,434.
These contracts individually are not material, however they are strategically important as Spectur continues to roll out beach warning solutions across Australia.
The current sales pipeline includes additional beach safety systems, and it is expected that this portion of the Spectur business will continue to grow.
On 7 September 2022, all resolutions proposed at the general meeting were approved, releasing approximately $3.012 million of funds from the combined capital raisings undertaken in July and August 2022. These funds underpin the investments being made today in the growth of Spectur.
Of note, growth is planned in the following areas:
- South Australian and regional expansion. Spectur has successfully recruited a new leader for our South Australian expansion. Based in Adelaide, Spectur will be establishing a full-service sales, warehousing and support offering to support sales across the State.
- Globalised modular platform. In Q1 FY23, Spectur hired two talented engineers to support the growth proposed, the modular STA6s will be launched, and engineering of the modular power system will be largely concluded.
- Expansion in marketing. A new marketing partner has been onboarded, with an increased emphasis on building content suitable for our target customers. In addition, it is expected that the Spectur migration from Spectur.com.au to Spectur.com will be complete in the near term, providing the foundation for a more global way to connect with our customers, partners, shareholders, and the community.
- Inventory risk mitigation. Spectur has procured core componentry in Q1 FY23, suitable to ensure that material re-engineering of the electronics foundation will not be required in the medium term. This advanced procurement ensures that substantial mid-design-cycle reengineering of core electronics is not required due to interruptions in the supply chain.
- USA market entry preparations. Spectur has advanced discussions with Austrade, Tradestart, business contacts within the USA and Australian companies with recent USA entries. In addition, an Export Market Development Grant has been applied for and an initial mission, combining visits to two trade shows in key target sectors, is being planned for November 2022.
Spectur Managing Director, Gerard Dyson, said: \“This is the best start to a financial year I have had at Spectur. Key staffing roles are filled, and staff retention is good with morale high. In addition, we are delivering record sales and revenue ahead of our internal budget and substantially up on FY22. The pipeline remains at elevated levels, and we see no slowing in the market in the near term. The raising of additional equity allows Spectur to confidently deploy additional resources in Q1 FY22 towards growth. We expect to release more details of our new technology in the coming months, along with further updates on our other strategic progress.”
