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Spectur Limited (ASX: SP3), is from information technology sector, and is engaged in the sale and distribution of security surveillance products and services. On 9 April 2019, the company announced the appointment of Mr Gerard Dyson as the new Managing Director and Mr Gary Pennefather as the new Chief Operating Officer of the SP3.
From 1 July 2019, the current Managing Director of the company, Mr Peter Holton will make a transition to the role of an Executive General Manager, so that he can focus on the business and product development, along with the relationships with key clients and large prospects.
Before taking up the role of Managing Director on 1 July 2019, Mr Gerard Dyson will start his employment with Spectur as Executive General Manager on 15 April 2019. He will be working alongside Mr Peter, the current managing director to ensure a smooth leadership transition.
Before joining Spectur, Mr Dyson had held the role of Executive Vice President and Regional Managing Director from 2015 to 2018, Americas for Advisian. Advisian is a global consulting and advisory firm of WorleyParsons Limited (ASX:WOR).
Mr Gary Pennefather has been appointed as the Chief Operating Office of Spectur. He has been working with Spectur since December 2017 as the Products and Systems Manager. Mr Pennefather will also be working together with Mr Holton in his Executive General Manager role, and both will be reporting to the new Managing Director Gerard Dyson.
As Spectur is about to enter the exciting new growth phase, it is confident that both sales and recurring revenues would continue to grow strongly. With the above-mentioned two new leadership transition, the company believes that it will be positioning the business to capitalize on a range of new business opportunities. Also, Spectur continues to move towards positive cash flow. At present, the company is in negotiations with an Australian bank to provide the company with the debt facility, for funding the working capital requirements.
In the Q3 of FY2019 for the period ended 31 March 2019, the company delivered a quarterly revenue of $1.2 million, up by 99% as compared to its previous corresponding period and 9% of the prior quarter (Q2 FY19). The recurring revenues apart from the rentals are presently generating an annualized revenue stream of ~ $895,000 p.a. The combined sales, as well as the net rental deployment of the camera unit, reported strong growth during the period.
In this period, there was also the all-time lowest quarterly operational cash burn of $190,000. By the end of Q3 FY2019, the company had net cash at bank worth $1.2 million.
The company earlier announced its involvement with the SMART shark drumline trial of the WA Government, that was launched on 21 February 2019. Besides, the company had also signed a consultancy agreement with Non-Executive director Mr Stephen Bodeker to provide CFO services on a part-time basis to the company.
On 21 January 2019, SP3 declared its business update for the December quarter.
By the closure of the trading session, the shares of SP3 were at a price of A$0.140 (as on 9 April 2019), up by a massive 44.33% as compared to its previous dayâs closing price. SP3 holds a market capitalization A$5.44 million and approximately 56.08 million outstanding shares.
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