Spectrum in the black

The company's $120,000 interim profit compares with a loss the previous year of $265,000. Its operating surplus before tax and amortisation was $422,000 on sales revenue of $1.7 million.

Executive director, Rob Levison, says the surplus, which was driven by sales in WEL Tech, is an encouraging sign for the company.

"WEL Technology has a strong product with global potential. We're seeing that potential come to fruition as it focuses on an export drive, generating good returns and delivering the benefits of foreign currency earnings.

"Spectrum will continue to invest in this export growth. However, the complex and lengthy nature of the sales process means that it may take time to deliver returns to shareholders."

Mr Levinson says in the past six months WEL Tech has secured its first US contract, with Iowa-based MidAmerican Energy, as well as appointing three senior business development managers to service the US and Australian markets.

It has also strengthened its software development team in New Zealand.

He says the company plans to continue to reinvest profit from WEL Technology's existing activities to fund export growth, but notes this may take time to deliver returns to shareholders.

Spectrum directors say they are examining other acquisition opportunities for the company, and continued expansion of earnings from existing assets remains a priority.

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