Executed Contract with HMRC for Vaping Duty Stamps
Spectra Systems Corporation's security printing arm, Cartor Security Printers, has executed a contract with HMRC for the production and supply of vape duty stamps, valued at an estimated £32 million ($43.8 million) excluding VAT over five years with an option for an additional year. Spectra will receive the full revenue and expects its portion to represent approximately 22% of the total five-year value, with the company anticipating significant profits from this contract starting in 2026 and increasing in 2027 as restructuring benefits are fully realized.
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Further to the RNS dated 16 January 2026, Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, security printing, brand protection technologies and gaming security software, is pleased to announce that its security printing arm, Cartor Security Printers ("CSP"), has executed the contract with HMRC for production and supply of vape duty stamps. CSP was the primary on the contract, which was submitted in partnership with SICPA SA, a world leader in tax stamp track and trace technology.
The total estimated contract value is estimated to be £32M ($43.8M) excluding VAT and is based on five years and has an option for an additional year. Under the finalized executed contract terms, Spectra will be providing additional services and now expects its portion of the contract value to be approximately 22% of the total five-year revenue. As the lead in the contract, Spectra will be receiving entire $43.8M of revenue and dispersing the funds accordingly. Within the CSP-led consortium, CSP will be responsible for production and supply of stamps as well as high level forensic authentication features and associated devices provided by Spectra in Rhode Island, USA. Our partner will be responsible for additional security features, tax stamp coding, along with the track and trace software solution, managing stakeholder and product registration, tax stamp ordering, making payments and collecting data and monitoring compliance for HMRC relating to the vape products' entire journey through the supply chain.
- Nabil Lawandy, CEO of Spectra Systems, stated: "We are delighted to have finalized this important new contract as we continue our re-organization of the security printing business to boost profits through longer term contracts. With the first phase of the reorganization having been completed in the UK facility, we are confident that with, this new prestigious contract win, we expect to see significant profits from CSP in 2026 and more so in 2027 when the entire benefit of the restructuring is in full operation."
Nabil Lawandy, Chief Executive Officer of the Company.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.