Spectra Systems Corporation (DI/REGS)
SPSC · AIM · Industrial Goods and Services · mcap £82m · 170.0p 3 open situations →
Open · 3
New-generation sensor rollout and servicing
CSP's consortium with SICPA was named preferred bidder on 16 Jan 2026, and the contract was executed in Feb 2026 (about $43.8M gross over five years, plus a one-year option). Transitional stamps went on sale in April 2026. Stamp production ahead of later-than-expected orders contributed to CSP's H1 loss. Orders in the past two months are significantly above plan, so the internal 2027 tax stamp volume forecast has been raised.
- Contract value
- $43.8M estimated gross over five years, plus one-year option 30 Sep 2026 ↗
- Partner
- SICPA SA; CSP leads production and supply of stamps 30 Sep 2026 ↗
- Mandatory date
- 1 October 2026 30 Sep 2026 ↗
- Full enforcement
- 1 April 2027 30 Sep 2026 ↗
- Order trend
- Orders in past two months significantly higher than originally anticipated 30 Sep 2026 ↗
- Forecast
- Internal 2027 tax stamp volume forecast increased 30 Sep 2026 ↗
- 30 Sep 2026 Production contract fully recognised; deliveries continuing
- 9 Jul 2026 Second additional sensor order confirmed
- 22 May 2026 Additional $1.3M order received; more expected
- 30 Mar 2026 First sensors delivered, $5.7M paid
CSP restructuring
CSP restructuring began with UK staff cuts and a delayed French closure (30 Mar 2026). The first phase, in the UK, is now complete and the second phase, in France, is underway. CSP lost $(1,180k) at EBITDA level in H1 2026. Management expects H2 to reverse this and give a small full-year profit.
- Phase one
- UK facility restructuring completed 30 Sep 2026 ↗
- Phase two
- Under way in France 30 Sep 2026 ↗
- H1 result
- EBITDA loss $(1,180k); net loss $(2,054k) 30 Sep 2026 ↗
- Full-year view
- Small estimated profit by end of H2 30 Sep 2026 ↗
Next: Complete second phase of restructuring in France
- 30 Sep 2026 UK phase done; France phase underway
- 30 Mar 2026 UK staff cut, France closure delayed
Royal Mail contract renewal
Next: Await signed Royal Mail contract
- 30 Mar 2026 Tender unsigned, orders continuing
Closed · 1
Company filings. Not investment advice.