Australian-listed security technology company Spectur has announced it has secured agreement with Westpac Bank for a debt facility of $1 million.
Spectur (ASX:SPR) said credit approval was anticipated before the end of FY’19, with finalisation and settlement of the facility expected shortly after.
The company says the revolving line of credit would provide a valuable additional source of funds that will enable it to continue pursuing its strategy and secure operating cash flow for fluctuations associated with higher value orders.
As reported by iTWire in June 2017, the Perth-headquartered Spectur announced an IPO to raise $4.5 million, ahead of its planned listing on the Australian Stock Exchange.
Spectur announced on Friday that, this month, it has sold 12 Thermal Imaging Cameras to provide deterrence solutions for a large scale solar energy farm,valued at $137,000 in direct sales revenues, with additional recurring Software as a Service (SaaS) fees.
“The order is illustrative of Spectur’s ongoing development of the utilities sector and the higher value opportunities arising from this industry,” Specture said in a statement.
“The ability to draw down on a credit facility in real-time in response to future dynamic opportunities will increase the financial agility of the company as it pursues market dominance in its targeted sectors.”
Spectur said the debt facility comes at a time of “strong growth for the company, which last month achieved a record month of revenue of $516,000.
“The record revenue was a result of a combination of higher-value orders from larger customers and higher-margin product sales.
“Following the record month, Spectur expects to deliver full-year revenue of $4.6m, consistent with earlier guidance.”
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