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Security solutions developer Spectur Ltd (ASX:SP3) has been awarded a three-year contract with Transport NSW for the provision of cameras and analytic services.
The contract – signed between Spectur entity 3 Crowns Technologies Pty Ltd and the state transport agency – is valued at $787,428 for the first three years but includes an option to extend to nine years for a total value of $2,632,284.
In the deal, Spectur will provide live webcam vision with night vision enabled cameras across 23 locations (including all hardware supply, installation, maintenance, software and data provisions) with the service also set for expansion to new locations. A mobile trailer system is also included.
The expansion to other sites is likely to boost the value of the contract by between $50,000 and $200,000 subject to final scope confirmation, with this meaning the total potential contract value would be almost $1.4 million.
Managing director Gerard Dyson said the contract reflected Spectur’s business flexibility.
“The portion of revenue that is coming from high gross margin recurring revenue continues to increase at Spectur, with current run rates in excess of 60% of total revenue,” he said.
“Many of the projects that form this growing base, including the recent win with Transport for NSW, arise through the growth of existing relationships and accounts.
“The Spectur ecosystem is becoming increasingly flexible and expandable, with an ever greater number of opportunities to add in third party AI, sensors, cameras, devices and
other applications.
“It is becoming a core platform for many customers, and an increasing number of resellers.”
Spectur has been trading at 1.5 cents.
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