SRT Marine Systems PLC Half Year Trading Update (4375O)
08 Octubre 2021 - 1:00AM
UK Regulatory
TIDMSRT
RNS Number : 4375O
SRT Marine Systems PLC
08 October 2021
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
Half Year Trading Update
SRT, the global provider of maritime surveillance, monitoring
and management systems, is pleased to provide a trading update for
the six months trading period ended 30(th) September 2021.
Group revenues for the period were GBP4.7m, generating an
expected loss before tax of GBP3.1m.
TRANSCEIVERS Division: Revenues grew 11% to GBP4.2m compared
with the same period in the previous year. Our distribution network
continued to grow and we have made good progress with new
technology and product developments. We expect demand to continue
to grow across all segments in the second half.
SYSTEMS Division: During the period whilst we continued to
receive cash payments as scheduled from existing system contracts,
no revenue milestones were completed and therefore no project
implementation revenues were recognised. For the first time we
commenced the supply of our S-MDA aggregated data stream,
generating GBP0.5m of revenues. S-MDA data supplements other
surveillance system sources such as coast stations and drones to
provide long range coverage and other open source intelligence
information. Significant work was completed preparing for pending
new contracts which are expected to commence in the near future,
along with a major new release of our GeoVS platform incorporating
both new functionality and refinements to existing
functionality.
Progress with new pending contracts with a value of
approximately GBP71m was as expected and are expected to commence
during the second half.
The Company will issue its full interim statement on 2(nd)
December, 2021.
Simon Tucker, CEO of SRT said: "I am very pleased with the
performance of our transceivers business and the consistent growth
track record that appears set to continue into the second half. It
is with considerable relief that the Covid stagnation affecting the
progress of new contracts for our transceivers business has abated.
There has been significant and growing activity and engagement with
customers during the period across a wide range of new system
opportunities. Of particular note are GBP71m of long-awaited
contracts for which the contract finalisation and commencement
status and process is now clear and confidently expected during the
second half."
ENDS
Contacts:
SRT Marine Systems plc www.srt-marine.com
+ 44 (0) 1761 409500
Simon Tucker (CEO) simon.tucker@s rt-marine.com
Louise Coates (Marketing Manager) louise.coates@s rt-marine.com
finnCap Ltd
Jonny Franklin-Adams / Teddy Whiley (Corporate
Finance) +44 (0) 20 7220 0500
Tim Redfern (ECM)
About SRT Marine Systems plc:
SRT provides maritime domain awareness solutions. Our systems
division delivers turn-key maritime surveillance and management
systems that enable authorities to take full autonomous control of
their marine domain to ensure national sovereignty, security,
safety and environmental preservation and sustainability. Our
transceivers division provides transceivers that enhance navigation
safety and security. We develop all core technology and products in
house and distribute our products and systems through an
established global network of over 1,000 partners.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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END
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October 08, 2021 02:00 ET (06:00 GMT)
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