Software Radio Technology (LON:SRT) (SRT), the company that develops identification and tracking technologies used by maritime vessels, this morning reported a 41% increase in annual revenues to £3.56m and an 81% reduction in losses to £221,000, with a 78% increase in cash to £952,000. SRT’s order book currently stands at US$4m and the company said it was looking forward to the new financial year with optimism as order levels for its core products continues to rise. Investors responded positively to the results, sending the shares 2% higher to 24.25p.

Late last month, SRT received formal EU, US and Canadian certifications for its new AIS Class A transceiver – giving it the green light to begin shipping units to customers. Following a 2002 IMO (International Maritime Organisation) mandate, Class A transceivers were required to be fitted to most vessels worldwide over 300 tonnes. The Class A incorporates a number of sophisticated features and functions not specified in the simpler, lower cost Class B devices and as a result is sold at a higher price. However, the Class A transceiver is considerably more complex than a Class B transceiver and requires much more rigorous formal testing and approvals, reflected in the fact that SRT began the process back in 2008.

Simon Rogers, SRT’s chairman said: “I am delighted to report that 2009/10 has been a transformational year for SRT and that our heavy investment in AIS technologies and the development of a global customer base are now starting to be reflected in financial performance. With a $4m order book, new higher value and margin products and mandates affecting many thousands of vessels underway, the outlook for 2010/11 and beyond is very positive.”

Mr Rogers said the acceleration in SRT’s growth had been caused by the activation of long planned mandates, such as in Singapore, Turkey and China during 2009 and the subsequent commencement of orders. “Each of these mandates is over a period of years and therefore we have only just started to see their effect which will continue to grow in the future,” he added. “We enter the new financial year with a strong order book and improving visibility on future demand for our products. The combination of our proven market leading technology, our customers' sales channels and strongly growing global demand mean that we look forward to continuing strong growth in…

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