REG - SRT Marine Systems - Final Results
02/12/2024 07:00
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RNS Number : 3718O SRT Marine Systems PLC 02 December 2024
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
FINAL RESULTS FOR THE 15 MONTH PERIOD ENDED 30 JUNE 2024
SRT Marine Systems PLC, a provider of maritime surveillance, monitoring and
management systems, announces its results for the 15-month financial period
ending 30 June 2024.
FINANCIAL SUMMARY
· Revenues of £14.8m and a loss for the period.
· £5.7m new product and technology investment.
· £320m of system contracts.
· New system contract prospects pipeline of £1.2bn.
OPERATIONAL HIGHLIGHTS
· NEXUS entered pre-production and final certification phase prior
to commencement of shipping in the new financial year.
· New version of SRT-MDA System deployed across existing SRT system
customers with enhanced functionality and performance.
· Build-up of SRT system delivery team to support implementation of
multiple contracts in multiple countries.
NOTICE OF AGM
· The AGM will be held at the Centurion Hotel, Charlton Lane,
Radstock BA3 4BD commencing at 11.00am on 23 January 2025. Prior to the
commencement of the formal AGM there will be an Open Morning at SRT's offices,
commencing at 9.00am.
Commenting on today's results, Simon Tucker, CEO of SRT said:
"I had hoped for, and expected, a much better financial result for the
financial period ending June 2024. We under-estimated the time it would take
for the final administrative processes to complete for contracts worth
approximately £320m, resulting in significantly lower revenues and profit
contribution during the period. However, this time, and the investment
received during the period, has given a critical advantage in that we have
been enable us to prepare and build up our capacity to execute on multiple
system contracts simultaneously. SRT now enters the new financial year with a
runway of £320m of system projects that we expect to implement over the next
two years, a further pipeline worth up to £1.2bn of prospects and the launch
of our new NEXUS marine communications transceiver through our global network
of 5,000 distribution partners. I am grateful for the significant investment
support that has enabled SRT to reach this pivotal point and I, and the whole
SRT team, are focused on delivering on these contracts and others in the
coming years."
Contacts:
SRT Marine Systems plc www.srt-marine.com (http://www.srt-marine.com)
+44 (0) 1761 409500
Simon Tucker (CEO) simon.tucker@srt-marine.com (mailto:simon.tucker@srt-marine.com)
Louise Coates (Marketing Manager) louise.coates@srt-marine.com (mailto:louise.coates@srt-marine.com)
Cavendish Capital Markets Limited
Jonny Franklin-Adams / Teddy Whiley/ Finn Gordon (Corporate Finance) +44 (0) 20 7220 0500
Tim Redfern / Ondraya Swanson (Corporate Broking)
About SRT:
SRT Marine Systems PLC is a global company which develops and provides
integrated maritime surveillance, monitoring, management and safety systems
used by coast guards, fishery authorities, infrastructure and vessel owners
for the purposes of managing and controlling their maritime domain.
Applications include security, safety, search & rescue, law enforcement,
fisheries management, illegal fishing detection and environment monitoring.
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
CHAIRMAN'S STATEMENT
The financial period has been one of significant investment in our
technologies, products and capacity in preparation to simultaneously support
multiple substantial system projects and launch our NEXUS marine VHF/AIS radio
system. These investments place SRT in a transformational situation for the
new financial year and the years ahead.
Previously expected substantial revenues from new system contracts and our new
NEXUS transceiver will now commence in the new financial year which has
resulted in our revenues for the extended 15 month financial period, ending 30
June 2024, being much lower than expected at £14.8m (2023: £30.5m) of which
transceivers generated £13.3m and systems £1.5m. Gross profit margin was 28%
(2023: 36%) with the reduction due to an increase in system project costs
associated with project finalisation and warranty and support activities.
Combined with the additional necessary preparation investments for multiple
new system projects, this has resulted in a loss after tax of £13.7m (2023:
profit £0.1m). As at period ended 30 June 2024, cash was £2.8m (March 2023:
£2.2m). As at period ended 30 June 2024, cash was £2.8m (March 2023:
£2.2m). Following the period end, we are in the process of finalising a
significant financing transaction which includes an equity fund raise of
£8.5m that will go for shareholder approval in early December.
Our transceivers business is the global leader in digital maritime navigation
safety transceivers. These are used by boats, both commercial and leisure, and
on marine infrastructure such as buoys, to enable automated communication and
enhance navigation safety day and night and in all weathers. Revenues for the
15-month period were £13.3m, generating a gross profit margin of 49%. We are
pleased to report that following the Covid supply chain issues which caused
our cost and consequently sales prices to spike, normality has returned
resulting in both average cost and selling prices reducing, along with
normalised margins and manufacturing lead times.
We distribute our transceiver products via a growing global network of
approximately 5,000 value added resellers (VAR's) as well as direct to end
users, both under our own brands and as an OEM supplier under their brands.
This is a hugely valuable network which provides us with global market
penetration and therefore during the period we have continued to take care of
this network through improving product training and knowledge and preparing
them for the coming launch of NEXUS.
In our vessel transceivers business, we primarily sell AIS navigation devices.
The long-term underpinning demand drivers for these are well established with
a steady buildup of regulations around the world, coupled with a
standardisation of AIS as an important navigation system when vessels are
first bought. During the period we saw sales in our OEM business fall, due to
the reduction in brand-new boat purchases which is the primary source of new
business for 'packaged' branded marine electronics systems. We expect to see a
further fall and then stabilisation in the new year reflecting the reduced
market demand for new boats. However, in the retro-fit market, we saw volumes
increase with revenues about the same as the previous year due to the per unit
price normalisation following the Covid spike. We expect to see the trend of
increasing volumes and therefore revenues continue in future years as more and
more boat owners fit and use AIS.
Our DAS transceivers division provides specialist digital Aids to Navigation
transceivers which are used on buoys and other marine infrastructure to
digitally mark them and enable enhanced navigation safety and autonomy. With
most of the world's navigation infrastructure still being analogue we see a
substantial and long-term market opportunity in which we have invested heavily
to develop the necessary technology, products and market distribution. Our
focus has been to work with our distribution network and relevant waterway
authorities to develop DAS deployment strategies and sales opportunities. We
are starting to see the fruits of this strategy with revenues for the 15-month
financial period amounting to £2.4m (year to 31 March 2023: £1.2m), whilst
maintaining a healthy 81% gross profit margin. Looking to the future, for the
first time we now have an identified sales order pipeline which we are
targeting and believe we will continue to see this segment grow from its
current low base.
Development wise, our focus has been the completion of NEXUS which is a new
combined voice and data (VHF/DSC/AIS) marine communications transceiver
system, with innovative mobile device integration and functionality. This
takes us into a new and significant marine electronics market segment. I am
pleased to report that NEXUS has entered pre-production and is in its final
phases of user testing and refinement. Following a soft launch in 2023 to some
of our dealer network, for the first time we have a forward order book for a
new product. In November 2024, NEXUS was officially launched under the em-trak
brand as the X100. Our global VAR network enables us to achieve global market
presence instantly with shipping to commence during early 2025. As a new
product we will cautiously limit initial sales in order to garner early user
feedback and implement market derived ideas before ramping production.
Therefore, whilst market indications suggest strong demand, during the initial
6 to 12 months, we will control sales.
Our systems business delivers sophisticated maritime surveillance,
intelligence and management systems to national agencies such as Coast Guards,
Border Agencies and Fishing Authorities worldwide. Under our Sovereign
Partnership program we have built relationships with four countries in Asia
and the Middle East and completed projects worth £50m, and have a further
£320m of contracts signed which are now starting. Looking to next year and
beyond we have a growing pipeline of prospective new contract opportunities
with both existing and new customers which today is valued at approximately
£1.2bn. We believe this global market is at the start of its growth and
development on the basis that in the future most countries with a coastline
and sovereign marine areas will want to have independent next generation
maritime surveillance capabilities.
We had expected some of the £320m of new contracts to commence during the
current financial period, and therefore took action to prepare. This has
entailed the forward purchase of certain equipment ready to ship against early
contractual milestone, and the build-up of additional implementation
capacity. However, due to unexpected extended customer contract
administrative processes the commencement of these contracts was delayed into
the new financial year. As of the publication of this report, we have
commenced work on our recently announced $213m contract with the Kuwait
Ministry of Interior and are pleased to advise that the final administrative
processes on the other contracts are nearly complete and thus expect work to
commence at the beginning of the second half of the new financial year. Whilst
the combination of increased overheads and delayed revenues has resulted in a
significant loss for the period, these extensive preparations have placed us
in a good position to successfully implement these multiple system projects
within the expected two year time frame.
During the period we also continued to progress discussions with many new
opportunities in our Validated Sales Pipeline (VSP) which stands at an
estimated £1.2bn. We expect several of these to convert into contract during
2025 and further conversions, and new additions thereafter.
It is clear to us that we are now entering a new phase of significant growth
driven by these existing contracts, follow on contracts and new ones we expect
to convert. This is the result of many years of investments in our core
technologies, products and capacity to successfully deliver. During the
period, we completed several equity raises - in June 2023 we completed a raise
of £5.4m followed by a further £10.5m in December 2023, with Ocean Infinity
strategically acquiring a stake in SRT and we are starting to leverage our
respective complementary products and technologies. In November 2024, we
successfully raised a further £8.5m, with Ocean Infinity increasing their
stake in SRT and a representative will join our board once the necessary
shareholder approvals are obtained for this transaction. This last transaction
is expected to complete in early December 2024. These transactions have
provided us with the working capital to sustain our product and market
investments and be in the strong position we are in today with £320m of
contracts and the capacity and capability to deliver to the standards and
timescales expected by our customers.
Outlook
Our strategy has been all about investing in technologies and products based
upon our expectation that the global marine market for a new generation of
digital navigation and surveillance will be very significant. This has
entailed a long and continuous period of heavy investment in order for us to
have the products and develop the market. We now have the products, the global
distribution and signed contracts of over £320m, along with a significant
pipeline of future opportunities. This places us in an excellent position to
start to realise favourable financial performance in the new year and
consistently in the following years. In the immediate two years we will be
executing on our existing contracts and pushing forward with growing our
transceiver business through our 5,000 VAR's. Furthermore, we expect this to
be augmented by conversions from our £1.2bn pipeline of new contract
opportunities. We therefore believe the coming years will be transformational.
Kevin Finn
Chairman
1 December 2024
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE 15 MONTH PERIOD ENDED 30 JUNE 2024
Note 15 months ended Year ended
30 June 2024 31 March 2023
£ £
Revenue 14,814,532 30,506,152
Cost of sales (10,612,259) (19,467,188)
Gross profit 4,202,273 11,038,964
Administrative costs (17,178,858) (10,723,838)
Foreign exchange losses (215,024) (180,102)
Total administrative costs and foreign exchange losses (17,393,882) (10,903,940)
Operating (loss) / profit (13,191,609) 135,024
Finance expenditure (1,253,090) (781,547)
Finance income 44,073 351
Loss before tax (14,400,626) (646,172)
Income tax credit 746,807 715,692
(Loss) / profit for the period after tax (13,653,819) 69,520
Total comprehensive (expense) / income for the period (13,653,819) 69,520
(Loss) / earnings per share: 4
0.04p
Basic (6.76)p
Diluted (6.76)p 0.04p
About SRT:
SRT Marine Systems PLC is a global company which develops and provides
integrated maritime surveillance, monitoring, management and safety systems
used by coast guards, fishery authorities, infrastructure and vessel owners
for the purposes of managing and controlling their maritime domain.
Applications include security, safety, search & rescue, law enforcement,
fisheries management, illegal fishing detection and environment monitoring.
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
CHAIRMAN'S STATEMENT
The financial period has been one of significant investment in our
technologies, products and capacity in preparation to simultaneously support
multiple substantial system projects and launch our NEXUS marine VHF/AIS radio
system. These investments place SRT in a transformational situation for the
new financial year and the years ahead.
Previously expected substantial revenues from new system contracts and our new
NEXUS transceiver will now commence in the new financial year which has
resulted in our revenues for the extended 15 month financial period, ending 30
June 2024, being much lower than expected at £14.8m (2023: £30.5m) of which
transceivers generated £13.3m and systems £1.5m. Gross profit margin was 28%
(2023: 36%) with the reduction due to an increase in system project costs
associated with project finalisation and warranty and support activities.
Combined with the additional necessary preparation investments for multiple
new system projects, this has resulted in a loss after tax of £13.7m (2023:
profit £0.1m). As at period ended 30 June 2024, cash was £2.8m (March 2023:
£2.2m). As at period ended 30 June 2024, cash was £2.8m (March 2023:
£2.2m). Following the period end, we are in the process of finalising a
significant financing transaction which includes an equity fund raise of
£8.5m that will go for shareholder approval in early December.
Our transceivers business is the global leader in digital maritime navigation
safety transceivers. These are used by boats, both commercial and leisure, and
on marine infrastructure such as buoys, to enable automated communication and
enhance navigation safety day and night and in all weathers. Revenues for the
15-month period were £13.3m, generating a gross profit margin of 49%. We are
pleased to report that following the Covid supply chain issues which caused
our cost and consequently sales prices to spike, normality has returned
resulting in both average cost and selling prices reducing, along with
normalised margins and manufacturing lead times.
We distribute our transceiver products via a growing global network of
approximately 5,000 value added resellers (VAR's) as well as direct to end
users, both under our own brands and as an OEM supplier under their brands.
This is a hugely valuable network which provides us with global market
penetration and therefore during the period we have continued to take care of
this network through improving product training and knowledge and preparing
them for the coming launch of NEXUS.
In our vessel transceivers business, we primarily sell AIS navigation devices.
The long-term underpinning demand drivers for these are well established with
a steady buildup of regulations around the world, coupled with a
standardisation of AIS as an important navigation system when vessels are
first bought. During the period we saw sales in our OEM business fall, due to
the reduction in brand-new boat purchases which is the primary source of new
business for 'packaged' branded marine electronics systems. We expect to see a
further fall and then stabilisation in the new year reflecting the reduced
market demand for new boats. However, in the retro-fit market, we saw volumes
increase with revenues about the same as the previous year due to the per unit
price normalisation following the Covid spike. We expect to see the trend of
increasing volumes and therefore revenues continue in future years as more and
more boat owners fit and use AIS.
Our DAS transceivers division provides specialist digital Aids to Navigation
transceivers which are used on buoys and other marine infrastructure to
digitally mark them and enable enhanced navigation safety and autonomy. With
most of the world's navigation infrastructure still being analogue we see a
substantial and long-term market opportunity in which we have invested heavily
to develop the necessary technology, products and market distribution. Our
focus has been to work with our distribution network and relevant waterway
authorities to develop DAS deployment strategies and sales opportunities. We
are starting to see the fruits of this strategy with revenues for the 15-month
financial period amounting to £2.4m (year to 31 March 2023: £1.2m), whilst
maintaining a healthy 81% gross profit margin. Looking to the future, for the
first time we now have an identified sales order pipeline which we are
targeting and believe we will continue to see this segment grow from its
current low base.
Development wise, our focus has been the completion of NEXUS which is a new
combined voice and data (VHF/DSC/AIS) marine communications transceiver
system, with innovative mobile device integration and functionality. This
takes us into a new and significant marine electronics market segment. I am
pleased to report that NEXUS has entered pre-production and is in its final
phases of user testing and refinement. Following a soft launch in 2023 to some
of our dealer network, for the first time we have a forward order book for a
new product. In November 2024, NEXUS was officially launched under the em-trak
brand as the X100. Our global VAR network enables us to achieve global market
presence instantly with shipping to commence during early 2025. As a new
product we will cautiously limit initial sales in order to garner early user
feedback and implement market derived ideas before ramping production.
Therefore, whilst market indications suggest strong demand, during the initial
6 to 12 months, we will control sales.
Our systems business delivers sophisticated maritime surveillance,
intelligence and management systems to national agencies such as Coast Guards,
Border Agencies and Fishing Authorities worldwide. Under our Sovereign
Partnership program we have built relationships with four countries in Asia
and the Middle East and completed projects worth £50m, and have a further
£320m of contracts signed which are now starting. Looking to next year and
beyond we have a growing pipeline of prospective new contract opportunities
with both existing and new customers which today is valued at approximately
£1.2bn. We believe this global market is at the start of its growth and
development on the basis that in the future most countries with a coastline
and sovereign marine areas will want to have independent next generation
maritime surveillance capabilities.
We had expected some of the £320m of new contracts to commence during the
current financial period, and therefore took action to prepare. This has
entailed the forward purchase of certain equipment ready to ship against early
contractual milestone, and the build-up of additional implementation
capacity. However, due to unexpected extended customer contract
administrative processes the commencement of these contracts was delayed into
the new financial year. As of the publication of this report, we have
commenced work on our recently announced $213m contract with the Kuwait
Ministry of Interior and are pleased to advise that the final administrative
processes on the other contracts are nearly complete and thus expect work to
commence at the beginning of the second half of the new financial year. Whilst
the combination of increased overheads and delayed revenues has resulted in a
significant loss for the period, these extensive preparations have placed us
in a good position to successfully implement these multiple system projects
within the expected two year time frame.
During the period we also continued to progress discussions with many new
opportunities in our Validated Sales Pipeline (VSP) which stands at an
estimated £1.2bn. We expect several of these to convert into contract during
2025 and further conversions, and new additions thereafter.
It is clear to us that we are now entering a new phase of significant growth
driven by these existing contracts, follow on contracts and new ones we expect
to convert. This is the result of many years of investments in our core
technologies, products and capacity to successfully deliver. During the
period, we completed several equity raises - in June 2023 we completed a raise
of £5.4m followed by a further £10.5m in December 2023, with Ocean Infinity
strategically acquiring a stake in SRT and we are starting to leverage our
respective complementary products and technologies. In November 2024, we
successfully raised a further £8.5m, with Ocean Infinity increasing their
stake in SRT and a representative will join our board once the necessary
shareholder approvals are obtained for this transaction. This last transaction
is expected to complete in early December 2024. These transactions have
provided us with the working capital to sustain our product and market
investments and be in the strong position we are in today with £320m of
contracts and the capacity and capability to deliver to the standards and
timescales expected by our customers.
Outlook
Our strategy has been all about investing in technologies and products based
upon our expectation that the global marine market for a new generation of
digital navigation and surveillance will be very significant. This has
entailed a long and continuous period of heavy investment in order for us to
have the products and develop the market. We now have the products, the global
distribution and signed contracts of over £320m, along with a significant
pipeline of future opportunities. This places us in an excellent position to
start to realise favourable financial performance in the new year and
consistently in the following years. In the immediate two years we will be
executing on our existing contracts and pushing forward with growing our
transceiver business through our 5,000 VAR's. Furthermore, we expect this to
be augmented by conversions from our £1.2bn pipeline of new contract
opportunities. We therefore believe the coming years will be transformational.
Kevin Finn
Chairman
1 December 2024
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE 15 MONTH PERIOD ENDED 30 JUNE 2024
Note
15 months ended
30 June 2024
Year ended
31 March 2023
£
£
Revenue
14,814,532
30,506,152
Cost of sales
(10,612,259)
(19,467,188)
Gross profit
4,202,273
11,038,964
Administrative costs
(17,178,858)
(10,723,838)
Foreign exchange losses
(215,024)
(180,102)
Total administrative costs and foreign exchange losses
(17,393,882)
(10,903,940)
Operating (loss) / profit
(13,191,609)
135,024
Finance expenditure
(1,253,090)
(781,547)
Finance income
44,073
351
Loss before tax
(14,400,626)
(646,172)
Income tax credit
746,807
715,692
(Loss) / profit for the period after tax
(13,653,819)
69,520
Total comprehensive (expense) / income for the period
(13,653,819)
69,520
(Loss) / earnings per share:
Basic
4
(6.76)p
0.04p
Diluted
(6.76)p
0.04p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024
30 June 31 March 2023
2024
Note £ £
Assets
Non-current assets
Intangible assets 14,170,410 11,756,717
Property, plant and equipment 1,131,528 1,256,223
Total non-current assets 15,301,938 13,012,940
Current assets
Inventories 8,050,899 3,465,626
Trade and other receivables 2,355,402 5,828,652
Current tax recoverable 831,085 968,607
Cash 2,777,083 2,181,548
Restricted cash 949,115 949,115
Total current assets 14,963,584 13,393,548
Liabilities (3,807,712) (7,009,926)
Current liabilities
Trade and other payables
Borrowings 5 (10,711,673) (8,002,500)
Current tax liabilities - (199,126)
Lease liabilities (241,098) (237,371)
Total current liabilities (14,760,483) (15,448,923)
Net current assets / (liabilities) 203,101 (2,055,375)
Total assets less current liabilities 15,505,039 10,957,565
Non-current liabilities
Borrowings 5 (2,955,864) -
Lease liabilities (496,003) (649,946)
Total non-current liabilities (3,451,867) (649,946)
Net assets 12,053,172 10,307,619
Shareholders' equity
Share capital 222,634 181,517
Share premium account 33,179,666 18,213,072
Retained loss (26,839,724) (13,577,566)
Other reserves 5,490,596 5,490,596
Total shareholders' equity 12,053,172 10,307,619
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 15 MONTH PERIOD ENDED 30 JUNE
2024
15 months ended 30 June 2024 Year ended
31 March 2023
£ £
Cash (used in) / generated from operating activities (13,277,621) 778,840
Corporation tax received 685,205 925,174
Net cash (used in) /generated from operating activities (12,592,416) 1,704,014
Investing activities
Expenditure on product development (5,732,755) (4,795,292)
Purchase of property, plant and equipment (267,865) (199,061)
Interest received 44,073 351
Net cash used in investing activities (5,956,547) (4,994,002)
Financing activities
Gross proceeds on issue of shares 15,947,332 146,300
Costs of issue of shares (939,621) -
New loans issued 7,190,020 1,695,000
Loan repayments (1,524,983) (1,250,000)
Lease repayments (319,848) (258,835)
Loan interest paid (1,208,402) (742,660)
Net cash generated from / (used in) financing activities 19,144,498 (410,195)
Net increase / (decrease) in cash and cash equivalents
(3,700,183)
595,535
Net cash and cash equivalents at beginning of period 3,130,663 6,830,846
Net cash and cash equivalents at end of period 3,726,198 3,130,663
Notes
1. Status of financial information
SRT is a public limited company incorporated in England and Wales whose
ordinary shares of 0.1p each are traded on the AIM Market of the London Stock
Exchange. The Company's registered office is Wireless House, Westfield
Industrial Estate, Midsomer Norton, Bath BA3 4BS.
The Board of Directors approved this preliminary announcement on 29 November
2024. This announcement does not itself contain sufficient information to
comply with all the disclosure requirements of IFRS and does not constitute
statutory accounts of the Company for the 15-month period ended 30 June 2024
or the year ended 31 March 2023.
The financial information has been extracted from the statutory accounts of
the Company for the 15-month period ended 30 June 2024 and the year ended 31
March 2023. The report of the auditors on those statutory accounts was
unqualified and did not contain a statement under section 498(2) or (3) of the
Companies Act 2006. The audit reports for the period ended 30 June 2024 and
the year ended 31 March 2023 drew attention by way of emphasis of matter to
the recoverability of certain assets, and the audit report for the year ended
31 March 2023 also drew attention by emphasis of matter to a material
uncertainty relating to going concern.
The statutory accounts for the year ended 31 March 2023 have been delivered to
the Registrar of Companies, whereas those for the 15-month period ended 30
June 2024 will be delivered to the Registrar of Companies following the
Company's Annual General Meeting.
2. Basis of preparation
The financial statements have been prepared in accordance with UK-adopted
international accounting standards. For the purposes of the preparation of
the consolidated financial information, the Group has applied all standards
and interpretations that are effective for accounting periods beginning on or
after 1 April 2023. The financial information has been prepared under the
historical cost convention unless otherwise stated.
3. Dividends
The Board is not recommending the payment of a final dividend.
4. Earnings / (loss) per ordinary Share
The basic earnings per share has been calculated on the loss after taxation of
£13,653,819 (2023: profit £69,520) divided by the weighted number of
ordinary shares in issue of 202,114,658 (2023: 180,961,021).
During the current period, the Group incurred a loss after taxation and
therefore there is no dilution of the impact of the share options granted.
During the previous year the calculation of diluted earnings per share has
been calculated on profit after taxation of £69,520. It assumes conversion of
all potentially dilutive ordinary shares, all of which arise from share
options. A calculation is performed to determine the number of shares that
could have been acquired at fair value, based upon the monetary value of
subscription rights to outstanding share options. The number of dilutive
shares under option was 1,958,724 and the weighted average number of ordinary
shares for the purposes of dilutive earnings per share was 182,919,745.
5. Borrowings
Bank loan
The bank loan (amount owed at 30 June 2024: £1,500,000) was drawn down in
September 2023 as a loan under the UK government Recovery Loan Scheme (RLS) at
an interest rate of 3.5% above base, with repayments in instalments to
September 30 2024. Subsequent to the period end, the date of the final
repayment of £500,000 was extended to December 2024.
Loan notes
As of 30 June 2024, the outstanding balance of loan notes amounted to
£8,320,000. These all relate to drawdowns on a secured note programme which
has been arranged by LGB Capital Markets and which is secured by a floating
charge over the Group's assets. The loan notes have terms of up to 3 years and
an interest rate of 8%-12%.
Equipment loan
During the period, an equipment loan of £4,145,020 was drawn in respect of
purchases for a systems project. The loan is repayable in quarterly
instalments over a 3-year period with an interest rate of 4%.
6. Annual Report and AGM
The Annual Report will be available from the Company's website,
www.srt-marine.com (http://www.srt-marine.com) once it is published. To
locate the report, click "Investors" and then scroll down the page to "Reports
and Presentations". The Annual Report and Notice of AGM will be posted to
shareholders on 18 December 2024.
The AGM will be held at the Centurion Hotel, Charlton Lane, Radstock BA3 4BD
at 11.00am on January 23, 2025. Prior to the commencement of the formal AGM
there will be an Open Morning at SRT's offices, commencing at 9.00am.
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