REG - SRT Marine Systems - Half Year Trading Update

SRT Marine SystemsAnnouncement

06/10/2023 07:00

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RNS Number : 8804O  SRT Marine Systems PLC  06 October 2023

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 an initial trading update for the six months
trading period ended 30(th) September 2023, prior to the issue of full interim
results on 20(th) November 2023.

 

As expected, our revenues this year will be heavily second half weighted due
to the scheduled delivery of several substantial revenue milestones in H2 from
our £160m forward contract order book of system projects. H1 was largely
focused on the necessary preparatory and planning work for these revenue
generating milestones. As such our revenues for the first half are expected to
be £5.5m, solely generated from our transceivers business which continues to
grow year on year. We therefore expect to report a loss before tax for the H1
period of £4.5m with gross cash balances totalling £3.9m as at 30(th)
September 2023.

 

Simon Tucker, CEO of SRT said: "For the first time we benefit from a
substantial contract order book of £160m, with well-formed implementation
schedules which in turn provides much improved financial reporting visibility
and thus confidence for this financial year. Of course, this scale of growth
and the nature of our customers are not without timing risks and challenges,
however our many years of experience and diligent preparations during this
period are enabling us to manage and mitigate these risks and continue to be
the reliable supplier of transceivers and surveillance systems that customers
around the have come to expect from SRT."

 

 

ENDS

 

 Contacts:
 SRT Marine Systems plc                                        www.srt-marine.com (http://www.srt-marine.com)

                                                               + 44 (0) 1761 409500

 Simon Tucker (CEO)                                            simon.tucker@s (mailto:simon.tucker@srt-marine.com) rt-marine.com
                                                               (mailto:simon.tucker@srt-marine.com)
 Louise Coates (Marketing Manager)                             louise.coates@s (mailto:louise.coates@srt-marine.com) rt-marine.com
                                                               (mailto:louise.coates@srt-marine.com)

 Cavendish Capital Markets Limited
 Jonny Franklin-Adams / Edward Whiley (Corporate Finance)      +44 (0) 20 7220 0500
 Tim Redfern / Charlotte Sutcliffe (ECM)

 Yellow Jersey PR
 Charles Goodwin / Annabelle Wills                             +44 (0) 7747 788 221

About SRT Marine Systems plc:

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, environment monitoring and
general navigation safety.

 

 

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