REG - SRT Marine Systems - Half Year Trading Update

SRT Marine SystemsAnnouncement

08/10/2021 07:00

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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 £4.7m, generating an expected loss before
tax of £3.1m.

 

TRANSCEIVERS Division:  Revenues grew 11% to £4.2m 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 £0.5m 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 £71m 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 £71m 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 (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)

 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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