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RNS Number : 2777E SRT Marine Systems PLC 22 October 2025
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
FINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2025
SRT Marine Systems PLC, a provider of maritime surveillance, monitoring and
management systems, announces its results for the year ended 30 June 2025.
FINANCIAL SUMMARY
· 426% increase in revenues to £78.0m.
· Profit before tax and exceptional one-off non-cash finance charge
of £4.9m.
· £325m of system contracts.
· New system contract prospects pipeline of £1.8bn.
· Unrestricted cash balance of £4.3m at year end. Balance at
30(th) September 2025 of £13.6m.
OPERATIONAL HIGHLIGHTS
· Systems division actively implementing SRT-MDA System with 5
sovereign customers.
· Significant investment in new SRT-MDA System functionality with
increasing focus on use of Ai.
· Pre-production and certification of NEXUS data and voice
transceiver and commencement of final pre-shipment functionality refinement.
· Post year end received notification of award from a new sovereign
customer for the supply of a substantial maritime surveillance system. The
contract is expected to be worth approximately US$200m. The award is subject
to completion of the project contract and a project financing package.
NOTICE OF AGM
· The AGM will be held at the Centurion Hotel, Charlton Lane,
Radstock BA3 4BD commencing at 11.00am on 4(th) December 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:
"The marine domain is critically important in many ways to everyone. And yet
what goes on there is mostly unseen and remains a mystery. SRT is working to
solve this global issue with our integrated marine domain systems that deliver
Ai driven insight and intelligence to stakeholders that range from sovereign
states seeking territorial and border security to mariners focused on safer
and efficient navigation. Todays' results are indicative of the latent demand
waking up to the availability of our systems and the valuable insight and
intelligence they can access on demand. I believe we are right at the start of
this global adoption."
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 (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
As expected, the commencement of multiple system projects during the year has
had a substantial impact on our financial performance. SRT is harnessing
proprietary Ai to deliver real insight and solutions to real world problems
upon which our customers place significant value. Combined with our first
mover market advantage, proven products and technologies, and established
leadership in a large global market, we see this trend compounding into the
future.
Revenues for the year ending 30 June 2025, grew by 426% to £78.0m (2024:
£14.8m) of which our navigation safety business generated £9.5m and our MDA
systems business £68.5m. Group gross profit margin was in line with
expectations at 31% (2024: 28%). This resulted in a £4.9m profit before tax
and exceptional one-off non-cash finance charge. The exceptional one-off
non-cash finance charge of £3.5m has been accounted for in the year in
respect of 20m warrants granted to an investor in exchange for the provision
of a performance bond.
At year-end, unrestricted cash balances were £4.3m (2024: £2.8m), with a
further £5.7m (2024: £0.9m) of restricted cash held as bank security for the
provision of project bonds. The group generated cash from its operations of
£1.0m. Trade and other receivables amounted to £52.6m the majority of which
were received after the year end. During the year, we completed an equity
raise of £9.5m and issued loan notes of £5.3m to provide working capital for
our system projects.
Our navigation safety business which provides specialist transceivers and
devices that enable safer and more efficient vessel navigation and tracking,
had a steady year where revenues remained flat. This is primarily due to a
combination of a slower leisure market demand due to the fragile and
fluctuating general economic conditions offset by growth in regulation driven
sales.
We see considerable medium and long term opportunity in this market segment
where we are well established with a global sales network of over 5,000
distribution and retail partners, established brands and proven products. As
part of a work in progress strategy to take this business to a new level, we
have continued to invest in the final completion of our NEXUS marine
VHF/DSC/AIS radio product which we expect to commence shipping during the
second half of the new financial year. NEXUS broadens our offer to include
marine voice communications, and in future years we expect to further broaden
the product portfolio to include digital onboard navigation and investigate
other specialist areas such as aviation and Navy related devices where our
core capabilities and technologies could give us an advantage and open new
market segments. Additionally, we have increased our investments in packaging
and systemising our digital aids to navigation targeting ports and waterways
who are actively seeking to make commercial traffic more autonomous and safer.
Our systems business delivers the SRT-MDA System border and territory
surveillance system. This is a sophisticated, flexible and modular solution
engineered as a national scale solution for sovereign agencies that can be
built up and evolved over many years by a customer as a national integrated
platform. It integrates multiple data sources derived from different sensor
types and applies proprietary analytics to detect, identify and characterise
maritime activity and events and provide high quality actionable insight,
intelligence to national agencies such as Coast Guards, Border Agencies and
Fishing Authorities worldwide.
Our Sovereign Partnership program establishes long term relationships with
sovereigns who are seeking to digitise and integrate their surveillance and
maritime management on a national scale. Today we have partnerships with five
sovereigns where we are in the process of delivering an initial set of
contracts worth £325m. During the year we made good progress with
implementing these projects, delivering multiple project and invoice
milestones worth £68m. Each project has its own specific implementation plan,
and we expect to continue to make further progress as expected in the coming
year.
The implementation of these projects each entails a mixture of five key
elements: infrastructure, SRT-MDA System Tech, Training & Organisational
Transformation, Data Services and Ongoing Support. Infrastructure refers to
things such as towers, buildings, power systems, boats. SRT-MDA System tech
refers to items such as cameras, radars, and our GeoVS systems. Training
refers to an organisational change program we deliver to enable the customer
to transform to an Intelligence Lead Operations Doctrine and really use the
SRT-MDA System as their primary and often only tool.
Data services refer to the delivery of a range of supplementary external data
which range from satellite surveillance scans to processed Ai data tokens that
we develop and insert into our system. Support refers to the long-term support
of their system to keep it running reliably. The quantity and scale of each of
these key elements is different for each customer.
During the year we have continued to build up our capacity in our system
delivery (implementation), development and product management teams. In our
delivery teams, the increasing scale and complexity of the projects has meant
an evolution of capacity and skills sets to enable us to be in a stronger
position to support existing customers with expected expansion of the systems
we are currently implementing, as well as have the capacity to engage with new
sovereign partners and the commencement of their system build ups. In our
product management team, we have started to aggressively expand our data
science team to include Ai data science research and we expect this initiative
to start to add significant value in the form of innovative system
functionality that delivers even greater insight to our customers.
The desire to understand marine domains coupled with border and territory
security in general appears to be growing and this has been reflected in the
growth of our validated sales pipeline of visible new contract opportunities
valued at approximately £1.8bn as at Oct 2025. And beyond that we have other
early discussions with potential opportunities which are not yet sufficiently
mature to be included in our pipeline. The exact conversion date of these is
impossible to predict, but we have good visibility of about £500m of these,
and for one worth approximately $200m we received an award letter shortly post
year end. These include opportunities from existing and new customers. In the
future we see our systems business growing substantially as existing customers
grow their systems and new customers start their next generation surveillance
programs.
Outlook
The outlook for our business is very positive, and growing, as the world seeks
to acquire a new generation of integrated systems that empower them with
insight and intelligence to secure borders, detect and deter illegal
activities, navigate more safely, efficiently manage and sustain marine
domains, and transform operations to an intelligence lead doctrine. SRT's
pioneering strategic decision to enter this market years ago has allowed us
the time to develop the extensive technologies and knowhow to deliver into
this demand. In the short term, we are focused on delivering against our
existing £325m of contracts, whilst in the medium and longer term we expect
to be further expanding those systems as our customers' aspirations and needs
grow, as well as welcoming new customers into our Sovereign Partnership
program.
Kevin Finn
Chairman
21 October 2025
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
YEAR ENDED 30 JUNE 2025
Year 15 months ended
ended 30 June 2024
Note 30 June 2025
£ £
Revenue 78,021,137 14,814,532
Cost of sales (54,119,161) (10,612,259)
Gross profit 23,901,976 4,202,273
Administrative costs (17,494,471) (17,393,882)
Operating profit / (loss) 6,407,505 (13,191,609)
Finance expenditure
Broken down as:
Finance expenditure excluding exceptional item (1,877,120) (1,253,090)
Non-cash exceptional finance cost 5 (3,447,203) -
Finance income 338,710 44,073
Profit / (loss) before tax 1,421,892 (14,400,626)
Income tax credit 604,800 746,807
Profit / (loss) for the year after tax 2,026,692 (13,653,819)
Total comprehensive income / (expense) for the year 2,026,692 (13,653,819)
Earnings / (loss) per share: 4
Basic 0.85p (6.76)p
Diluted 0.82p (6.76)p
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
As expected, the commencement of multiple system projects during the year has
had a substantial impact on our financial performance. SRT is harnessing
proprietary Ai to deliver real insight and solutions to real world problems
upon which our customers place significant value. Combined with our first
mover market advantage, proven products and technologies, and established
leadership in a large global market, we see this trend compounding into the
future.
Revenues for the year ending 30 June 2025, grew by 426% to £78.0m (2024:
£14.8m) of which our navigation safety business generated £9.5m and our MDA
systems business £68.5m. Group gross profit margin was in line with
expectations at 31% (2024: 28%). This resulted in a £4.9m profit before tax
and exceptional one-off non-cash finance charge. The exceptional one-off
non-cash finance charge of £3.5m has been accounted for in the year in
respect of 20m warrants granted to an investor in exchange for the provision
of a performance bond.
At year-end, unrestricted cash balances were £4.3m (2024: £2.8m), with a
further £5.7m (2024: £0.9m) of restricted cash held as bank security for the
provision of project bonds. The group generated cash from its operations of
£1.0m. Trade and other receivables amounted to £52.6m the majority of which
were received after the year end. During the year, we completed an equity
raise of £9.5m and issued loan notes of £5.3m to provide working capital for
our system projects.
Our navigation safety business which provides specialist transceivers and
devices that enable safer and more efficient vessel navigation and tracking,
had a steady year where revenues remained flat. This is primarily due to a
combination of a slower leisure market demand due to the fragile and
fluctuating general economic conditions offset by growth in regulation driven
sales.
We see considerable medium and long term opportunity in this market segment
where we are well established with a global sales network of over 5,000
distribution and retail partners, established brands and proven products. As
part of a work in progress strategy to take this business to a new level, we
have continued to invest in the final completion of our NEXUS marine
VHF/DSC/AIS radio product which we expect to commence shipping during the
second half of the new financial year. NEXUS broadens our offer to include
marine voice communications, and in future years we expect to further broaden
the product portfolio to include digital onboard navigation and investigate
other specialist areas such as aviation and Navy related devices where our
core capabilities and technologies could give us an advantage and open new
market segments. Additionally, we have increased our investments in packaging
and systemising our digital aids to navigation targeting ports and waterways
who are actively seeking to make commercial traffic more autonomous and safer.
Our systems business delivers the SRT-MDA System border and territory
surveillance system. This is a sophisticated, flexible and modular solution
engineered as a national scale solution for sovereign agencies that can be
built up and evolved over many years by a customer as a national integrated
platform. It integrates multiple data sources derived from different sensor
types and applies proprietary analytics to detect, identify and characterise
maritime activity and events and provide high quality actionable insight,
intelligence to national agencies such as Coast Guards, Border Agencies and
Fishing Authorities worldwide.
Our Sovereign Partnership program establishes long term relationships with
sovereigns who are seeking to digitise and integrate their surveillance and
maritime management on a national scale. Today we have partnerships with five
sovereigns where we are in the process of delivering an initial set of
contracts worth £325m. During the year we made good progress with
implementing these projects, delivering multiple project and invoice
milestones worth £68m. Each project has its own specific implementation plan,
and we expect to continue to make further progress as expected in the coming
year.
The implementation of these projects each entails a mixture of five key
elements: infrastructure, SRT-MDA System Tech, Training & Organisational
Transformation, Data Services and Ongoing Support. Infrastructure refers to
things such as towers, buildings, power systems, boats. SRT-MDA System tech
refers to items such as cameras, radars, and our GeoVS systems. Training
refers to an organisational change program we deliver to enable the customer
to transform to an Intelligence Lead Operations Doctrine and really use the
SRT-MDA System as their primary and often only tool.
Data services refer to the delivery of a range of supplementary external data
which range from satellite surveillance scans to processed Ai data tokens that
we develop and insert into our system. Support refers to the long-term support
of their system to keep it running reliably. The quantity and scale of each of
these key elements is different for each customer.
During the year we have continued to build up our capacity in our system
delivery (implementation), development and product management teams. In our
delivery teams, the increasing scale and complexity of the projects has meant
an evolution of capacity and skills sets to enable us to be in a stronger
position to support existing customers with expected expansion of the systems
we are currently implementing, as well as have the capacity to engage with new
sovereign partners and the commencement of their system build ups. In our
product management team, we have started to aggressively expand our data
science team to include Ai data science research and we expect this initiative
to start to add significant value in the form of innovative system
functionality that delivers even greater insight to our customers.
The desire to understand marine domains coupled with border and territory
security in general appears to be growing and this has been reflected in the
growth of our validated sales pipeline of visible new contract opportunities
valued at approximately £1.8bn as at Oct 2025. And beyond that we have other
early discussions with potential opportunities which are not yet sufficiently
mature to be included in our pipeline. The exact conversion date of these is
impossible to predict, but we have good visibility of about £500m of these,
and for one worth approximately $200m we received an award letter shortly post
year end. These include opportunities from existing and new customers. In the
future we see our systems business growing substantially as existing customers
grow their systems and new customers start their next generation surveillance
programs.
Outlook
The outlook for our business is very positive, and growing, as the world seeks
to acquire a new generation of integrated systems that empower them with
insight and intelligence to secure borders, detect and deter illegal
activities, navigate more safely, efficiently manage and sustain marine
domains, and transform operations to an intelligence lead doctrine. SRT's
pioneering strategic decision to enter this market years ago has allowed us
the time to develop the extensive technologies and knowhow to deliver into
this demand. In the short term, we are focused on delivering against our
existing £325m of contracts, whilst in the medium and longer term we expect
to be further expanding those systems as our customers' aspirations and needs
grow, as well as welcoming new customers into our Sovereign Partnership
program.
Kevin Finn
Chairman
21 October 2025
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
YEAR ENDED 30 JUNE 2025
Note
Year
ended
30 June 2025
15 months ended
30 June 2024
£
£
Revenue
78,021,137
14,814,532
Cost of sales
(54,119,161)
(10,612,259)
Gross profit
23,901,976
4,202,273
Administrative costs
(17,494,471)
(17,393,882)
Operating profit / (loss)
6,407,505
(13,191,609)
Finance expenditure
Broken down as:
Finance expenditure excluding exceptional item
(1,877,120)
(1,253,090)
Non-cash exceptional finance cost
5
(3,447,203)
-
Finance income
338,710
44,073
Profit / (loss) before tax
1,421,892
(14,400,626)
Income tax credit
604,800
746,807
Profit / (loss) for the year after tax
2,026,692
(13,653,819)
Total comprehensive income / (expense) for the year
2,026,692
(13,653,819)
Earnings / (loss) per share:
Basic
4
0.85p
(6.76)p
Diluted
0.82p
(6.76)p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
30 June 30 June
2025 2024
Note £ £
Assets
Non-current assets
Intangible assets 15,911,732 14,170,410
Property, plant and equipment 1,316,097 1,131,528
Other non-current assets 849,684 -
Total non-current assets 18,077,513 15,301,938
Current assets
Inventories 4,074,508 8,050,899
Trade and other receivables 52,622,837 2,355,402
Current tax recoverable 2,682,039 831,085
Cash 4,272,396 2,777,083
Restricted cash 5,675,894 949,115
Total current assets 69,327,674 14,963,584
Liabilities (42,105,407) (3,807,712)
Current liabilities
Trade and other payables
Borrowings 6 (10,715,228) (10,711,673)
Current tax liabilities (1,246,196) -
Lease liabilities (235,548) (241,098)
Total current liabilities (54,302,379) (14,760,483)
Net current assets 15,035,295 203,101
Total assets less current liabilities 33,102,808 15,505,039
Non-current liabilities
Borrowings 6 (5,882,022) (2,955,864)
Lease liabilities (369,313) (496,003)
Total non-current liabilities (6,251,335) (3,451,867)
Net assets 26,851,473 12,053,172
Shareholders' equity
Share capital 250,208 222,634
Share premium account 42,189,056 33,179,666
Retained loss (24,525,590) (26,839,724)
Other reserves 8,937,799 5,490,596
Total shareholders' equity 26,851,473 12,053,172
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 15 MONTH PERIOD ENDED 30 JUNE
2025
Year 15 months ended 30 June 2024
ended 30 June 2025
£ £
Cash generated from / (used in) operating activities 1,009,197 (13,277,621)
Corporation tax received - 685,205
Net cash generated from / (used in) operating activities 1,009,197 (12,592,416)
Investing activities
Expenditure on product development (4,433,910) (5,732,755)
Purchase of property, plant and equipment (546,070) (267,865)
Interest received 338,710 44,073
Net cash used in investing activities (4,641,270) (5,956,547)
Financing activities
Gross proceeds on issue of shares 9,544,795 15,947,332
Costs of issue of shares (507,831) (939,621)
New loans issued 22,922,318 7,190,020
Loan repayments (19,992,604) (1,524,983)
Lease repayments (263,308) (319,848)
Loan interest paid (1,849,205) (1,208,402)
Net cash generated from financing activities 9,854,165 19,144,498
Net increase in cash and cash equivalents 6,222,090 595,535
Net cash and cash equivalents at beginning of period 3,726,198 3,130,663
Net cash and cash equivalents at end of period 9,948,290 3,726,198
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 21 October
2025. 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 year ended 30 June 2025 or the
15-month period ended 30 June 2024.
The financial information has been extracted from the statutory accounts of
the Company for the year ended 30 June 2025 and the 15-month period ended 30
June 2024. 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 report for the year ended 30 June 2025 drew
attention by way of emphasis to a material uncertainty relating to going
concern and recoverability of certain assets. The going concern uncertainty is
due to the current rapid growth phase and the possibility of a mismatch
between customer receipts and supplier payments which could require bridging
finance. Whilst the Group has an extensive track record of securing such
facilities and has a secured loan note programme with sufficient capacity,
there are loan notes repayments which fall due within the next 12 months and
there is no guarantee of such financing.
The statutory accounts for the period ended 30 June 2024 have been delivered
to the Registrar of Companies, whereas those for the year ended 30 June 2025
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 2024. 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 profit after taxation
of £2,026,692 (2024: loss £13,653,819) divided by the weighted number of
ordinary shares in issue of 238,278,281 (2024: 202,114,658).
During the current year the calculation of diluted earnings per share has been
calculated on profit after taxation of £2,026,692. It assumes conversion of
all potentially dilutive ordinary shares, all of which arise from share option
and warrants. 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 and warrants. The number of
dilutive shares under option and warrant was 5,061,157 and the weighted
average number of ordinary shares for the purposes of dilutive earnings per
share was 245,828,975.
During the previous period, the Group incurred a loss after taxation and
therefore there is no dilution of the impact of the share options granted.
5. Exceptional finance charge
During the year, an existing shareholder Ocean Infinity Group Limited was
granted 20,000,000 warrants at a strike price of 35p, and an exercise period
of 3 years. The issue of warrants was for the provision of a guarantee in
respect of a project performance bond.
In accordance with international accounting standards, these warrants have
been valued during the period over the expected life of the services that are
provided, being the guarantee. The assumed expected life of the guarantee is
the period to June 30, 2025. This has generated a notional non-cash
exceptional finance charge in the statement of comprehensive income for the
year of £3,447,203.
6. Borrowings
Loan notes
As of 30 June 2025, the outstanding balance of loan notes amounted to
£13,610,000. 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
As of 30 June 2025, the outstanding balance of an equipment loan amounted to
£2,987,250. This loan was drawn in the previous period in respect of
purchases for a systems project and was increased during the year by
£625,664.
Ocean Infinity loan
On 28th October 2024, an existing shareholder, Ocean Infinity Group Limited
provided a $21.3m guarantee to enable the group to issue a performance bond of
a similar value in respect of a project contract worth $213m which was signed
on 30th October 2024. This guarantee was initially provided as a cash loan of
$21.3m at an interest rate of 0.75% per month. During the year the loan was
repaid as the guarantee was replaced with firstly a bank guarantee on Ocean
Infinity's behalf and then a combination of SRT's own cash resources and the
UKEF guarantee program. In return for providing this guarantee, Ocean Infinity
was granted 20,000,000 warrants at a strike price of 35p, with an exercise
period of 3 years
7. 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 6 November 2025.
The AGM will be held at the Centurion Hotel, Charlton Lane, Radstock BA3 4BD
at 11.00am on December 4, 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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