SRT Marine first-half revenues surge 300pc

Maritime surveillance, monitoring and management technology company SRT Marine Systems said in an update on Monday that in its first half, revenues were ahead 300% year-on-year at £18.8m.

The AIM-traded firm said that it generated an expected profit before tax for the six months ended 30 September of no less than £1.5m.

It said that despite continuing production constraints, its transceivers business revenue grew around 20% to £5.2m.

The company’s systems business, meanwhile, delivered multiple operational and several revenue milestones, and generated about £13.6m in revenue, up from £0.5m at the same time last year.

“These results validate our earlier statements that both our business divisions have recovered and are now performing well, driven by a combination of good quality SRT products and fundamental long term market demand drivers,” said chief executive officer Simon Tucker.

“We look forward to the second half and providing further market updates with our continued progress.”

At 1210 BST, shares in SRT Marine Systems were up 14.95% at 30.75p.

Reporting by Josh White at Sharecast.com.