SRT Marine raises another £5.3m in resilience financing

Maritime management group SRT Marine has now raised a total of £5.3m of cash in a combination of loans and equity in order to provide it with some Covid-19 resilience financing.

SRT Marine, which raised £2.8m from investors earlier in April, agreed an additional £2.5m loan facility provided by its main bank, with the support of the UK government's coronavirus business interruption loan scheme.

The AIM-listed firm highlighted that the loan was interest and fee-free and repayable in one year.

Chief executive Simon Tucker said: "Considering the unknown timeframe of Covid-19 business restrictions, we moved quickly to secure our business for the future through a combination of cost minimisation and additional cash financing.

"This financing enables SRT to continue to operate and service existing and prospective customers during the current situation and be in an optimal position to move forward with new system contracts once business conditions normalise."

As of 1125 BST, SRT shares were up 4.52% at 32.40p.