SRT Marine sees losses deepen despite revenue growth

Maritime surveillance and monitoring group SRT Marine Systems expects interim losses to widen despite reporting increased revenues throughout the first half of the year.

In a trading update for the six months to 30 September, SRT Marine said first-half losses looked set to widen year-on-year from £1.3m to £1.5m, even as it recorded a 10% increase in revenues to £3.5m.

The AIM-listed group said its transceivers business generated the majority of its revenues, with period-on-period growth of 15%, while its systems business made "good progress" delivering against its £32m of active contracts.

SRT said it was also developing multiple new system contract opportunities of various sizes, with good progress being made during the first half as several deals progressed towards commencement during the second half.

Chief executive Simon Tucker said: "SRT continues to make excellent progress in our chosen target markets of AIS transceivers and integrated maritime surveillance and intelligence systems for coast guards and fisheries.

"The first half has also seen significant activity and progress around a number of pending system contracts and we look forward to updating shareholders regarding these during the second half and as such we remain comfortable with market expectations."

As of 0945 BST, SRT Marine shares had sunk 4.18% to 39.52p.