SRT Marine Systems narrows loss as transceiver sales expand

Maritime technology developer SRT Marine Systems saw first-half revenue increase 9% to £3.2m as the firm’s transceiver division drove sales.

The jump in revenue resulted in a reduced loss before tax of £1.4m for the six-month period ended 30 September, down from a £1.8m loss in the same period last year, while the company ended the period with £1.4m in cash.

Simon Tucker, chief executive of SRT, said: "I am very pleased with the operational progress made during the first half which has prepared SRT for the significant project business that we expect during the coming months. The transceiver business has now recovered from the stock shortages earlier in the year.”

While the transceiver business, which supplies stand-alone AIS (automatic identification system) transceivers to vessel owners and other buyers, drove success, the systems division did not complete any objectives or contribute significantly to profits or revenue during the period.

The division provides buyers such as coast guards and fishery authorities with maritime surveillance systems.

“Whilst I would have preferred our systems business to have delivered milestones and thus material revenues during the first half of the year we have a number of significant contract opportunities in Asia, Middle East and South America on which we are working closely with the end customer and local partners to progress,” said Tucker.

The company’s board expects to see continued growth from the transceiver business in the second half of the year, while the systems business could achieve a number of milestones and make a financial contribution.

SRT’s shares were unchanged at 25.25p at 0935 BST.