SRT Marine Systems reports buoyant sales

SRT Marine Systems buoyed investors' mood on Wednesday as the maritime technology developer said it expects to report a 22% year on year increase in annual revenues and 8% growth in profits.

Along with revenues of £13.5m, the AIM-traded company also projects that it will report a profit before tax and exceptional items of £1.3m when it releases its results for the year ending 31 March in July, up from £1.2m the year before.

Simon Tucker, chief executive of SRT, said: “These results reflect the excellent progress we have made across all our business operating segments, in particularly our systems business which saw some significant milestone deliverables completed for an Asian project which we will provide more detail on in due course.”

The project could be the contract to supply an MDM national maritime domain surveillance system in South East Asia which the company saw pushed back “due to internal project review and budget issues in their current fiscal year” with the end customer last year, resulting in an impairment charge of £1.5m.

“SRT have pioneered the development of the next generation of digital maritime monitoring technologies and systems, whose adoption across the multi-billion dollar global maritime domain awareness market sector is gradually gaining pace, but still remains in its very early stages,” Tucker said.

As of 0911 BST, SRT Marine Systems’ shares were up 11.76% at 23.75p.