SRT Maritime revenues boosted by solid showing from AIS and MDA businesses

Maritime surveillance and management SRT Marine Systems expects to report significantly higher revenues and profits from its last trading year after both its AIS transceiver and MDA systems businesses experienced "very good growth".

SRT told investors on Wednesday that revenues looked set to have soared 277% to £20m over the twelve months ended 31 December, while pre-tax profits were pegged to come in at £3m - a marked turnaround from the £1.2m loss recorded a year earlier.

Gross cash as at 31 March was £3.9m.

Chief executive Simon Tucker said: "This excellent result is the product of many years investment which has seen SRT become an established player in the global maritime domain awareness market.

"Of particular note is our MDA systems business which currently has contracts worth approximately £35m in progress and a significant pipeline of sales opportunities of which six, with a value of approximately £212m, we hope to formally contract during the course of the next 12 months."

Tucker added that each of its six near-term pipeline opportunities had an expected implementation period of six to 36 months and the opportunity for recurring satellite data revenues and further system contracts in the future.

As of 1100 BST, SRT shares had shot up 13.39% to 34.30p.