SRT Marine Systems PLC, a provider of maritime surveillance, monitoring and management systems, announces its results for the financial year ending 31 March 2023.

FINANCIAL SUMMARY

• Increased revenues to £30.5m.
• Profit after tax £0.1m.
• £2.2m gross cash at year end. Post year end £5.4m equity raise and £20m loan note programme headroom increase.
• £160m systems forward contract order book and £1.4bn new prospects pipeline.

OPERATIONAL HIGHLIGHTS

• Significant transceiver distributor network expansion.
• Continued progress with new NEXUS VHF/AIS radio system and DAS transceiver products, both of which entered testing phases.
• Expansion of analytics within the SRT-MDA System to improve dark vessel detection and tracking capabilities.
• Expansion of SRT delivery team to accommodate multiple simultaneous projects.

NOTICE OF AGM

• The AGM will be held at the Centurion Hotel, Charlton Lane, Radstock BA3 4BD at 11.00am on September 19, 2023. Prior to the commencement of the formal AGM there will be an Open Morning at SRT’s offices, commencing at 9.00am.

Commenting on today’s results, Simon Tucker, CEO of SRT said:

“Our many years of technology, product and market investments are now starting to show in our financial results. Our transceivers division grew by 60% and our systems division is back on track following a pause in government business during Covid. We go into the new year with an expanded product range and distribution network, a forward contract order book of £160m and a new prospects pipeline of system contracts worth approximately £1.4bn. This position reflects the early strategic decisions made to position SRT at the centre of these substantial global markets.”

News in full

In the interview below, CEO Simon Tucker outlines SRT’s business and growth plans, as well as an overview of their market