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IN BRIEF: SRT Marine Systems cites contract delays for drop in sales

2nd Dec 2024 21:29

SRT Marine Systems PLC - global provider of maritime domain awareness systems - Pretax loss widens to GBP14.4 million in the 15 months to June 30 from GBP646,172 in the year ended March 2023. Revenue in the 15-month period more than halves to GBP14.8 million from GBP30.5 million. Cost of sales drops to GBP10.6 million from GBP19.5 million.

Chief Executive Simon Tucker says: "I had hoped for, and expected, a much better financial result for the financial period ending June 2024. We under-estimated the time it would take for the final administrative processes to complete for contracts worth approximately GBP320 million, resulting in significantly lower revenues and profit contribution during the period." Tucker adds the time, and investment received during the period, has given it a "critical advantage" to prepare and build up capacity to execute on multiple system contracts simultaneously. Enters the new financial year with a runway of GBP320 million of system projects that SRT expects to implement over the next two years, plus a further pipeline worth up to GBP1.2 billion of prospects.

Current stock price: 40.00 pence, down 4.2% in London on Monday

12-month change: down 4.8%

By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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