2nd Apr 2014 09:42
LONDON (Alliance News) - Software Radio Technology PLC said Wednesday that it expects to post a pretax loss for the year ended March 31, 2014, as slow roll-out of commercial mandates in the EU and US hit its core business.
In a separate statement it also announced an order win worth USD6.75 million for Automatic Identification System equipment.
Software Radio Tech expects to report revenue of GBP6 million, and a pretax loss of GBP1.5 million.
The company said it had continued to invest into its new core technologies, derivative platform products and customised products, which had resulted in the launch and delivery of a new AIS AtoN product range.
Software Radio Tech said it had now fully integrated GeoVs Ltd, which it acquired October 2013.
However, the company's core business was lower than expected due to general economic conditions and the slow roll-out of commercial mandates. Software Radio Tech said that there had been progress towards the implementation of these mandates implemented by these authorities, which was shown by the order it announced separately Wednesday.
The company received the order from a long standing customer, who it did not name. It expects to see further orders over the next twelve months, but cautioned that "lumpy and unpredictable nature" of this revenue stream would continue to challenging for stock planning and setting market expectations.
Shares in Software Radio Tech were trading down 2% at 20.33 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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