9th Jun 2015 08:42
LONDON (Alliance News) - Software Radio Technology PLC Tuesday posted a narrowed pretax loss for its recently ended financial year and said it has received an order for Class A transceivers and a GeoVs data management and viewing system worth USD290,000 from an undisclosed national authority in the Middle East.
Software Radio Technology provides advanced radio communication technology to the maritime industry.
For the year to end-March the company posted a pretax loss of GBP379,114, narrowed from a pretax loss of GBP1.5 million a year before, as revenue rose to GBP8.5 million from GBP6.1 million, although this was partly offset by a rise in administrative costs.
Despite seeing revenue growth, the company said that revenue from its core and mandate-driven business was "disappointing", as this segment was hit by the continued depressed state of the leisure and commercial marine markets. Sales driven by existing fishery and inland-waterway mandates in the EU were minimal during the year, but the company expects them to improve due to extensions to the mandate and more rigorous enforcement.
Software Radio Technology said it recognises that the "challenges of forecasting the timing of projects and thus revenues" are frustrating for shareholders, but expressed confidence in the global adoption of automatic identification systems, which it said is reflected in its sales opportunity pipeline.
"With a GBP200 million validated sales opportunity pipeline and a significantly larger global addressable market opportunity, I am looking forward to the year ahead and updating our shareholders as opportunities develop," said Chief Executive Officer Simon Tucker in a statement.
Shares in Software Radio Technology are trading down 1.5% at 29.06 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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