18th Jul 2019 11:11
(Alliance News) - SRT Marine Systems PLC on Thursday reported a near quadrupling of annual revenue, while saying it has a significant amount of future work lined up.
For the financial year to March, SRT posted revenue of GBP20.6 million, far higher than the GBP5.3 million reported in the prior year.
This helped SRT swing to a pretax profit of GBP3.2 million, after a pretax loss of GBP4.2 million year-on-year.
SRT, which provides maritime surveillance, monitoring, and management systems, has over GBP220 million worth of near-term contract opportunities, it added.
Chief Executive Simon Tucker said: "Maritime security, sovereignty and safety is of increasing importance around the world. This is driving our growth as demonstrated by the 286% increase in revenues we are reporting today.
"Coupled with a significant and growing pipeline of further contract opportunities, six of which worth over GBP220 million in aggregate are expected in the near term. Our many years of investments to develop a scalable fully integrated maritime surveillance system that fuses multiple surveillance sensor systems and embeds advanced data analytics and digital display technologies with command, control and logistics has placed us at the forefront of this growing global market."
The plan ahead is to continue with the current strategy, SRT said, with a "variety" of new growth opportunities lying in wait.
SRT shares were 1.5% higher on Thursday morning in London at a price of 34.50 pence each.
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Srt Marine Sys.