3rd Oct 2018 09:40
LONDON (Alliance News) - Maritime surveillance systems provider SRT Marine Systems PLC said on Wednesday its loss narrowed amid revenue growth for the first half of its financial year on strong performances in its Transceiver division.
SRT's pretax loss for the six months to the end of September narrowed to GBP1.4 million from GBP1.8 million for the year before, on revenue that rose by 9.0% to GBP3.2 million from GBP2.9 million.
The majority of revenue was generated through its Transceiver division which supplies stand-alone automatic identification system transceivers to vessel owner and dealers, as opposed to the Systems division, which did not contribute significantly in the period due to a lack of material project milestones.
During the second half of the year, SRT expects to see steady growth in its Transceivers business, and the Systems division expects to sign new contracts.
"I am very pleased with the operational progress made during the first half which has prepared SRT for the significant project business that we expect during the coming months. The transceiver business has now recovered from the stock shortages earlier in the year caused by production issues related to the transfer of production to a new facility and the introduction of a series of new products. This places the business in a very good position to capitalise on these investments in a growing market during the second half," said Chief Executive Simon Tucker.
SRT Marine Systems will publish its interim results on November 20.
Shares in SRT were up 0.6% at 25.40 pence on Wednesday.
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