19th Nov 2019 11:44
(Alliance News) - SRT Marine Systems PLC on Tuesday said its transceivers business boosted revenue growth in the first half of its current financial year, while increased costs hurt profit.
The maritime surveillance, analytics and management systems supplier said its loss widened in the six months to the end of September to GBP1.5 million from GBP1.3 million a year prior, as administrative costs grew to GBP2.7 million from GBP2.5 million.
More positively, the company recorded a 9.8% growth in its half-year revenue to GBP3.5 million from GBP3.2 million, with active new systems contracts pipeline increasing by GBP580 million.
The vast majority of revenue during the period was generated by the company's transceivers business, it said, with only a "minimal contribution" from its MDA systems business.
"I am pleased to report that during the first half of our financial year the group performed operationally in line with our plans and expectations and I look forward to reporting a busy and productive second half and next financial year," said Chair Kevin Finn.
SRT shares were trading 3.1% lower in London on Tuesday around midday at 40.46 pence each.
By Evelina Grecenko; [email protected]
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