10th Jul 2020 10:05
(Alliance News) - Shares rose in SRT Marine Systems PLC on Friday as it announced the resumption of its Philippines fisheries management system project, with a significant cash payment being received in the week.
Shares in the maritime surveillance provider were 22% higher at 35.99 pence on Friday in London.
The revised Philippines project plan agreed with SRT's customer is looking to accelerate implementation to make up for as much time lost as possible due to the five month pause.
Meanwhile, in the Middle East final contract negotiations have recommenced and subject to completion of internal processes, these are expected to conclude soon with the projects starting in the coming months.
Finally, SRT's Transcievers business has performed better than expected despite the current circumstances, achieving gross sales in the first quarter ended June 30 up 2% from the same period the year before.
"The last few months have been a challenge for everyone around the world. SRT moved decisively at the beginning of the Covid-19 restrictions to ensure that SRT had sufficient cash to ride out a prolonged stagnation and ensure that our pace of product development and customer engagement continued," said Chief Executive Officer Simon Tucker.
"The recommencement of our fisheries monitoring system project in the Philippines and discussions in Middle East and elsewhere demonstrates the strength of underlying demand for maritime surveillance and monitoring systems, in addition to the solid performance of our transceivers business which is trading 2% ahead of last year despite the global Covid-19 lockdown," Tucker added.
By Dayo Laniyan; [email protected]
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