7th Sep 2020 11:55
(Alliance News) - SRT Marine Systems PLC on Monday said it swung to a loss in its most recently ended financial year due to the coronavirus disruption.
The provider of maritime surveillance, monitoring and management systems reported a 8% reduction in revenue for the year to the end of March to GBP18.9 million as Covid-19 delayed system projects.
SRT Marine Systems swung to loss of GBP6.9 million compared to the profit of GBP3.2 million reported a year earlier. Administrative costs increased to GBP6.9 million from GBP5.9 million year-on-year.
Excluding, one-off impairment charge on Middle Eastern project, interim loss would have been GBP3.0 million.
"Having made so much progress with both product and sales development it is very disappointing to have this year and the first half of our new year disrupted due to Covid-19," said Chief Executive Simon Tucker, "the financial impact has been significant due to the delays and changes caused to our systems business."
"However, due to a combination of cash raising and significant payments from existing system customers, coupled with refinements to our business that enable continued operations, we are in a good position to move forward," added Tucker.
AIM-listed SRT Marine Systems shares were trading 11% lower in London on Monday at 36.74 pence each.
By Evelina Grecenko; [email protected]
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