SRT Marine Systems PLC – Final Results

SRT Marine Systems PLC – Final Results

SRT Marine Systems PLC, a provider of maritime surveillance, monitoring and management systems, is pleased to announce its results for the year ended 31 March 2019, a year that reflects the significant progress made by the Company. 

FINANCIAL SUMMARY 

  • Revenue increased by 286% to £20.6m (2018: £5.3m)
  • Improvement of Gross profit margin to 45% (2018: 43%)
  • Profit before tax of £3.2m (2018: loss before tax of £4.2m)
  • £3.9m cash as at year end

OPERATIONAL HIGHLIGHTS

  • £32m systems contract with the Philippine Government Fisheries (BFAR)
  • Strong pipeline of system business opportunities
  • Senior Management team strengthened
  • Expansion of GeoVS development and Systems Delivery teams
  • Development of new products and functionalities

 Commenting on today’s results, Simon Tucker, CEO of SRT 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 £220m 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 “

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