SRT Marine Systems PLC – Trading Update and Notice of Results

SRT Marine Systems PLC – Trading Update and Notice of Results

SRT Marine Systems PLC (SRT), a global provider of maritime surveillance, monitoring and management systems, today announces a trading update for the year ended 31 March 2019.

The Company expects to report revenues of approximately £20.0 million and profit before tax of £3.0 million with gross cash as at 31 March 2019 of £3.9 million*.

The Company expects to publish its audited final results on Thursday 18th July 2019, and hold its AGM at its Midsomer Norton, Somerset offices on Wednesday 4th September 2019.

SRT CEO, Simon Tucker said:

“This excellent result is the product of many years investment which has seen SRT become an established player in the global maritime domain awareness market. Both our AIS transceiver and MDA systems businesses have experienced very good growth over the last year. Of particular note is our MDA systems business which currently has contracts worth approximately £35m in progress and a significant pipeline of sales opportunities of which six, with a value of approximately £212m, we hope to formally contract during the course of the next 12 months. Each of these six near term pipeline opportunities have an expected implementation period post contracts being signed of between 6 and 36 months and the opportunity for recurring satellite data revenues and further system contracts in the future.”

*subject to audit including the adoption of IFRS15.

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