- £3.5mn cash profit 40 per cent ahead of forecast
- Adjusted pre-tax loss cut from £6.4mn to £0.2mn, materially better than £1mn forecast loss
- EPS of 0.3p well ahead of expectations due to £0.7mn tax credit
- Post year-end placing and Primary Bid offer raises £5.4mn
- £160mn contracted order book and £1.4mn bid pipeline
Aim-traded SRT Marine Systems (SRT: 53p), a global leader in technology used to track maritime vessels, has released full-year results materially ahead of analyst expectations. The group is also set fair to deliver a step change in profitability in the new financial year as revenue ramps up.
SRT has a growing validated pipeline of contract opportunities worth £1.4bn and a £160mn contracted order book that includes a massive $180mn (£140mn) award to supply an integrated maritime surveillance and intelligence system to a national Coast Guard (‘This global leader has won a game-changing contract’, 18 May 2023). Chairman Kevin Finn expects to see “some of these tenders convert into contracts in the coming months.” It's hardly surprising given that the uncertain geopolitical situation is placing even greater onus on fishery departments and coastguards to enhance the safety and security of their national waterways and borders.