Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
SRT Marine Systems PLC on Monday said revenue in the first half of its financial year climbed, as its systems business makes ‘several revenue milestones’.
Shares in the Bath-based provider of maritime surveillance were up 11% to 29.70 pence each in London on Monday morning.
In a trading update, SRT said that revenue in the six months to September 30 climbed to £18.8 million from £4.7 million in the same period last year.
It added that it expects pretax profit to be at least £1.5 million. In the first half of financial year 2022, SRT reported a pretax loss of £3.1 million.
It noted that revenue from its transceivers business grew by 20% to £5.2 million from £4.2 million year-on-year, despite of continuing production constraints. Meanwhile, its systems business delivered ‘multiple operational and several revenue milestones’, generating revenue of £13.6 million, up from £500,000.
SRT plans to publish its full interim results on November 14.
Chief Executive Simon Tucker said: ‘These results validate our earlier statements that both our business divisions have recovered and are now performing well, driven by a combination of good quality SRT products and fundamental long term market demand drivers.’
Copyright 2022 Alliance News Limited. All Rights Reserved.