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SRT Marine Systems PLC - global provider of maritime domain awareness systems - Pretax loss widens to £14.4 million in the 15 months to June 30 from £646,172 in the year ended March 2023. Revenue in the 15-month period more than halves to £14.8 million from £30.5 million. Cost of sales drops to £10.6 million from £19.5 million.
Chief Executive Simon Tucker says: ‘I had hoped for, and expected, a much better financial result for the financial period ending June 2024. We under-estimated the time it would take for the final administrative processes to complete for contracts worth approximately £320 million, resulting in significantly lower revenues and profit contribution during the period.’ Tucker adds the time, and investment received during the period, has given it a ‘critical advantage’ to prepare and build up capacity to execute on multiple system contracts simultaneously. Enters the new financial year with a runway of £320 million of system projects that SRT expects to implement over the next two years, plus a further pipeline worth up to £1.2 billion of prospects.
Current stock price: 40.00 pence, down 4.2% in London on Monday
12-month change: down 4.8%
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