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.
Maritime surveillance and management system provider SRT Marine Systems swung to a full-year loss after sales slipped and it recorded an impairment charge on a Middle Eastern project.
Pre-tax losses for the year through March amounted to £6.9m, swinging from a profit of £3.2m on-year, as revenue fell 8% to £18.9m.
SRT Marine Systems booked a £3.9m impairment charge for an existing contract in the Middle East, though its said it expected the contract to be replaced with a new larger contract of around £11m.
'Having made so much progress with both product and sales development it is very disappointing to have this year and the first half of our new year disrupted due to Covid-19,' chief executive Simon Tucker said.
'Although short-term, the financial impact has been significant due to the delays and changes caused to our systems business.'
'However, due to a combination of cash raising and significant payments from existing system customers, coupled with refinements to our business that enable continued operations, we are in a good position to move forward.'
'The transceivers business has maintained its trading level, and during the first half of the new year we have seen a resumption in our negotiations with new system contracts.'
'I therefore expect a much better year ahead.'