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(Sharecast News) - SRT Marine Systems said on Thursday that full-year revenue rose 49% to an estimated 116m, while pre-tax profit before exceptional items more than doubled to 10m from 4.9m, in line with market expectations.
Gross cash increased to 57m from 9.9m, comprising 30m of unrestricted cash and 27m held for project performance bonds.
The AIM-traded maritime surveillance systems group said the gross margin on one project would be lower than expected because of Middle East-related supply chain disruption and a decision to expand its scope, but expected this to support future contract opportunities.
SRT said it remained confident of meeting expectations for the new financial year through existing contract execution and potential conversions from its 1.8bn pipeline.
At 1232 BST, shares in SRT Marine Systems were down 1.39% at 80.37p.
Reporting by Josh White for Sharecast.com.
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