SRT Marine reports sharp turnaround in financial performance

(Sharecast News) - SRT Marine Systems reported a sharp turnaround in its financial performance for the year ended 30 June on Wednesday, with record revenue and a return to profitability, driven by a surge in demand for its maritime surveillance systems.

Revenue rose more than fivefold to �77.5m, while the company swung to a pre-tax profit of �4.4m, excluding exceptional items, compared to a �14.4m loss the prior year.

The AIM-traded firm, which supplies integrated maritime monitoring and security systems, said the improvement was underpinned by strong execution across five major government contracts, including a $213m deal signed with the Kuwait Coast Guard in October last year.

Its active order book now totalled �320m, while the validated pipeline of potential system contracts had grown to an estimated �1.4bn.

Gross cash at year-end stood at �4.2m, up 50%, while total gross cash including restricted balances was �9.9m.

Trade receivables amounted to �48.4m, most of which were expected to be collected shortly after year-end.

"This year's performance is a reflection of our proven technologies and products, and SRT's established position in the global maritime surveillance and management market," said chief executive Simon Tucker.

"This market remains in its early stages of development ... and therefore I expect to continue to see our business grow substantially from this base in the future."

The company's transceivers division also saw continued growth in commercial and leisure marine markets.

Development of the next-generation 'NEXUS' navigation and communications device was nearing completion, with shipments expected to begin in the first half of the 2026 financial year.

SRT said it was planning to publish its full-year results in November, with its annual general meeting to follow in December.

At 1209 BST, shares in SRT Marine Systems were up 5.7% at 79.8p.

Reporting by Josh White for Sharecast.com.