SRT Marine Systems flags sharp increase in revenue, profit

(Sharecast News) - SRT Marine Systems reported a sharp increase in revenue and profit for the first half of its 2026 financial year on Tuesday, reflecting continued progress on major system contracts and strong global demand for its maritime surveillance solutions.

The AIM-traded group said unaudited revenue for the six months ended 31 December rose 95% year on year to �51.1m, compared with �26.2m a year earlier, while profit before tax increased 47% to �3.1m.

Gross cash at the period end stood at �41.5m, up from �22.4m at the same point last year, including �27.3m of restricted cash.

SRT said both of its divisions, navigation safety and integrated marine surveillance systems, performed in line with expectations during the period.

The group continued to execute four major system projects in parallel and to maintain and support a fifth system, underpinning the strong first-half financial performance.

Looking to the second half, the company said it expected continued progress across both divisions, with potential upside from the start of NEXUS system deliveries and the conversion of new contracts from its �1.8bn opportunity pipeline.

That included a $200m contract award notification announced in September, which remained subject to final contracting and financing approvals.

"I am very happy with our H1 results which are in line with our expectations," said chief executive Simon Tucker.

"As reflected by our �300m active-contract book and �1.8bn new contract opportunity pipeline we are experiencing strong and sustained global interest in our solutions underpinned by a new and evolving understanding of the importance of the marine domain."

Tucker said he expected SRT "to continue to gather pace and deliver strong growth this financial year and many years to come."

At 1151 GMT, shares in SRT Marine Systems were down 6.01% at 90.23p.

Reporting by Josh White for Sharecast.com.