Srt Marine Sys. Share Chat (SRT)

Good to see a gentle SP uplift over the last fortnight or so. Anybody any info on the May '23 contract or the investigation into Simon and others as per the RNS 24/04/24. I've said before I totally support Simon. In think that maybe this cloud is one reason we've no new contracts - very frustrating!!!

👍

Simon.tucker@srt-marine.com

Has anyone got Simon Tuckers email address ?

Hat tip to LaValmy for sharing this

..."The broker's view seems about right.

'SRT Marine Systems has announced it has signed two follow-on SRT-MDA System support contracts with two sovereign agency customers in Asia worth in aggregate $4.6m to be recognised over the next 12 months. These wins highlight the repeatable nature of critical maintenance and support contracts that follow, and subsequently scale, as customers build up their sovereign maritime surveillance and monitoring capabilities once SRT has initially implemented its mission-critical SRT-MDA Systems for sovereign Coastguards and Fisheries customers.'

One small caveat is 'with one of the contracts including some existing functionality refinements' which would not be recurring, but the balance would seem to be. BFAR and Bakamla's little installation must be the customers.

....

I wouldn't treat this news quite so flippantly given that we have been waiting for recurring revenues for far longer than the Indonesian contract.

It is a bit of a shame that the recurring part is not quantified but I would guess

$2.5-3 million at 40% margin. If ever SRT is valued partially on a revenue multiple for the recurring part, then even this modest start would account for a decent chunk of the current market cap. Five times sales or ten times EBIT, $12 million or so?

I should have added that this news also strongly suggests that relationships at the BFAR and Bakamla are still good, particularly important for the former..."

GLA

Agreed TT.

I like his approach to share holders when this first came to light. Good comms is crucial and addressing the concerns as well as possible to settle nerves says a lot about him. I wish there was similar leadership at Tek and the Tek portfolio.

Hi giancotti, Yes the cloud needs to be cleared. The May '23 contract is stalled because of the funding delay. We've no new contracts since. The 2 contracts announced today amount to £3.4 mill over a year - just not enough to make a company profit.

It's worrying me that since the May '23 contract was signed no new ones have come in. We should have had a couple since then. The Nexus delay means we have missed this season and possibly missed getting in the European boat chandlers brochures for next season.

I've said before that I think that the CEO, Simon, is fundamentally honest and to astute to get mixed up in any thing dodgy. We need this clearing up quickly.

Hi Monty888,

Not to sure about your comparison re Harland & Wolf. We have just one contract signed that is stalled because the customer, unexpectedly, has no money.

Getting coverage. This dirt cheap under .5 now.

Only a dummy would sell here now...:)

Its building up, even with out RNS, and now we have nealry $5 new contract

I expect push here over 30p today

its multi day runner usually.

dirt cheap based on business growth, no personal issues - thats just silly

Can’t see it growing until it makes so retuned profit and gets generating bottom line cash. Harland & Wolf kept announcing big revenue deals before collapsing - This reminds me of them on a smaller scale. Very wary but will watch to see it looks like it could be profitable.

I like this business but I cant see the SP back to 35-45p until the cloud over the CEO is lifted and we see a positive update on the delayed contracts.

Many think, can't see this one under 50p for long.

looking for some cheapies to long hold this, but any thing undr 35p is damn low here

$4.6m Follow-on system support contracts signed

SRT Marine Systems plc ('SRT'), a global provider of maritime domain awareness systems and technologies for security, safety and environmental protection is pleased to advise that it has entered two follow-on contracts with two existing sovereign agency customers in Asia worth a total of US$4.6m over the next 12 months (the "Contracts").

The Contracts cover a 12 month period and provide for the maintenance and support of their current SRT-MDA systems. They include the provision of various support, data and maintenance services, with one of the contracts including some existing functionality refinements.

I think it's a mistake by them. My understanding is that Nexus will be getting shipped from October, so Dansk Marine Center can't have access to them yet.

I'm sure SRT will announce when the wonder product is launched.

Hi goodapple, I've looked on the UK website and there's no mention of nexus there. I wonder if it's a regulatory thing as you'd have thought an RNS reach would be in order if it's actually for sale?

Nexus:

( in the absence of big contract news, this is at least a morsel of interest )

I had an email today from Dansk Marine Center, who are a Danish distributor/stockist for emTrak.

The headline product mentioned was emTrak Nexus and the details for availability were:

"In remote storage, delivery within 2-7 working days"

Here's hoping this bit of the long SRT wait may be justified...

Good post extrader. There are a couple of loose ends that concern me. The first is the allegations a few months ago r e the Company, the Chairman and Simon. From the info on here I'm guessing it was to do with the last completed contract and the various machinations concerning the government and the fishing families. The allegations re the Chairman and the company have apparently been resolved. However Simon's is still outstanding. Could this be the reason for the delay in the loan? I think Simon is to astute to get involved in dodgy dealings but could this also be the reason for no new contracts being announced since May '23? All very puzzling.

SRT's s/p hasn't shown much volatility in the recent market-wide turmoil, perhaps it generates enough of its own ?

Looking at the June 7 trading update, some news ought to be 'imminent' :

- Customer 1 the total project is worth a gross value of £40m, and we have successfully delivered and completed Phase 1 which was worth £16m. Phase 2 is worth £12.5m and Phase 3 worth £11.5m. Phase 1 was completed in 2023, and Phase 2 was expected to commence during the second half of our current financial year. The process of finalisation and award has taken longer than expected due to a combination of the customer amending the exact scope of the project on several occasions along with the required redrafting and internal verification of formal project documentation. However, we are pleased to advise that the scope of Phase 2 has now been formally agreed and confirmed and the customer has advised that they expect the formal documentation and notice to proceed to be issued within the next few weeks.

-With regard to Customer 2, in May 2023 we signed a binding project contract worth £140m to deliver an SRT C5iSR system with a sovereign Coast Guard. Since then, much preparation has taken place, including project planning, surveys, and procurement. The project is financed by an inter-government loan between the UK Export Finance ("UKEF") and the country in question, the framework terms of which were agreed by the parties in early 2023 prior to the project contract. At the time of signing the project contract [Ed.: May 2023] we were advised that such inter-government loans usually take around 6 to 9 months to complete, following a well-worn process and thus we expected completion in early 2024. However, it has become clear that such inter-government interactions, move steadily but slowly according to a defined process. Whilst SRT is not party to this process, we, along with our project customer are passive observers and maintain close contact with the UKEF and the co-lending bank. In March it was indicated to us that the expected completion should be achieved in May however, whilst there has been material recent activity and progress in the documentation finalisation process, with both UK and Customer representatives indicating a June completion target, we feel that it is more realistic to expect completion early in the new financial year...."

We're now mid August....

As the Cindy Crawford Omega Constellation ad has it ...'Just ask yourself, if not now, when?'

GLA and ATB

Thanks Tru. Food for thought and more research.

GLA

OK jaz, The steady small rises over the last week or so may be due to some news coming on down the turnpike - if it's any thing positive to do with funding for the large contract signed in May 23 this could move quickly. Plus we must be due a new contract from the pipeline by now anyway which will also move the SP upwards.

Thank you Tru. I will check the fundamentals but charts are saying a clear BUY.

If you go to the website under 'about SRT' and then 'Investors' you can click on past webcasts made by the CEO. If/when the funding comes in for the $180 Mill contract signed in May last year then the SP will rise significantly.

Hi. I have come across this company by accident and what I have read has interested me especially about that 7th June RNS and the new contracts in the pipeline. I am considering investing.

Would anyone care to brief me on the short to medium term prospects and what you expect the SP to behave in the run up to 12th July full year results. Thank you in anticipation.

Congratulations everyone who got in at 16p. I wasn't brave enough. Bought at 22+ on Tuesday, sold at just over 26 today. Made 16.5% in a day. Nice (If anyone is interested that's equivalent to around 100 trillion trillion % per annum. That is a nice return!)