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(Alliance News) - SRT Marine Systems PLC on Friday said it has made an "excellent" progress in the first half of its current financial year and expects continued growth in the second half.
The maritime surveillance, monitoring and management systems provider said revenue during the six months to the end of September increased year-on-year by 10% to GBP3.5 million.
During the period, the company said it has received all expected cash payments in respect of its systems business from previously completed milestones and purchased and paid for equipment required to complete scheduled project delivery milestones during the second half of the year.
Despite that, SRT said it expects to report a half year pretax loss of GBP1.5 million compared to GBP1.3 million loss posted for the same period last year.
SRT's transceivers business - which sells AIS transceivers into the leisure and commercial vessel markets - generated the majority of the revenue, the company explained, with growth of 15%.
Meanwhile, the systems business - which delivers turn-key maritime surveillance and intelligence systems for coast guards and fisheries - also made good progress, SRT noted, delivering against GBP32 million of active contracts, with the next series of payment related milestones scheduled for customer acceptance during the second half of the year.
Looking ahead, SRT said it expects to see its transceivers business continue to grow, as it has some major new product launches and marketing updates scheduled for November.
In the systems business, the company said it expects to complete a number of project milestones for its current active system contracts and for a number of new system contract opportunities to formalise and commence implementation.
SRT said it will publish its half-year results on November 19.
"Our various development and operation teams have performed well in delivering the technologies and physical installation of our complex systems against existing contracts," said Chief Executive Simon Tucker.
"The first half has also seen significant activity and progress around a number of pending system contracts and we look forward to updating shareholders regarding these during the second half and as such we remain comfortable with market expectations," added Tucker.
SRT shares were trading 4.7% lower on Friday morning in London at 39.30 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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