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(Alliance News) - SRT Marine Systems PLC on Monday said revenue in the first half of its financial year climbed, as its systems business makes "several revenue milestones".
Shares in the Bath-based provider of maritime surveillance were up 11% to 29.70 pence each in London on Monday morning.
In a trading update, SRT said that revenue in the six months to September 30 climbed to GBP18.8 million from GBP4.7 million in the same period last year.
It added that it expects pretax profit to be at least GBP1.5 million. In the first half of financial year 2022, SRT reported a pretax loss of GBP3.1 million.
It noted that revenue from its transceivers business grew by 20% to GBP5.2 million from GBP4.2 million year-on-year, despite of continuing production constraints. Meanwhile, its systems business delivered "multiple operational and several revenue milestones", generating revenue of GBP13.6 million, up from GBP500,000.
SRT plans to publish its full interim results on November 14.
Chief Executive Simon Tucker said: "These results validate our earlier statements that both our business divisions have recovered and are now performing well, driven by a combination of good quality SRT products and fundamental long term market demand drivers."
By Sophie Rose; sophierose@alliancenews.com
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