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LONDON (Alliance News) - SRT Marine Systems PLC said Wednesday it expects to report "excellent" results for the year ended March 31.
Shares in the maritime surveillance company were up 13% in mid-morning trade at 34.25 pence each.
For financial 2019, SRT Marine is guiding for pretax profit of GBP3.0 million on revenue of GBP20.0 million. The year before, the company recorded a GBP5.8 million loss on revenue of GBP5.3 million.
"This excellent result is the product of many years investment which has seen SRT become an established player in the global maritime domain awareness market. Both our automatic identification system transceiver and MDA systems businesses have experienced very good growth over the last year," said Chief Executive Simon Tucker.
Tucker added: "Of particular note is our MDA systems business which currently has contracts worth approximately GBP35 million in progress and a significant pipeline of sales opportunities of which six, with a value of approximately GBP212 million, we hope to formally contract during the course of the next 12 months. Each of these six near term pipeline opportunities have an expected implementation period post contracts being signed of between 6 and 36 months and the opportunity for recurring satellite data revenues and further system contracts in the future."
SRT Marine is scheduled to release its annual results on July 18.
