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LONDON (Alliance News) - SRT Marine Systems PLC on Tuesday reported a narrowed interim loss on higher revenue and lower administrative expenses.
For the six months to September 30, the maritime surveillance firm narrowed its pretax loss to GBP1.3 million from GBP3.3 million the year before.
SRT said the narrowed loss is the result of positive foreign exchange movements on dollar-based receivables, which reduced costs for the company. The firm's administrative expenses decreased 19% to GBP2.4 million from GBP3.1 million.
SRT's revenue increased 10% to GBP3.2 million from GBP2.9 million. The company said the increase came from its transceiver business.
"Our transceivers business is well positioned to continue its long-term growth path through the combination of better products and distribution, coupled with increasing adoption in the huge EU and USA commercial and leisure markets," said Kevin Finn, chairman.
SRT said it has a pipeline of "major" opportunities, "some" of which are in the final stages of closure.
"I therefore expect the second half to see significant systems deliverables from multiple contracts and associated revenues as well as a solid contribution from our transceivers business."
Shares in SRT Marine Systems were untraded Tuesday but last closed at 27.75 pence each.
