SRT Marine Systems hails active contract order book as profit jumps

(Alliance News) - SRT Marine Systems PLC said it is supported by a large and expanding global market as it reported a surge in interim profit and revenue.

The Bath, England-based provider of maritime domain awareness systems said pretax profit climbed 48% to GBP3.1 million in the six months to December 31 from GBP2.1 million a year ago.

Revenue jumped 95% to GBP51.1 million from GBP26.2 million. Cost of sales multiplied to GBP37.2 million from GBP14.1 million. Administrative costs increased 20% to GBP10.2 million from GBP8.5 million.

Cash as at December 31 stood at GBP41.6 million, up 86% from GBP22.4 million a year ago.

The company said it has a GBP350 million active contract order book from five active sovereign customers.

It added that it signed a new GBP195 million contract with a new sixth sovereign post period end.

Chair Kevin Finn said: "Overall, the group enters the second half with growing momentum, supported by a large and expanding global market, proven technologies and products, active customer programmes, a growing installed base and increasing commercial visibility. The board remains confident in the group's ability to continue delivering progress in the second half and in the long-term prospects of SRT."

Chief Executive Officer Simon Tucker said: "Our business continues to accelerate in line with the growing global market for, and interest in, maritime domain awareness. Today's results reflect our strategic first-mover advantage and years of sustained investment in technology, products, people and market development, which have positioned SRT as a market leader that the market and our customers trust for their growing Maritime Domain Awareness requirements. I look forward to continued growth in the second half and in the years ahead."

SRT Marine shares rose 1.9% to 87.15 pence each on Monday afternoon in London.

By Tom Budszus, Alliance News slot editor

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