AGM Report5 Jul 2013 23:26
ok, here we go, this is the next best thing to being at the AGM
Any mistakes are mine, not SRT's, done in good faith, as ever, please dyor
Needs to be read with the agm slide presentation here
http://www.srt-marine.com/uploads/file_upload/file/223/SRT%20plc%20-%202012-13%20YE%20AGM%20Presentation%20July%202013.pdf
This post is more for the dedicated SRT investor, but also anyone looking to research the company. There was a helluva lot of info coming out of this presentation and I'm very excited to be a part of this going forwards!
SRT AGM 2ND July 2013
We were ahead of forecast, that is driven by demand from multiple markets from a broader customer base selling more products, which is the strategy we set out some years ago, so we are starting to see that come through. During the year Neal and his team brought forward 20 new products, one every two and a half weeks, it doesn’t feel like that to me because it seems to take a while, but the pace of development from Neil and his team who you’ve met in that little building id quite exceptional when we are trying to deal with demands from multiple customers and markets. Unlike a lot of companies we’ve actually delivered on that, you can see some of the products at the back which you can open and play about with.
Ive said last year and the year before that the challenge is making the right stuff at the right time for the right customers and the right markets. That continues to be the challenge. When we go to talk to government authorities, as we were last week, if I explained all the detail of that to you , you would be saying, come on, we’ve got to be making 50,000 Class B’s right now and get them in the warehouse ready to ship, because they all want it before October, that’s great if it happens, but will it be October, November or December, that’s the reality of the markets we work in. We do our best to mitigate that by looking at as many market opportunities as possible and judging them and coming down to a forecast that we feel very comfortable and conservative with and put that out into the market. It remains a challenge, but within the capital restraints we have got we are able to successfully deal with that this year.
Finance,whilst delivering on all of that, our overheads remain the same, 39 people executing our business . I put that down to having a great team and there is trust between us all and the box system, Neil is left to develop and make what we do, Richard is in charge of finances, we don’t spend hours and hours on management meetings, we are able to get on and do our respective jobs and everyone knows their role within SRT. Financial highlights, since 2008, despite the one dip which no doubt everyone remembers, we have 41% annual growth, there are only 4 other companies in the stock market that have done that in the last 5 years on average. So amongst all the angst, and I read the blogs, I think that’s
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