We would love to hear your thoughts about our site and services, please take our survey here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSrt Marine Sys. Regulatory News (SRT)

Share Price Information for Srt Marine Sys. (SRT)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 24.00
Bid: 23.00
Ask: 25.00
Change: 1.00 (4.35%)
Spread: 2.00 (8.696%)
Open: 23.00
High: 24.50
Low: 24.00
Prev. Close: 23.00
SRT Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

AGM Statement and Trading Update

2 Sep 2010 07:00

SOFTWARE RADIO TECHNOLOGY PLC ("SRT" or the "Company") AGM Statement and Trading Update

Software Radio Technology plc is pleased to announce that at its AGM to be held today at 11.00 a.m., Simon Tucker, the Chief Executive Officer, will provide the following trading update.

During the first quarter of this financial year which ended on 30 June 2010, the Company achieved revenues of £1.82 million, a 147% increase on the same period in the previous year, with a gross profit margin of 50% and net profit before tax of £448,000. The Company remains debt free and as at 30 June 2010 had cash of £1,234,000, an increase of 30% on the year end position of £952,000 on 31 March 2010. The above financial data for the first quarter is unaudited.

On 13 July 2010 SRT reported a forward order book worth US$5.7 million. Since then the Company has announced additional orders worth US$750,000 and today announces a further conditional order for a customised version of the Class B product from a new customer which may be worth up to US$2.4 million over the next six months. A conditional order is where a firm order has been received but the Company believes that the total order value, whilst likely, is not guaranteed.

During the last year the market for AIS devices has continued to grow and evolve with new markets and opportunities arising. SRT estimates that of the world's 26 million vessels, approximately 200,000 have been fitted with an AIS device since 2002 and a further one million vessels are required to fit an AIS device during the next four years, with further mandates expected to add to this.

SRT regularly evaluates its target markets, including the appropriate sales channel strategy, on an individual basis. Today, the Company has over 30 customers around the world, each with their own brands and sales channels providing a wide variety of AIS products to meet demand from all market segments.

In the case of China it has become apparent that the market opportunity created by the national mandate programme is considerably larger than the 220,000 vessels originally estimated in September 2009 when SRT announced the receipt of a US$18 million order from a strategic partner. As stated in the announcement, the order represents only a proportion even of the original market size estimate. In respect of the order,US$1.86 million has been delivered and paid for to date, all of which was accounted for in the year ended 31 March 2010.

Following a re-evaluation of the Chinese market, SRT has determined that a single exclusive partner for this market does not provide SRT with optimal distribution. SRT is therefore pleased to announce that it has successfully renegotiated the agreement and order announced in September 2009 such that the remaining balance of the original order becomes conditional and SRT is freed from its exclusivity obligations in China. SRT continues to work closely with this important customer to maximise the potential of their sales channels into the Chinese market.

Further to the renegotiation of this agreement, SRT now plans to expand its distribution into this important market and is pleased to announce that it has signed a distributor agreement with a new customer in China whose sales channels access new segments of this market.

SRT has continued to invest heavily in core technology and product offerings to ensure that customers have the products which the market demands. In the last year SRT has added two new product lines to its portfolio (the Class A and Dual Channel Receiver) and over the next year will launch a range of new products based upon two new module solutions; a credit card sized Class B and an even smaller AIS Transmitter solution. The Company expects these products will set a new market benchmark in terms of price, size and performance.

Neil Peniket, SRT COO said; "SRT has a talented in-house development team and we seek to deploy innovative ideas and technologies to ensure that our solutions are the market leaders. A good example of this is our forthcoming Class B which will offer customers significant cost and size reductions with improved performance."

Simon Tucker, SRT CEO said: "SRT has established itself as the market leader in a rapidly growing global market with a proven range of technologies and products and has started to generate profits and cash. We will continue to innovate technologically and commercially in order to maintain and consolidate our position. Whilst we expect there will be challenges along the way due to the early stage nature of our target markets, we look forward to the future with great optimism."

-ends- Enquiries: Software Radio Technology plc +44 (0)1761 409500Simon Tucker simon.tucker@softwarerad.comChief Executive Officer Westhouse Securities Limited +44 (0) 20 7601 6100Tim Feather Matthew Johnson About SRT:

Software Radio Technology plc develops advanced radio communications technologies which are used to create enabling modules and OEM products. SRT Marine Technology Limited focuses on VHF and AIS technologies for use in navigation and homeland security identification and tracking applications. SRT Marine Technology provides its solutions in a variety of module and OEM product formats.

vendor
Date   Source Headline
24th Apr 20249:48 amRNSResponse to reports in Philippine press
8th Mar 20247:00 amRNSChange of Year End and Business Update
16th Jan 20244:37 pmRNSHolding(s) in Company
16th Jan 202411:00 amRNSHolding(s) in Company
15th Jan 202411:41 amRNSResult of General Meeting and Total Voting Rights
12th Jan 20241:01 pmRNSLive Webcast 8:00am Thursday 18th January 2024
29th Dec 20237:00 amRNSHolding(s) in Company
28th Dec 20231:41 pmRNSHolding(s) in Company
28th Dec 20231:00 pmRNSResult of Retail Offer
22nd Dec 20231:08 pmRNSPosting of Circular, Notice of GM and TVR
21st Dec 20237:01 amRNSRetail Offer
21st Dec 20237:00 amRNSSubscription, Placing and Retail Offer
12th Dec 20234:24 pmRNSIssue of Equity & Total Voting Rights
4th Dec 202310:05 amRNSIssue of Equity & Total Voting Rights
20th Nov 20237:00 amRNSHalf-year Report
15th Nov 202312:31 pmRNSIssue of Equity & Total Voting Rights
6th Oct 20237:00 amRNSHalf Year Trading Update
19th Sep 20231:44 pmRNSResult of AGM
13th Sep 20237:00 amRNSLive Webcast & AGM Update
12th Sep 202310:26 amRNSIssue of Equity & Total Voting Rights
29th Aug 20234:40 pmRNSIssue of Equity & Total Voting Rights
27th Jul 20237:00 amRNSFinal Results
26th Jul 20237:00 amRNSLive Webcast 8:00am Thursday 27th July 2023
14th Jul 20231:11 pmRNSIssue of Equity & Total Voting Rights
5th Jul 20237:00 amRNS$260,000 Digital Aids to Navigation Order
28th Jun 20235:57 pmRNSHolding(s) in Company
26th Jun 20235:30 pmRNSResult of PrimaryBid Offer, Director Dealing & TVR
23rd Jun 20233:47 pmRNSResult of Placing
23rd Jun 20237:01 amRNSPrimaryBid Offer
23rd Jun 20237:00 amRNSProposed Fundraising to raise up to £3.95 million
21st Jun 20237:00 amRNSNew Follow-on System Contract
24th May 20237:00 amRNSLive Webcast 8:00am Wednesday 31st May 2023
18th May 20237:00 amRNS$180m MDA System Contract Signed
10th May 20237:00 amRNS£20m Increase to Medium Term Note Programme
3rd May 20237:00 amRNSCoast Guard Project Update
19th Apr 20237:00 amRNSNew Coast Guard System Operational
18th Apr 20237:00 amRNSIssue of Equity & Total Voting Rights
3rd Apr 20237:00 amRNSNew Distributor Agreement
23rd Mar 20237:00 amRNSSystems Contract & Trading Update
20th Feb 20232:25 pmRNSIssue of Equity & Total Voting Rights
13th Dec 20223:50 pmRNSDirector/PDMR Shareholding and Total Voting Rights
1st Dec 20223:10 pmRNSIssue of Equity & Total Voting Rights
15th Nov 20226:16 pmRNSIssue of Equity, Total Voting Rights & Correction
14th Nov 20224:00 pmRNSIssue of Equity & Total Voting Rights
14th Nov 20227:00 amRNSHalf-year Report
11th Nov 202212:00 pmRNSRetail Investor Presentation
9th Nov 20227:00 amRNSNotice of Results and Live Webcast 14th November
9th Nov 20227:00 amRNSNew System Contract – SE Asia Coast Guard
7th Nov 20229:05 amRNSSecond Price Monitoring Extn
7th Nov 20229:00 amRNSPrice Monitoring Extension

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.