Srt Marine Sys. Regulatory News (SRT)

31 Dec 2008 11:12



SOFTWARE RADIO TECHNOLOGY PLC

("SRT" or the "Group")

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008

Software Radio Technology plc ("SRT" or the "Group"), the AIM-quoted developer of digital wireless communications technology, announces its unaudited interim results for the six months ended 30 September 2008.

The first half of this financial year has been challenging for SRT plc and is reflected in a 35% reduction in year on year revenue. 

SRT PMR Technology Limited

Despite the completion and successful launch of its TETRA handset during 2008 SRT PMR Technology Limited ("SRT PMR"), as announced on 19 December 2008, faces a funding gap primarily due to the late payment of license monies owed to SRT by Asian based customers. In the absence of additional external funding or payments of outstanding customer license fees, the Board of SRT PMR placed the business into administration on Wednesday 31 December 2008.  

SRT plc and SRT Marine Technology Limited are ring-fenced from SRT PMR Technology Limited and will therefore remain unaffected from any potential liabilities which may arise from SRT PMR Technology Limited. However as a result of the late payment of license monies owed to the Group and the subsequent administration of SRT PMR, Group revenues for the year ending 31 March 2009 will be significantly below expectations and there will be significant impairments in the year end accounts reflecting the Group's investment in SRT PMR.

SRT Marine Technology Limited

SRT Marine Technology Limited ("SRT Marine") is now the world's leading provider of AIS technology and product solutions. It has established an international network of customers each of which are providing SRT Marine based AIS products into multiple market segments: leisure, commercial and national security. The global AIS market continues to grow strongly as the technology is recognised as an important element within marine navigation and increasingly maritime homeland security programs. 

SRT Marine Technology and SRT plc have combined cash reserves of approximately £1million, no debt, and good stock levels to support its customers and the rapid growth of this market in the years to come. In the first six months of this financial year, SRT Marine generated revenues of £945,000. SRT Marine will continue to aggressively pursue its dual strategy of technology and product development coupled with the building of long term customer partnerships. The Board believes that SRT Marine Technology Limited is well positioned to consolidate and build upon its position within this growing global market.  

Richard Moon

Chairman

Richard Moon

Chairman

SOFTWARE RADIO TECHNOLOGY PLC

CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008

CONSOLIDATED BALANCE SHEET

AS AT 30 SEPTEMBER 2008

   CONSOLIDATED CASH FLOW STATEMENT 

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008

  NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

These unaudited interim financial statements have been prepared under the historical cost convention and on a basis consistent with the UK Companies Act 1985 and International Financial Reporting Standards and IFRIC interpretations as endorsed by the European Union and interpretations expected to be in issue at 31 March 2009. The interim financial statements were approved by the Board of Directors and the Audit Committee on 23 December 2008 The interim financial statements do not constitute statutory financial statements within the meaning of the Companies Act 1985 and have not been audited. 

The figures for the year ended 31 March 2008 are derived from the statutory financial statements for that period. Those financial statements have been delivered to the Registrar of Companies and contained an audit opinion qualified due to limitation of scope relating to the recoverability of certain amounts recoverable on contracts and trade debtors.

The interim financial statements will be available from today to download on the Company's website www.softwarerad.com

2. Share-based payment

In line with the requirements of IFRS 2, the Group has recognised the following profit and loss charges in respect of issued share options:

3. Earnings per share

The basis earnings per share has been calculated using the loss for the period of £1,619,402 (2007 - loss of £992,184) divided by the weighted average number of ordinary shares in issue of 97,817,107 (2007 - 86,653,590).

4. Statement of Movement in Shareholders' Funds

5. Cash Used in Operations

6. Significant Accounting Policies

The accounting policies adopted are consistent with those of the financial statements for the year ended 31 March 2008, as described in those financial statements.