Last checked at 13 Apr 2017 07:00
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
Trading Update
SRT, the global provider of maritime tracking technologies, products and turn-key MDA system solutions, is pleased to provide a trading update for the financial year ended 31 March 2017.
Subject to audit, for the year ended 31 March 2017 the Company expects to report revenue of £11 million, which is ahead of last year and profit before tax of £1.2 million which is significantly ahead of market expectations. As at the year end, gross cash balances were £1.7 million.
SRT will publish its final results and annual report on 7th June 2017. The annual report will be available for download from the Investor section of the website that day, with printed copies mailed to shareholders shortly after.
The Company will be hosting an investor open day at its offices near Bath on 12 July 2017 between 9.00 a.m. and 11.00 a.m., which will be immediately followed by the AGM commencing at 11.00 a.m on the same day.
The Company advises that the next live web cast by Simon Tucker shall be at 8am on Tuesday 2nd May 2017. Thereafter a live web cast will take place approximately every three months with an RNS-Reach announcement confirming the exact date one week prior to each web cast.
Simon Tucker, CEO of SRT said: "I am delighted to be reporting profits which are well ahead of market expectations. This reflects the benefits of our strategic decision in 2013 to develop a range of maritime domain awareness system solutions for ports, fisheries and coast guards. During the year SRT has made significant progress across all our business segments, OEM & Module, em-trak, and Systems, delivering high quality products and solutions to customers across the world. Notably, in addition to those projects under contract and recently signed, we have also seen excellent progress with a number of our validated sales pipeline opportunities moving closer to contract and thus revenues and I look forward to updating the market in due course when they convert."
Contacts: | ||
SRT Marine Systems plc | www.srt-marine.com + 44 (0) 1761 409500
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Simon Tucker (CEO) | simon.tucker@srt- marine.com | |
Louise Coates (Marketing Manager) | louise.coates@srt-marine.com
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finnCap Ltd | ||
Jonny Franklin-Adams / Simon Hicks (Corporate Finance) | +44 (0) 20 7220 0500 | |
Emily Morris / Camille Gochez (Corporate Broking) | ||
About SRT Marine Systems plc:
SRT develops, manufactures and supplies maritime tracking technology and turn-key system solutions to marine stakeholders across the globe with a particular expertise in AIS. The Company's products and solutions are used by individual vessel owners, port authorities, maritime infrastructure owners, coast guards and national security agencies to enhance their maritime domain awareness. Applications include the tracking of commercial and leisure vessels; sustainable fishery; anti-collision; search and rescue; waterway management, port and coast security; pollution management; and environmental management.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.