Final Results

About SRT:

SRT Marine Systems PLC is a global company which develops and provides integrated maritime surveillance, monitoring, management and safety systems used by coast guards, fishery authorities, infrastructure and vessel owners for the purposes of managing and controlling their maritime domain. Applications include security, safety, search & rescue, law enforcement, fisheries management, illegal fishing detection and environment monitoring. 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

CHAIRMAN'S STATEMENT

As expected, the commencement of multiple system projects during the year has had a substantial impact on our financial performance. SRT is harnessing proprietary Ai to deliver real insight and solutions to real world problems upon which our customers place significant value. Combined with our first mover market advantage, proven products and technologies, and established leadership in a large global market, we see this trend compounding into the future.

Revenues for the year ending 30 June 2025, grew by 426% to £78.0m (2024: £14.8m) of which our navigation safety business generated £9.5m and our MDA systems business £68.5m. Group gross profit margin was in line with expectations at 31% (2024: 28%). This resulted in a £4.9m profit before tax and exceptional one-off non-cash finance charge. The exceptional one-off non-cash finance charge of £3.5m has been accounted for in the year in respect of 20m warrants granted to an investor in exchange for the provision of a performance bond.

At year-end, unrestricted cash balances were £4.3m (2024: £2.8m), with a further £5.7m (2024: £0.9m) of restricted cash held as bank security for the provision of project bonds. The group generated cash from its operations of £1.0m. Trade and other receivables amounted to £52.6m the majority of which were received after the year end. During the year, we completed an equity raise of £9.5m and issued loan notes of £5.3m to provide working capital for our system projects.

Our navigation safety business which provides specialist transceivers and devices that enable safer and more efficient vessel navigation and tracking, had a steady year where revenues remained flat. This is primarily due to a combination of a slower leisure market demand due to the fragile and fluctuating general economic conditions offset by growth in regulation driven sales.

We see considerable medium and long term opportunity in this market segment where we are well established with a global sales network of over 5,000 distribution and retail partners, established brands and proven products. As part of a work in progress strategy to take this business to a new level, we have continued to invest in the final completion of our NEXUS marine VHF/DSC/AIS radio product which we expect to commence shipping during the second half of the new financial year. NEXUS broadens our offer to include marine voice communications, and in future years we expect to further broaden the product portfolio to include digital onboard navigation and investigate other specialist areas such as aviation and Navy related devices where our core capabilities and technologies could give us an advantage and open new market segments. Additionally, we have increased our investments in packaging and systemising our digital aids to navigation targeting ports and waterways who are actively seeking to make commercial traffic more autonomous and safer.

Our systems business delivers the SRT-MDA System border and territory surveillance system. This is a sophisticated, flexible and modular solution engineered as a national scale solution for sovereign agencies that can be built up and evolved over many years by a customer as a national integrated platform. It integrates multiple data sources derived from different sensor types and applies proprietary analytics to detect, identify and characterise maritime activity and events and provide high quality actionable insight, intelligence to national agencies such as Coast Guards, Border Agencies and Fishing Authorities worldwide.

Our Sovereign Partnership program establishes long term relationships with sovereigns who are seeking to digitise and integrate their surveillance and maritime management on a national scale. Today we have partnerships with five sovereigns where we are in the process of delivering an initial set of contracts worth £325m. During the year we made good progress with implementing these projects, delivering multiple project and invoice milestones worth £68m. Each project has its own specific implementation plan, and we expect to continue to make further progress as expected in the coming year.

The implementation of these projects each entails a mixture of five key elements: infrastructure, SRT-MDA System Tech, Training & Organisational Transformation, Data Services and Ongoing Support. Infrastructure refers to things such as towers, buildings, power systems, boats. SRT-MDA System tech refers to items such as cameras, radars, and our GeoVS systems. Training refers to an organisational change program we deliver to enable the customer to transform to an Intelligence Lead Operations Doctrine and really use the SRT-MDA System as their primary and often only tool.

Data services refer to the delivery of a range of supplementary external data which range from satellite surveillance scans to processed Ai data tokens that we develop and insert into our system. Support refers to the long-term support of their system to keep it running reliably. The quantity and scale of each of these key elements is different for each customer.

During the year we have continued to build up our capacity in our system delivery (implementation), development and product management teams. In our delivery teams, the increasing scale and complexity of the projects has meant an evolution of capacity and skills sets to enable us to be in a stronger position to support existing customers with expected expansion of the systems we are currently implementing, as well as have the capacity to engage with new sovereign partners and the commencement of their system build ups. In our product management team, we have started to aggressively expand our data science team to include Ai data science research and we expect this initiative to start to add significant value in the form of innovative system functionality that delivers even greater insight to our customers.

The desire to understand marine domains coupled with border and territory security in general appears to be growing and this has been reflected in the growth of our validated sales pipeline of visible new contract opportunities valued at approximately £1.8bn as at Oct 2025. And beyond that we have other early discussions with potential opportunities which are not yet sufficiently mature to be included in our pipeline. The exact conversion date of these is impossible to predict, but we have good visibility of about £500m of these, and for one worth approximately $200m we received an award letter shortly post year end. These include opportunities from existing and new customers. In the future we see our systems business growing substantially as existing customers grow their systems and new customers start their next generation surveillance programs.

Outlook

The outlook for our business is very positive, and growing, as the world seeks to acquire a new generation of integrated systems that empower them with insight and intelligence to secure borders, detect and deter illegal activities, navigate more safely, efficiently manage and sustain marine domains, and transform operations to an intelligence lead doctrine. SRT's pioneering strategic decision to enter this market years ago has allowed us the time to develop the extensive technologies and knowhow to deliver into this demand. In the short term, we are focused on delivering against our existing £325m of contracts, whilst in the medium and longer term we expect to be further expanding those systems as our customers' aspirations and needs grow, as well as welcoming new customers into our Sovereign Partnership program.

Kevin Finn

Chairman

21 October 2025

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR YEAR ENDED 30 JUNE 2025

Note

Year

 ended

 30 June 2025

15 months ended

 30 June 2024

£

£

Revenue

78,021,137

14,814,532

Cost of sales

(54,119,161)

(10,612,259)

Gross profit

23,901,976

4,202,273

Administrative costs

(17,494,471)

(17,393,882)

Operating profit / (loss)

6,407,505

(13,191,609)

Finance expenditure

Broken down as:

Finance expenditure excluding exceptional item

(1,877,120)

(1,253,090)

Non-cash exceptional finance cost

5

(3,447,203)

-

Finance income

338,710

44,073

Profit / (loss) before tax

1,421,892

(14,400,626)

Income tax credit

604,800

746,807

Profit / (loss) for the year after tax

2,026,692

(13,653,819)

Total comprehensive income / (expense) for the year

2,026,692

(13,653,819)

Earnings / (loss) per share:

Basic

4

0.85p

(6.76)p

Diluted

0.82p

(6.76)p

30 June

2025

30 June

2024

Note

£

£

Assets

Non-current assets

Intangible assets

15,911,732

14,170,410

Property, plant and equipment

1,316,097

1,131,528

Other non-current assets

849,684

-

Total non-current assets

18,077,513

15,301,938

Current assets

Inventories

4,074,508

8,050,899

Trade and other receivables

52,622,837

2,355,402

Current tax recoverable

2,682,039

831,085

Cash

4,272,396

2,777,083

Restricted cash

5,675,894

949,115

Total current assets

69,327,674

14,963,584

Liabilities

Current liabilities

Trade and other payables

(42,105,407)

(3,807,712)

Borrowings

6

(10,715,228)

(10,711,673)

Current tax liabilities

(1,246,196)

-

Lease liabilities

(235,548)

(241,098)

Total current liabilities

(54,302,379)

(14,760,483)

Net current assets

15,035,295

203,101

Total assets less current liabilities

33,102,808

15,505,039

Non-current liabilities

Borrowings

6

(5,882,022)

(2,955,864)

Lease liabilities

(369,313)

(496,003)

Total non-current liabilities

(6,251,335)

(3,451,867)

Net assets

26,851,473

12,053,172

Shareholders' equity

Share capital

250,208

222,634

Share premium account

42,189,056

33,179,666

Retained loss

(24,525,590)

(26,839,724)

Other reserves

8,937,799

5,490,596

Total shareholders' equity

26,851,473

12,053,172

Year

ended 30 June 2025

15 months ended 30 June 2024

£

£

Cash generated from / (used in) operating activities

1,009,197

(13,277,621)

Corporation tax received

-

685,205

Net cash generated from / (used in) operating activities

1,009,197

(12,592,416)

Investing activities

Expenditure on product development

(4,433,910)

(5,732,755)

Purchase of property, plant and equipment

(546,070)

(267,865)

Interest received

338,710

44,073

Net cash used in investing activities

(4,641,270)

(5,956,547)

Financing activities

Gross proceeds on issue of shares

Costs of issue of shares

New loans issued

Loan repayments

Lease repayments

Loan interest paid

9,544,795

(507,831)

22,922,318

(19,992,604)

(263,308)

(1,849,205)

15,947,332

(939,621)

7,190,020

(1,524,983)

(319,848)

(1,208,402)

Net cash generated from financing activities

Net increase in cash and cash equivalents

9,854,165

6,222,090

19,144,498

595,535

Net cash and cash equivalents at beginning of period

3,726,198

3,130,663

Net cash and cash equivalents at end of period

9,948,290

3,726,198