SRT Marine Systems hails excellent results, eyes land and air markets
SRT Marine Systems PLC on Monday recorded a surge in profit and revenue, as demand for civil-defence and intelligence capabilities grows among countries.
The Midsomer Norton-based maritime surveillance systems provider said pretax profit for the year ended June 30 was £10.7 million soaring from £1.4 million a year earlier.
Revenue rose 46% to £114.1 million from £78.0 million. Of this, £9.8 million came from its navigation safety business, while its systems business generated £104.3 million.
The company reported no exceptional finance costs, compared with a non-cash exceptional finance cost of £3.4 million in the previous year.
Chair Kevin Finn said: "This is the result of a number of factors coming together that include the growing trend of sovereigns wanting their own independent civil-defence surveillance and intelligence capability, our strategic decision of many years ago to create such a system, and a growing set of reference customers that provide proof of the value of these systems and that SRT is a reliable long term partner delivering for these customers and capable of continual innovation."
SRT said it increased its validated new contract opportunities to £2.4 billion, while converting £218.4 million of system contracts during the year from its previously identified £1.8 billion opportunity pipeline. Its contracted order book stood at £539.5 million at June 30.
In August, SRT announced its five-year STS Strategy, which will see it expand into land and low-altitude air border surveillance and intelligence, alongside its existing maritime activities.
Looking to financial 2027, Finn said the company expects the first half to be loss-making due to a heavier weighting of lower-margin infrastructure completions, with this expected to be offset by higher-margin SRT Tech Modules deliveries in the second half.
SRT shares rose 1.3% to 69.40 pence each in London on Monday afternoon.
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