Marine tech firm reports £4.5m losses

A SOUTH West maritime tech firm has reported a loss of £4.5m in its half year trading update.

Somerset-based SRT Marine Systems, provided an initial update for the six months trading ended September 30, where it said revenues this year will be heavily second-half weighted due to the scheduled delivery of several substantial revenue milestones.

As a result the Aim-listed firm, which has its head office in Midsomer Norton near Bath, expects revenues for the first half of the year to be £5.5m, solely generated from the transceivers business that has grown year-on-year.

The global provider of maritime surveillance, monitoring and management systems said it expects to report a loss before tax for the first half of £4.5m with gross cash balances totalling £3.9m.

Simon Tucker, chief executive of SRT, said: “For the first time we benefit from a substantial contract order book of £160m, with well-formed implementation schedules which in turn provides much improved financial reporting visibility and thus confidence for this financial year.

This scale of growth and the nature of our customers are not without timing risks SIMON TUCKER

“Of course, this scale of growth and the nature of our customers are not without timing risks and challenges, however our many years of experience and diligent preparations during this period are enabling us to manage and mitigate these risks and continue to be the reliable supplier of transceivers and surveillance systems that customers around the world have come to expect from SRT.”

SRT will issue its full interim results on November 20. In July the company said it had swung back to profit as revenues rebounded following the Covid-19 pandemic.

SRT Marine Systems saw sales of its radio systems and transceivers – which are deployed by national coastal guards and fishing monitoring agencies – jump to £30.5m during the 12 months year to March – up from £8.2m in the previous financial year.