Source - Alliance News

SRT Marine Systems PLC on Friday said revenue for the current financial year 2024 ending March 31 will be ‘heavily’ second-half weighted, as it eyes a swing to a half-year loss.

The Somerset, England-based provider of maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection said it awaits the delivery of ‘substantial revenue milestones’ from its £160 million contract order book of system projects.

SRT Marine expects a half-year pretax loss of £4.5 million, swung from a profit of £2.1 million a year prior.

Chief Executive Officer Simon Tucker said: ‘For the first time we benefit from a substantial contract order book of £160 million, with well-formed implementation schedules which in turn provides much improved financial reporting visibility and thus confidence for this financial year. 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 have come to expect from SRT.’

The company will release its interim results for the six months to September 30 on November 20.

SRT Marine shares fell 9.0% to 40.04 pence each on Friday morning in London.

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