SRT Marine Systems PLC Half Year Trading Update (4403B)
08 October 2020 - 5:00PM
UK Regulatory
TIDMSRT
RNS Number : 4403B
SRT Marine Systems PLC
08 October 2020
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
Half Year Trading Update
SRT, the global provider of maritime surveillance, monitoring
and management systems, is pleased to provide a trading update for
the six months trading period ended 30(th) September 2020.
As expected, during the first half of this financial year, all
revenues were derived entirely from the transceivers business due
to there being no system business project milestones completed
during the period. As a result, revenues during the first half were
GBP3.8m, resulting in an expected loss before tax for the period of
GBP2.7m and SRT ended the period as at 30(th) September 2020 with
GBP5.0m of cash.
Unexpectedly given the Covid-19 pandemic, revenues for the
transceivers business were 6% ahead of the same period last year,
with the second half looking positive. The systems business was not
expected to complete any milestones on either existing or expected
new contracts during the period and therefore, whilst GBP8.5m of
cash payments were received from system customers during the
period, no revenues were recognised. We expect to deliver
milestones during the second half.
The Company continues to be in active negotiations with respect
to the t hree new systems contracts referred to in previous
announcements.
The company will issue its full interim statement on 19(th)
November 2020, and will also provide a full and detailed business
update by way of an interactive on line presentation following the
AGM on 15(th) October 2020. Both existing shareholders and
potential investors are welcome to attend this presentation using
the log in instructions to be provided shortly in a separate RNS
reach announcement.
Simon Tucker, CEO of SRT said: "I am pleased our transceivers
business continues to trade strongly despite the Covid-19
situation. This is a reflection of the investments we have and
continue to make in our products and sales channels, coupled with
the continuing trend of AIS becoming standard fit on most
commercial vessels and increasingly smaller leisure vessels every
year. As recently stated, our systems business has been
significantly affected by Covid-19 through the delay it has caused
to expected new contracts. However, I expect the second half will
see this situation resolved. I look forward to providing a full
presentation at next week's AGM on the 15(th) October 2020 and
answering any questions."
ENDS
Contacts:
SRT Marine Systems plc www.srt-marine.com
+ 44 (0) 1761 409500
Simon Tucker (CEO) simon.tucker@s rt-marine.com
Louise Coates (Marketing Manager) louise.coates@s rt-marine.com
finnCap Ltd
Jonny Franklin-Adams / Teddy Whiley (Corporate
Finance) +44 (0) 20 7220 0500
Tim Redfern / Tim Harper (Corporate Broking)
About SRT Marine Systems plc:
SRT Marine Systems PLC ("SRT") is a global leader in maritime
domain awareness products and systems. Our solutions integrate
multiple technologies, advanced analytics, innovative digital
display systems, logistics and command and control to provide
enhanced maritime surveillance, security, safety and management for
national authorities such as coast guards and fishery authorities.
Applications include coastal and territorial water surveillance and
security, fisheries monitoring, management and IUU detection,
search and rescue, waterway management and aquatic environment
monitoring as well as individual leisure and commercial boat
owners.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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END
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