THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the
"Company")
Trading Update - H1
FY25
SRT Marine Systems plc ('SRT'), a
global provider of maritime domain awareness systems and
technologies for security, safety and environmental protection is
pleased to provide a trading update for the 6 month financial
period ending 31st December 2024 ("H1 FY25").
H1
FY25 Financial Summary (Unaudited)
|
|
H1 FY25
|
H1 FY24*
|
% change
|
|
Group Revenue
|
£25.5m
|
£5.5m
|
363%
|
|
Profit / (Loss) before tax
|
£2.5m
|
-£4.6m
|
n/a
|
|
Gross cash balance
|
£4.5m
|
£3.9m
|
15%
|
* H1 FY24 refers to the six month
period ending 30 September 2023
Highlights
·
Four new systems contracts signed worth £182m,
three from existing customers, one from a new customer
·
Post-period end, formal notice to proceed on
further systems contract worth £12m
·
New NEXUS transceiver launched to dealers in
November 2024
·
Over-subscribed placing of £8.5m completed to
bolster balance sheet
H1
Financial and Operational performance
Unaudited group revenues for the
first half are expected to be £25.5m, generating a profit before
tax of approximately £2.5m. Gross cash balances as at
31st December 2024 were approximately £4.5m, excluding
$21.4m held in escrow to support the provision of a systems project
performance guarantee.
Our transceivers business which
provides marine navigation safety devices generated revenues of
approximately £4.5m. Sales were generated from our global network
of over 5,000 distribution partners who target commercial and
leisure vessel markets as well as port and waterway authorities
with our specialist DAS product range. In November 2024 we
officially launched our new NEXUS VHF communications transceiver to
our distribution network and expect to commence shipments during
the second half of this financial year.
In H2 FY25 we expect increased
seasonal driven demand from the retro-fit and new-build delivery
leisure boat market and to commence shipments of the new NEXUS
radio systems. In the commercial vessel market, existing and new
regulations that require vessels to fit and operate AIS
transceivers will continue to drive demand, alongside several new
national scale vessel fit mandates that are expected to commence
during 2025. And the growing trend to digitise waterway navigation
will see the continued purchase of our DAS
systems.
Our systems business which provides
the sophisticated SRT-MDA integrated Ai driven C5iSR maritime
surveillance system to sovereign agencies such as Coast Guards and
Fishing Agencies generated revenues of approximately £21m. This was
derived from four separate customers, three of which are existing
customers and came from follow on and recurring projects and the
fourth was a new customer for which a system project worth £170m
was signed in October 2024. During the period our systems business
signed a total of four new system contracts worth approximately
£182m, and post-period end received a formal notice of award for a
further follow on contract worth £12m which is expected to commence
this month upon completion of contract formalities. This is in
addition to significant progress being made towards finalising the
inter-government project financing for our £140m contract with
Bakamla in Indonesia, with implementation now expected to commence
in H2 FY25. As such going into H2 FY25 our systems business will
have £334m of active system projects (of which approximately £21m
worth has already been delivered in H1 FY25) all of which are
scheduled for implementation over the coming 2 years, and some of
which have subsequent ongoing support contract periods of between 5
and 10 years.
In addition to these contract
conversions, driven by the global macro-trend of sovereigns wanting
to digitise and dramatically enhance their understanding, oversight
and management of their marine domains, we have a pipeline of
specific new system opportunities from existing and new customers
worth up to £1.2bn. We expect to continue to convert and grow this
pipeline as the market for maritime domain awareness continues to
develop.
Simon Tucker, SRT CEO commented;
"This is a solid start to the year. The combination of our
transceivers business, a £334m active contract book from multiple
sovereign customers, each with long term system development plans
and a £1.2bn pipeline of further prospects gives us significantly
improved visibility over future financial performance. Both of our
businesses are now well established and our future is underpinned
by our portfolio of sophisticated technology and products, an
established market position, and a global MDA market at the
beginning of its growth curve."
About SRT Marine Systems plc:
SRT Marine Systems PLC is an
established leader in the growing global market for maritime domain
awareness. We provide advanced technologies, products and systems,
that integrate multiple proprietary technologies such as advanced
analytics, data fusion, augmented visualisation, that enhance
maritime safety, security and environmental protection and
sustainability. Our customers range from governments to vessel
owners around the world.
