FINAL RESULTS FOR THE 15 MONTH PERIOD ENDED 30 JUNE 2024

SRT Marine Systems PLC, a provider of maritime surveillance, monitoring and management systems, announces its results for the 15-month financial period ending 30 June 2024.

FINANCIAL SUMMARY

• Revenues of £14.8m and a loss for the period.
• £5.7m new product and technology investment.
• £320m of system contracts.
• New system contract prospects pipeline of £1.2bn.

OPERATIONAL HIGHLIGHTS

• NEXUS entered pre-production and final certification phase prior to commencement of shipping in the new financial year.
• New version of SRT-MDA System deployed across existing SRT system customers with enhanced functionality and performance.
• Build-up of SRT system delivery team to support implementation of multiple contracts in multiple countries.

NOTICE OF AGM

• The AGM will be held at the Centurion Hotel, Charlton Lane, Radstock BA3 4BD commencing at 11.00am on 23 January 2025. Prior to the commencement of the formal AGM there will be an Open Morning at SRT’s offices, commencing at 9.00am.

Commenting on today’s results, Simon Tucker, CEO of SRT said:

“I had hoped for, and expected, a much better financial result for the financial period ending June 2024. We under-estimated the time it would take for the final administrative processes to complete for contracts worth approximately £320m, resulting in significantly lower revenues and profit contribution during the period. However, this time, and the investment received during the period, has given a critical advantage in that we have been enable us to prepare and build up our capacity to execute on multiple system contracts simultaneously. SRT now enters the new financial year with a runway of £320m of system projects that we expect to implement over the next two years, a further pipeline worth up to £1.2bn of prospects and the launch of our new NEXUS marine communications transceiver through our global network of 5,000 distribution partners. I am grateful for the significant investment support that has enabled SRT to reach this pivotal point and I, and the whole SRT team, are focused on delivering on these contracts and others in the coming years.”

In the interview below, CEO Simon Tucker outlines SRT’s business and growth plans, as well as an overview of their market