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SRT Marine Systems expects full-year revenues of £8.2 million
StockMarketWire.com
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SRT Marine Systems, a global provider of maritime surveillance, monitoring and management systems, expects to report full-year revenues of approximately £8.2 million and loss before tax of £5.8 million.
In a trading update for the year ended 31 March 2021, the company said it expects to have gross cash of £5.3 million. During the period, existing system contract customers made cash payments of £13 million per agreed project payment schedules, with a further £5.7 million due in the coming year.
However, because of Covid-19 lockdown related implementation delays, no invoice milestones were completed and thus no revenues recognised during the year.
A fixed one-year CBILS support loan of £2.5 million from the company's bankers was drawn down in April 2020. Following a review of detailed information on the pending new system contracts the renewal of this facility was agreed by the bank in March 2021 with repayments to be made on a quarterly basis commencing in July 2021 through to April 2023.
The company expects to publish its audited final results on 29 July 2021, and hold its AGM on 22 September 2021.
At 9:57am: (LON:SRT) SRT Marine Systems Plc share price was 0p at 35p
Story provided by StockMarketWire.com
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