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SRT Marine Systems PLC on Monday said revenue in the first half of its financial year climbed, as its systems business makes ‘several revenue milestones’.
Shares in the Bath-based provider of maritime surveillance were up 11% to 29.70 pence each in London on Monday morning.
In a trading update, SRT said that revenue in the six months to September 30 climbed to £18.8 million from £4.7 million in the same period last year.
It added that it expects pretax profit to be at least £1.5 million. In the first half of financial year 2022, SRT reported a pretax loss of £3.1 million.
It noted that revenue from its transceivers business grew by 20% to £5.2 million from £4.2 million year-on-year, despite of continuing production constraints. Meanwhile, its systems business delivered ‘multiple operational and several revenue milestones’, generating revenue of £13.6 million, up from £500,000.
SRT plans to publish its full interim results on November 14.
Chief Executive Simon Tucker said: ‘These results validate our earlier statements that both our business divisions have recovered and are now performing well, driven by a combination of good quality SRT products and fundamental long term market demand drivers.’
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