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SRT Marine Systems PLC on Wednesday reported full-year revenue gains and swung to a profit from loss, as it hailed a ‘very positive’ outlook. The Somerset, England-based developer of maritime awareness systems said revenue for the 12 months to the end of June jumped 426% to £78.0 million from £14.8 million. The navigation safety business generated £9.5 million and the MDA systems business reported revenue of £68.5m. SRT said the navigation safety business had a steady year where revenue remained flat because of slower leisure market demand due to fluctuating general economic conditions. This was offset by a growth in regulation driven sales. Pretax profit swung to a gain of £1.4 million from a loss of £14.4 million. SRT said growth was driven by the commencement of multiple system projects during the year which had a ‘substantial impact’ on financial performance. During the year, SRT completed an equity raise of £9.5 million and issued loan notes of £5.3 million to provide working capital for its system projects. Having made ‘good progress’ with implementing the projects during the year, SRT said it is in the process of delivering an initial set of systems contracts worth £325 million. SRT said its sales pipeline of new systems contract opportunities is valued at approximately £1.8 billion as of this month. The company said it is not proposing the payment of a final dividend. Chair Kevin Finn said SRT’s outlook is ‘very positive, and growing’. He added: ‘In the short term, we are focused on delivering against our existing £325 million of contracts, whilst in the medium and longer term we expect to be further expanding those systems as our customers’ aspirations and needs grow, as well as welcoming new customers into our sovereign partnership program.’ Chief Executive Simon Tucker said: ‘Today’s results are indicative of the latent demand waking up to the availability of our systems and the valuable insight and intelligence they can access on demand. I believe we are right at the start of this global adoption.’ Shares in SRT rose 8.0% to 87.70 pence on Wednesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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