First-half figures make a splash at technology specialists SRT Marine

SRT Marine has achieved a big jump in revenues as the maritime technology specialist continues to build momentum.

The Bath-headquartered business increased first-half revenues by £20m to £25.5m, with a £7m improvement in its profitability taking it to a pre-tax profit of £2.5m.

The big change was expected because it related to timing issues on key contracts that had been expected to be delivered in the previous financial year – one with an existing Middle Eastern Coast Guard customer and one with a new south-east Asia National Coast Guard customer.

Simon Tucker, chief executive of SRT Marinemart

Simon Tucker, SRT chief executive said: “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 [Maritime Domain Awareness] market at the beginning of its growth curve.”

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