Technology firm’s $10m contract win ‘reflects its accelerating pace’

Maritime technology business SRT Marine Systems has revealed it expects to secure a contract worth $10m (£7.8m), that could lead to further sales of another $10m.

The Bath-based company is a global leader in maritime surveillance and last month won a $180m (£140m) contract. Both contracts are with unnamed national coast guards.

SRT’s share price reached an all-time high earlier this month and has doubled in the past year, boosted by confident forecasts from the company.

Simon Tucker, chief executive of SRT Marine Systems, said: “The accumulated investment of many years is now being reflected in the accelerating pace at which our new contract opportunity pipeline is growing and then transitioning into contract.

“Over the last year, our pipeline of new system contract opportunities, has grown to an approximate value of £1.4bn, of which £380m are at a mature stage in the sales cycle with increasing surety of timing.”

This deal is with a customer that commissioned an SRT-supplied system in 2016 and is now upgrading.

A contract is expected to be signed “within the next few months” and the $10m implementation of the system upgrade should then be completed within a year. SRT is forecasting some revenues will be received in the current financial year.