Revenues soar by 273 per cent at maritime services business

A marine service company saw revenues increase by 273 per cent to more than £30m over the last year.

SRT Marine Systems, which is based in Bath, made a profit of just over £100,000 over the last 12 months.

But the firm says it has a order book of £160m and its pipeline of new prospects stands at £1.4bn.

Chief executive Simon Tucker said:  “Our many years of technology, product and market investments are now starting to show in our financial results.

“Our transceivers division grew by 60 per cent and our systems division is back on track following a pause in government business during Covid.

“We go into the new year with an expanded product range and distribution network, a forward contract order book of £160m and a new prospects pipeline of system contracts worth approximately £1.4bn.

“This position reflects the early strategic decisions made to position SRT at the centre of these substantial global markets.”

RT Marine Systems is a global company which develops and provides integrated maritime surveillance, monitoring, management and safety systems used by coast guards, fishery authorities, infrastructure and vessel owners.

Applications include security, safety, search and rescue, law enforcement, fisheries management, illegal fishing detection and environment monitoring.