Marine technology firm slumps to £4.5m loss in first half of the year
A marine technology business made a loss of £4.5m over the first half of the year..
The Somerset based SRT develops and provides integrated maritime surveillance, monitoring, management and safety systems used by coast guards, fishery authorities, infrastructure and vessel owners for the purposes of managing and controlling their maritime domain.
The firm has issued a trading update for the six months up to September.
SRT said revenues this year will be heavily second half weighted due to the scheduled delivery of several substantial revenue milestones.
As a result revenues for the first half are expected to be £5.5m, solely generated from the transceivers business which continues to grow year on year.
The company said it expects to report a loss before tax for the first half of £4.5m with gross cash balances totalling £3.9m.
Simon Tucker, CEO of SRT said: “For the first time we benefit from a substantial contract order book of £160m, with well-formed implementation schedules which in turn provides much improved financial reporting visibility and thus confidence for this financial year.
“Of course, this scale of growth and the nature of our customers are not without timing risks and challenges, however our many years of experience and diligent preparations during this period are enabling us to manage and mitigate these risks and continue to be the reliable supplier of transceivers and surveillance systems that customers around the have come to expect from SRT.”
