Marine software firm announces £160m worth of orders

A marine software specialist has announced it has been awarded £160m worth of contracts for the second half of the financial year.

Bath firm SRT, which is listed on the AIM market, has released a half year report.

The company said it saw continued year on year growth in its transceivers business and invested £2.5m in  new products and technology

It added that it has a £160m systems contract order book for system deliveries to commence in the second half.

Chief executive Simon Tucker said: “The hard work and progress made across the business during the first half has prepared us for a busy second half, with the scheduled delivery of a number of system project milestones and continued growth of our transceivers business. In line with this, we are on track to complete our financial year end as expected.”

Chairman Kevin Finn added: “I acknowledge and appreciate shareholders concerns regarding the financial performance imbalance between the two halves of this financial year; however, this is the nature of the timing of revenue related deliverables on our current systems projects and was expected. With the revenue milestones scheduled for the second half, we are confident of our full year performance.

“Going forward, with multiple system contracts running in parallel, we expect a smoother distribution of revenues across financial periods. However, I must highlight that the exact timing of deliverables on a project are influenced by multiple factors, some of which beyond our control and thus they can easily slip either side of an accounting line.

“This does not detract from the fundamentals of our business which are now built on robust, proven products that deliver multiple revenue streams with defensible profit margins, being delivered by an experienced team into a global market whose growth is driven by strong fundamentals of security, safety and environment protection.”