- SRT Marine Systems
- 16 March 2026 13:28:20
Source: Sharecast
The AIM-traded company said revenue for the six months ended 31 December rose 95% year on year to £51.1m, from £26.2m in the same period a year earlier.
Profit before tax increased 48% to £3.1m, while total gross cash rose 86% to £41.6m.
Chair Kevin Finn said the results reflected strong execution across the group’s maritime surveillance systems and navigation safety businesses.
“During the period, we grew revenues by 95% year on year to £51.1m and increased profit before tax by 48% to £3.1m, generating strong positive operating cash flow of £35.3m,” he said.
The company said its systems division, which provides maritime domain awareness (MDA) surveillance platforms to government customers, continued to scale rapidly.
SRT currently has five sovereign customers with active contracts under implementation worth around £350m, of which £123m has been executed and £227m remains to be delivered.
Post period end, the group signed a further £195m contract with a sixth sovereign customer to deliver a national maritime surveillance and intelligence system.
The contract remained subject to activation once the associated project finance package, supported by UK Export Finance, was finalised.
SRT also reported a pipeline of validated contract prospects worth about £1.8bn across both new and existing customers, which it said provided increasing visibility over future growth.
Operationally, the group achieved a milestone during the period when its first unmanned surface surveillance vessel programme became fully operational in Kuwait and began conducting continuous missions as part of an SRT MDA system.
Shortly after the period ended, the company also began shipping its newly launched Nexus VHF/AIS marine communications system.
Chief executive Simon Tucker said the results reflected the company’s position in a rapidly expanding market.
“Our business continues to accelerate in line with the growing global market for, and interest in, maritime domain awareness.
“Today's results reflect our strategic first-mover advantage and years of sustained investment in technology, products, people and market development, which have positioned SRT as a market leader that the market and our customers trust for their growing MDA requirements.
“I look forward to continued growth in the second half and in the years ahead.”
The group reported gross profit of £13.9m for the period, compared with £12.1m a year earlier, although the gross margin fell to 27% due to the mix of system deliverables completed during the period.
Administrative costs increased to £10.2m from £8.5m as the company expanded delivery and sales capabilities to support multiple projects.
SRT said it expected revenue growth to continue in the second half and that it remained confident of delivering current market expectations for the full year.
At 1233 GMT, shares in SRT Marine Systems were up 1.93% at 87.15p.
Reporting by Josh White for Sharecast.com.
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