Software Radio to outperform

1st Apr 2011 07:04

Software Radio Technology, the developer and supplier of maritime identification and tracking technologies, is set to top market expectations with its full year results after seeing strong demand for its products.The company said pre-tax profit for the year to 31 March should be around £2m, versus a loss of £0.4m the year before and better than the £1.9m consensus estimate.Turnover should show a rise of more than 160% to about £9m, versus market forecasts of £8.1m.The cash balance at the end of March stood at around £3m, despite anincrease in stock to about £1.5m to support an accelerated product development programme and future revenue growth. The company has no debt."We now have over 40 customers globally and our order book continues to develop as the impact of AIS [Automatic Identification System] mandates is felt in the market," said Simon Tucker, chief executive officer of Software Radio Technology (SRT)."With our expanding range of market leading, innovative products and services, we remain confident in SRT's continuing growth," Tucker added.---jh