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SRT Marine eyes H1 pre-tax loss
8th Oct 2021 09:54
(Sharecast News) - Maritime industry services provider SRT Marine Systems said on Friday that group revenues for the six months ended 30 September came to £4.7m, generating an expected pre-tax loss of £3.1m.
SRT Marine stated that in its transceivers division, revenues improved 11% year-on-year to £4.2m as its distribution network continued to grow and it made "good progress" with new technology and product developments.
The AIM-listed firm's systems unit continued to receive cash payments during the half from existing system contracts, as scheduled, but failed to complete any revenue milestones and, as a result, recognised no project implementation revenues.
Chief executive Simon Tucker said: "I am very pleased with the performance of our transceivers business and the consistent growth track record that appears set to continue into the second half. It is with considerable relief that the Covid stagnation affecting the progress of new contracts for our transceivers business has abated.
"There has been significant and growing activity and engagement with customers during the period across a wide range of new system opportunities. Of particular note are £71.0m of long-awaited contracts for which the contract finalisation and commencement status and process is now clear and confidently expected during the second half."
As of 1320 BST, SRT shares were up 0.13% at 37.55p.
SRT Marine stated that in its transceivers division, revenues improved 11% year-on-year to £4.2m as its distribution network continued to grow and it made "good progress" with new technology and product developments.
The AIM-listed firm's systems unit continued to receive cash payments during the half from existing system contracts, as scheduled, but failed to complete any revenue milestones and, as a result, recognised no project implementation revenues.
Chief executive Simon Tucker said: "I am very pleased with the performance of our transceivers business and the consistent growth track record that appears set to continue into the second half. It is with considerable relief that the Covid stagnation affecting the progress of new contracts for our transceivers business has abated.
"There has been significant and growing activity and engagement with customers during the period across a wide range of new system opportunities. Of particular note are £71.0m of long-awaited contracts for which the contract finalisation and commencement status and process is now clear and confidently expected during the second half."
As of 1320 BST, SRT shares were up 0.13% at 37.55p.