SRT Marine sees FY pre-tax loss of £6.9m

5th Apr 2022 10:50

(Sharecast News) - Maritime surveillance provider SRT Marine Systems said on Tuesday that trading in the year ended 31 March was in line with market forecast expectations, with the group expecting to report a pre-tax loss of £6.9m.

Subject to audit, SRT expects to report full-year revenues of £8.2m as its transceivers business performed well during the period, but suffered from constrained production due to very inconsistent component supply, and its systems business made "good progress" with the development of its GeoVS platform.

However, SRT noted that "significant installation disruptions" caused by regular Covid restrictions had still impacted the group throughout the year and said it now expects to report a pre-tax loss of £6.9m.

Gross cash balances were £5.9m at year-end, following the successful closing of a £4.9m equity raise during March.

Chief executive Simon Tucker said: "This has been another challenging year and I am disappointed with the poor final financial result. However, I believe we have made best use of this time to improve our products and global distribution networks and where possible continue to develop customer relationships. These factors now combine with an improved sales outlook to provide a solid foundation for the year ahead to be significantly different."

As of 1050 BST, SRT Marine shares were down 3.57% at 33.27p.