SRT Marine Systems receives £160m in orders for H2

20th Nov 2023 12:27

(Sharecast News) - Maritime tech outfit SRT Marine Systems said on Monday that it has received £160.0m worth of orders during the second half of the trading year.

SRT Marine said it had experienced continued year-on-year growth in its transceivers business during the half and added that it currently has a £160.0m systems contract order book for system deliveries to commence in the second half of the financial year.

The AIM-listed firm stated its NEXUS transceiver product had commenced testing and launch planning, while it has completed the first phase of its £40.0m Middle East Border Agency maritime surveillance project and commenced planning and procurement of its £145.0m South East Asia coast guard project signed back in May.

SRT added that it had a gross cash balance of £3.9m at the end of the half, up from £1.5m at the same time a year earlier.

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."

As of 1620 GMT, SRT Marine shares were down 1.28% at 39.24p.

Reporting by Iain Gilbert at Sharecast.com