SRT Marine Systems 1H Loss Widened; Expects Strong FY 2022 Performance

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by Joe Hope

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SRT Marine Systems Plc on Thursday said its losses widened in the first half of FY22 after higher booking costs, but it expects better full-year results.

The provider of maritime surveillance, monitoring and management systems said that for the six months ended September 30, pretax losses stood at £3.1 million ($4.1 million), compared to a loss of GBP2.7 million for the first half of fiscal 2021. Was.

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Revenue increased to GBP4.7 million from GBP3.8 million a year earlier.

SRT said its transceiver business grew 11% year-over-year, generating most of its revenue. In addition, it said that its systems customers largely reconnected with it in the first half, after a period of coronavirus-related pause, some with a renewed sense of plans going forward.

“While our transceiver business continues to grow, we expect our systems business to catch up with the launch of new projects during the second half of the post-Covid-19 delay, resulting in greater clarity and certainty about us through the year. Ultimately there will be a substantial improvement in the long-term financial outlook,” said Chairman Kevin Finn.

Shares were up 2.5 pence, or 7%, at 38.0 pence at 0811 GMT.

Write to Joe Hope at [email protected]

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