Business
AGM Statement and Trading Update
AGM Statement and Trading Update.
About this update from Srt Marine Systems Plc
[{"type":"text","content":"\n \n SOFTWARE RADIO TECHNOLOGY PLC \n\n (\"SRT\" or the \"Company\") \n\n AGM Statement and Trading Update \n\nSoftware Radio Technology plc is pleased to announce that at its AGM to be held\ntoday at 11.00 a.m., Simon Tucker, the Chief Executive Officer, will provide\nthe following trading update.\n\nDuring the first quarter of this financial year which ended on 30 June 2010,\nthe Company achieved revenues of £1.82 million, a 147% increase on the same\nperiod in the previous year, with a gross profit margin of 50% and net profit\nbefore tax of £448,000. The Company remains debt free and as at 30 June 2010\nhad cash of £1,234,000, an increase of 30% on the year end position of £952,000\non 31 March 2010. The above financial data for the first quarter is unaudited.\n\nOn 13 July 2010 SRT reported a forward order book worth US$5.7 million. Since\nthen the Company has announced additional orders worth US$750,000 and today\nannounces a further conditional order for a customised version of the Class B\nproduct from a new customer which may be worth up to US$2.4 million over the\nnext six months. A conditional order is where a firm order has been received\nbut the Company believes that the total order value, whilst likely, is not\nguaranteed.\n\nDuring the last year the market for AIS devices has continued to grow and\nevolve with new markets and opportunities arising. SRT estimates that of the\nworld's 26 million vessels, approximately 200,000 have been fitted with an AIS\ndevice since 2002 and a further one million vessels are required to fit an AIS\ndevice during the next four years, with further mandates expected to add to\nthis.\n\nSRT regularly evaluates its target markets, including the appropriate sales\nchannel strategy, on an individual basis. Today, the Company has over 30\ncustomers around the world, each with their own brands and sales channels\nproviding a wide variety of AIS products to meet demand from all market\nsegments.\n\nIn the case of China it has become apparent that the market opportunity created\nby the national mandate programme is considerably larger than the 220,000\nvessels originally estimated in September 2009 when SRT announced the receipt\nof a US$18 million order from a strategic partner. As stated in the\nannouncement, the order represents only a proportion even of the original\nmarket size est...