Business
Change of Year End and Business Update
Change of Year End and Business Update.
About this update from Srt Marine Systems Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.\n \n \nSRT MARINE SYSTEMS PLC\n(AIM: SRT)\n(\"SRT\" or the \"Company\")\n \nChange of Year end and Business Update\nSRT Marine Systems plc ('SRT'), the AIM-quoted developer and supplier of maritime surveillance systems and navigation safety products hereby provides a business update and notification of a change in financial reporting date.\nIn order to protect our ability to tender for certain pending new system contracts, as explained below the Board has resolved to move the financial year end from 31 March to 30 June. The effect of this change is that the current financial year will be extended by 3 months to be 15 months in length ending on 30 June 2024. The Company intends to publish audited final results for the 15 months ended 30 June 2024 during October 2024. Thereafter the Company will publish unaudited interim results for the 6 months ended 31 December by no later than 31 March (commencing with the financial results for the 6 months ended 31 December 2024) and audited final results for 12 months ended 30 June by 31 December in each calendar year (commencing with the financial results for the 12 months ended 30 June 2025).\nThe reason for this decision is that in one specific jurisdiction we must meet certain minimum financial ratio criteria related to the size of the target new project in order to bid and contract. The Board believes there is a risk that some existing system project deliveries, expected to be completed in March, will slip into the next quarter due to the time required for governments to complete the necessary processes and paperwork for the deliveries, combined with the effect of the annual Ramadan and EID periods. The consequence of this would be a reduction in our financial ratios and therefore risk our ability to bid for these new system projects. As we are not certain these deliveries will complete in March, the Board considers this to be an unnecessary risk which could exclude SRT from substantial new projects.\nIn December 2023, we completed a £10.5m equity cash raise which s...