Business
Systems Contract & Trading Update
Systems Contract & Trading Update.
About this update from Srt Marine Systems Plc
[{"type":"text","content":"\n \n \n \n THIS 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 \n \n \n \n \n \n \n \n \n \n \n \n \n SRT MARINE SYSTEMS PLC\n \n \n \n \n (AIM: SRT)\n \n \n \n \n (\"SRT\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Systems Contract & Trading Update\n \n \n \n SRT Marine Systems plc ('SRT'), a global provider of maritime domain awareness systems and technologies for security, safety and environmental protection provides an update on current year trading, contracts and the forthcoming new financial year.\n \n \n The Company expects revenues for the year ending 31st March 2023 to be approximately £30.0m, a 265% increase on the previous year, generating an EBITDA profit of £2.5m and an expected loss before tax of £1.0m.\n \n \n Our systems business will have generated revenues of approximately £18.0m (prior year: £0.6m) and our transceivers business approximately £12.0m (prior year: £7.6m). These results are lower than market expectations for the current year primarily due to material systems business project milestones that had been expected to be completed by the end of the current year being delayed to the early part of the new financial year.\n \n \n New Systems Contract\n \n \n We are pleased to announce that, following an extensive selection and negotiation process, earlier this week we signed a formal Letter of Intent ('LOI') for a new Coast Guard project worth £145m.\n \n \n The project is for the delivery of a turn-key maritime surveillance system that will enable enhanced maritime safety, security and protection of large areas of environmentally sensitive marine areas. The customer is financing the project by way of a loan organised and supported by the UK government overseas UKEF agency. The LOI states that the project will proceed upon completion of the loan arrangement process between the two governments. These discussions are at an advanced stage and expected to conclude within the next few months. Once underway, we expect the majority of the project to be delivered within two years, and thus generate significant revenues in t...