Business
Year End Trading Update
Year End Trading Update.
About this update from Srt Marine Systems Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2908H\n SRT Marine Systems PLC\n 05 April 2022\n \n \n \n \n SRT MARINE SYSTEMS PLC\n \n \n (AIM: SRT)\n \n \n (\"SRT\" or the \"Company\")\n \n \n \n \n \n Year End Trading Update\n \n \n \n \n SRT Marine Systems PLC (SRT), a global provider of maritime surveillance, monitoring and management systems, today announces a year end trading update for the financial year ended 31 March 2022.\n We are pleased to announce that trading for the year ending 31 March 2022 has been in line with market forecast expectations. Subject to audit, we expect to report revenues for the year of £8.2million, and loss before tax of £6.9m. Gross cash balances were £5.9m as at year end, following the successful closing of a £4.9m equity raise during March 2022.\n The Company's transceivers business performed well during the period but suffered from constrained production due to very inconsistent component supply. This resulted in revenues being lower than possible during the year, and a significant forward order book as at year end. We expect demand to continue to grow, and for the component supply chain issues to take up to a further 12 months to normalise. As such we are now seeking to actively manage this situation through strategic 'grey-market' purchases of components and adjusting selling prices to cover the premiums being paid to secure supply in order to maintain profit margins.\n Our transceiver development activities have primarily focused on NEXUS, our innovative VHF/AIS marine radio system, which will start shipping in early calendar 2023. In addition to this major project, we have undertaken various smaller projects to enhance and update some of our other transceivers. In the year ahead we will continue our focus on delivering NEXUS as well as developing our DAS digital navigation and environment monitoring product offers.\n The Company's systems business made good progress with the development of our GeoVS platform which sits at the heart of the SRT-MDA System, improving our project delivery capabilities and efficiency to facilitate multi-project implementation, with implementing contracted system projects and progressing new projects towards contract.\n During the year, despite significant installation disruptions caused by regular Covid restrictions, we made good progress commissioning the SRT-M...