SRT Marine Systems, a Somerset-based maritime surveillance technology firm, has reported a 47% increase in pre-tax profits to £3.1m for the six months to 31 December. The company, which specialises in maritime surveillance, vessel tracking, and monitoring equipment, achieved this growth on the back of a 95% increase in group revenue to £51.1m. This surge in revenue was driven by four major projects, reflecting the strong and sustained global interest in its products.
CEO Simon Tucker, who last March expressed optimism about the firm’s future, reiterated his confidence in the company’s growth prospects. He highlighted that SRT has a £300m active contract book and a £1.8bn new contract opportunity pipeline. The company’s clientele includes government agencies such as coast guards, fishery authorities, ports, and waterway authorities around the world, as well as commercial and leisure vessel owners.
SRT’s technology is crucial in protecting waters from a range of issues, including smuggling, illegal border incursions, and illegal fishing. The firm’s solutions are increasingly recognised for their importance in the marine domain. Tucker noted, “I am very happy with our H1 results which are in line with our expectations. We are experiencing strong and sustained global interest in our solutions underpinned by a new and evolving understanding of the importance of the marine domain.”
Looking ahead, SRT expects to continue its progress, including the first deliveries of its new NEXUS VHF/AIS communications system and new system contract conversions from its opportunity pipeline. A significant milestone is the $200m award notification announced last September, which is now awaiting final contracting and finance approval.
Tucker’s optimism is palpable as he envisions the company’s future. “I expect to see SRT continue to gather pace and deliver strong growth this financial year and many years to come,” he said. This sentiment is echoed by industry analysts who see SRT’s innovative solutions and strategic partnerships as key drivers of its continued success.
The maritime surveillance sector is witnessing a transformative phase, with technology playing a pivotal role in enhancing security and efficiency. SRT Marine Systems is at the forefront of this evolution, leveraging its advanced solutions to address critical maritime challenges. As global awareness of the marine domain’s importance grows, SRT is well-positioned to capitalise on this trend, driving significant growth and innovation in the years ahead.
The company’s strategic focus on high-impact projects and its ability to secure substantial contracts underscore its leadership in the maritime surveillance technology space. With a robust pipeline of opportunities and a commitment to continuous innovation, SRT Marine Systems is poised to shape the future of maritime security and monitoring.