Software Radio Technology PLC Trading Update (8503U)
April 12 2016 - 1:00AM
UK Regulatory
TIDMSRT
RNS Number : 8503U
Software Radio Technology PLC
12 April 2016
SOFTWARE RADIO TECHNOLOGY PLC
(AIM: SRT)
("SRT" or the "Company")
Trading Update for the year ended 31 March 2016
SRT, the global provider of maritime tracking technologies,
products and turn-key MDA system solutions, is pleased to provide a
trading update for the financial year ended 31 March 2016.
Subject to audit, for the year ended 31 March 2016, the Company
expects to report results ahead of market expectations with revenue
of GBP10.6 million, a 24% increase on the prior year, and profit
before tax of GBP0.2 million, compared to break even in the prior
year. As at the year end, gross cash balances were GBP1.8
million.
During the year the Company continued to implement its long term
strategy of developing sophisticated core technologies from which a
range of differentiated derivative products and systems are
created, targeting all leisure, commercial and security segments of
the global maritime market. In particular, SRT's Maritime Domain
Management (MDM) system offer which delivers enhanced maritime
security, border control, safety and management to national
authorities such as Coast Guards and Navies has made significant
progress.
SRT will publish its final results and annual report on 6 June
2016. The annual report will be available for download from the
Investor section of the website that day, with printed copies
mailed to shareholders that week and available upon request to
others.
The Company will be hosting an investor open day at its offices
near Bath on 5 July 2016 between 9.30 a.m. and 11.00 a.m., which
will be followed by the AGM commencing at 11.00 a.m.
Simon Tucker, CEO of SRT said: "With a 24% increase in revenue
these are another solid set of figures. However, the most
significant progress has been made in market development and sales
opportunity conversion. As a result, we enter the new financial
year with a GBP70 million forward contract order book, and a
validated sales pipeline worth over GBP200 million, both of which
are growing. We therefore expect an exciting year ahead."
ENDS
Contacts:
Software Radio Technology www.softwarerad.com
plc + 44 (0) 1761 409500
Simon Tucker (CEO) simon.tucker@softwarerad.com
Louise Coates (Marketing louise.coates@softwarerad.com
Manager)
WH Ireland Limited www.wh-ireland.co.uk
Tim Feather / Liam Gribben +44 (0) 113 394 6600
Tim.feather@wh-ireland.co.uk
Bell Pottinger +44 (0) 20 3772 2500
Anna Legge (PR) ALegge@bellpottinger.com
Elly Williamson
Molly Stewart
About SRT:
SRT develops, manufactures and supplies maritime tracking
technology and turn-key system solutions to marine stakeholders
across the globe. The Company's products and solutions are used by
individual vessel owners, port authorities, maritime infrastructure
owners, coast guards and national security agencies to enhance
their maritime domain awareness. Applications include the tracking
of commercial and leisure vessels; sustainable fishery;
anti-collision; search and rescue; waterway management, port and
coast security; pollution management; and environmental
management.
In the early 2006, SRT was the first company to develop a low
cost technology platform supporting the International Maritime
Organisation (IMO) adopted data communications technology, AIS
(Automatic Identification System). This technology transmits vessel
type, current co-ordinates, course and speed, and the vessel's
unique identifier, in real time - air traffic control for boats. As
a result of a global IMO sponsored mandate for the use of AIS,
today AIS is being adopted and implemented worldwide in marine
market as the next generation of radar. SRT's systems are entirely
developed in the UK with 95% of revenues derived from exports.
With circa 26 million vessels operational globally and a growing
demand from national authorities enforcing vessels operating in
their waters to fit AIS as standard, SRT, the leading global
provider of AIS technology, is at the forefront of a rapidly
developing and evolving multi-billion dollar maritime market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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