SRT Marine Systems (SRT)

Sector:

IT Hardware

Index:

FTSE AIM All-Share

43.50p
   
  • Change Today:
    -1.50p
  • 52 Week High: 48.00
  • 52 Week Low: 17.00
  • Currency: UK Pounds
  • Shares Issued: 222.63m
  • Volume: 280,433
  • Market Cap: £96.85m
  • RiskGrade: 240

SRT Marine delivers first phase of maritime surveillance project

By Josh White

Date: Wednesday 03 May 2023

LONDON (ShareCast) - (Sharecast News) - SRT Marine Systems has completed the first phase of a national coast guard maritime surveillance system contract, it announced on Wednesday.
The AIM-traded firm announced the contract in January last year, with the project being worth a total of £40m.

It said the completed phase was signed off in March after extensive testing, with the contract now moving to the next two phases, which would be worth a total of £24m including taxes.

The next phases were expected to start in the summer, with implementation taking around one year.

SRT said the SRT-MDA System, which was now fully operational and in daily use by the customer, uses "advanced Dynamic-Ai technology" to automatically detect and alert the Coast Guard to illegal maritime activities, such as smuggling, unlicensed fishing, maritime border incursions, and potential threats to critical infrastructure, such as undersea pipelines.

That information allows the customer to operate based on high-quality marine intelligence, improving the efficiency and effectiveness of operations.

The completion of the first phase of the project represented a "significant milestone" in the development of the national maritime surveillance system, the SRT board said.

It added that the system would be built up in a series of contracts over several years, with SRT Marine providing surveillance, security, safety, and environmental protection services and technologies.

"This significant national Coast Guard customer has a very ambitious long-term plan to build up a sophisticated integrated maritime surveillance system," said chief executive officer Simon Tucker.

"This will be achieved through a series of multiple contracts spanning many years."

Tucker said such projects of national scale were "highly challenging and complex", with the successful completion of the first phase to "such a demanding customer" a testament to the SRT-MDA System product and the capabilities of the company.

"We now move on to deliver the next phases of this important project."

At 1150 BST, shares in SRT Marine Systems were up 5.6% at 44.35p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SRT Market Data

Currency UK Pounds
Share Price 43.50p
Change Today -1.50p
% Change -3.33 %
52 Week High 48.00
52 Week Low 17.00
Volume 280,433
Shares Issued 222.63m
Market Cap £96.85m
RiskGrade 240

SRT Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
71.36% above the market average71.36% above the market average71.36% above the market average71.36% above the market average71.36% above the market average
84.00% above the sector average84.00% above the sector average84.00% above the sector average84.00% above the sector average84.00% above the sector average
Income Not Available
Growth Not Available

SRT Dividends

No dividends found

Trades for 31-Oct-2024

Time Volume / Share Price
16:16 64,000 @ 45.00p
16:25 3,950 @ 42.80p
16:24 1,487 @ 43.00p
16:16 1 @ 44.25p
15:56 2,000 @ 44.64p

SRT Key Personnel

CEO Simon Richard Tucker
COO Neil Peniket
CFO Richard Hurd

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