LONDON (ShareCast) - Shares in Software Radio Technology (SRT) surged on Friday morning after the company revealed that results for the year to March 31st will be ahead of market expectations.

The AIM-listed developer of advanced radio communications technologies said that revenues would be up 60% year-on-year at £10m, up from £6.2m the year before. Meanwhile, profit after tax (PAT) would by £1.5m, rising from just £0.2m.

SRT said that it invested heavily during the year in new product development, launching a new product every 12 weeks on average. In particular, the company said that its 'Aids to Navigation' product has been "well received" by the market and is now in production.

"Our years of technology, customer and market investments have placed SRT at the hub of the global automatic identification system (AIS) market. As demand for AIS functionality, and therefore products, expands we are now seeing this reflected in our financial performance," said Chief Executive Officer Simon Tucker. 

"I believe we are at the beginning of this growth path and our financial performance for the year just ended provides a strong platform."

Analyst Eric Burns from WH Ireland had pencilled in revenues of £8.9m and a PAT of £1.0m and has hiked its earnings estimates accordingly.

Burn said: "Whilst the statement does not go into the specifics of the outperformance, initial shipments under the US frame orders announced last month, together with a continuation of the Mexico Identifier business are the likely contributors."

Shares were up 13.58% at 23p in early trading on Friday.

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