LONDON (ShareCast) - Software Radio Technology (SRT) posted a narrower loss for the year ended 31 March and maintained a positive outlook for the rest of the current financial year, citing a sizeable backlog of orders.
Over the 12 month period, SRT saw revenue swell 39% to £8.5m, from £6.1m, driven by an exclusive partnership with exactEarth and the expansion of its em-trak dealer base.

Substantial administrative costs saw a £0.4m loss, although this represented a marked improvement from the £1.5m loss seen a year earlier.

The company ended the financial year with £2.1m cash, up from £1.3m, although no final dividend was recommended.
The outlook for the rest of the financial year remains optimistic, with the delivery of two major infrastructure projects and the development of new AIS product platforms set to bear fruit.

"With a £200 million validated sales opportunity pipeline and a significantly larger global addressable market opportunity, I am looking forward to the year ahead and updating our shareholders as opportunities develop," said Simon Tucker, chief executive officer of SRT.

SRT also announced the implementation of a $290,000 order from a national authority in the Middle East, providing 5,000 local vessels to fit an AIS transceiver over two years.

"After several years of working with our regional partner and the end customer, I am delighted that this validated sales opportunity has now moved into the implementation phase. I look forward to further orders as our customer progresses the project," Tucker added.

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