Shares in SRT Marine Systems PLC (LSE:SRT)s jumped 17% in early trading on Thursday after the maritime surveillance technology group posted a sharp rise in revenue and returned to profit in its half-year results.
Revenue for the six months to 31 December 2024 rose to £26.2 million, up from £5.5 million a year earlier, driven by growth in both its transceivers and systems divisions. The group reported a pre-tax profit of £2.8 million, reversing a £4.6 million loss in the same period last year. Gross margins also improved to 46%.
The results were boosted by the signing and start of delivery of a $213 million contract with Kuwait’s Ministry of Interior for a national maritime surveillance system.
SRT now has £320 million of contracts under delivery and a further £1.2 billion in the pipeline. CEO Simon Tucker said the company is “well positioned for continued growth” into the second half and beyond.
Broker Cavendish said 2025 promises to be a 'transformational' year for SRT. It added: "As sovereign nations build up civilian maritime surveillance and management capabilities to create integrated systems, we anticipate long-term strategic projects will deliver multiple successive contract opportunities involving expansions, support and maintenance and data supply revenue streams."
The stock was up 7.59p at 53.59p.