SRT Marine Systems PLC’s (LON:SRT) next profits will be ‘significantly’ ahead of expectations as demand for its ship tracking equipment grew across the board.
Revenue in the year to March will be £11mln, against £10.7mln and profit before tax of £1.2mln compared to £275,000, said Mike Tucker, chief executive.
As at the year end, gross cash balances were £1.7mln.
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The profit improvement stemmed from a decision in 2013 to develop a range of maritime domain awareness system solutions for ports, fisheries and coast guards, Tucker added.
Marine awareness is defined as anything that can impact the security, safety, economy, or environment in the sea.
Significant progress was made in all business segments including OEM & Module, em-trak, and Systems.
The order pipeline was also maturing with a number moving closer to contract and revenues, he said.
Shares rose 15% to 41.33p.