SRT Marine Systems PLC (LON:SRT) told investors that its Philippines fisheries management system project has restarted.
A significant cash payment has been received this week, the company said in a statement, and a revised project plan has now been agreed.
The new plans is driven by the customer wishing to accelerate implementation to make up for as much of the time lost due to the 5-month pause, SRT added.
Elsewhere, the company notes that it has also now restarted final contract negotiations in the Middle East and it expects to soon conclude with projects commencing in the coming months.
“The recommencement of our fisheries monitoring system project in The Philippines and discussions in Middle East and elsewhere demonstrates the strength of underlying demand for maritime surveillance and monitoring systems,” said Simon Tucker, SRT chief executive.
SRT’s transceivers business has performed better than expected in the current circumstances, with first-quarter gross sales some 2% ahead of the comparative period of 2019.
Tucker added: “SRT moved decisively at the beginning of the Covid-19 restrictions to ensure that SRT had sufficient cash to ride out a prolonged stagnation and ensure that our pace of product development and customer engagement continued.”