SRT Marine Systems plc (LON:SRT), a provider of maritime surveillance, monitoring and management systems, has announced its results for the year ended 30 June 2025.
FINANCIAL SUMMARY
· 426% increase in revenues to £78.0m.
· Profit before tax and exceptional one-off non-cash finance charge of £4.9m.
· £325m of system contracts.
· New system contract prospects pipeline of £1.8bn.
· Unrestricted cash balance of £4.3m at year end. Balance at 30th September 2025 of £13.6m.
OPERATIONAL HIGHLIGHTS
· Systems division actively implementing SRT-MDA System with 5 sovereign customers.
· Significant investment in new SRT-MDA System functionality with increasing focus on use of Ai.
· Pre-production and certification of NEXUS data and voice transceiver and commencement of final pre-shipment functionality refinement.
· Post year end received notification of award from a new sovereign customer for the supply of a substantial maritime surveillance system. The contract is expected to be worth approximately US$200m. The award is subject to completion of the project contract and a project financing package.
NOTICE OF AGM
· The AGM will be held at the Centurion Hotel, Charlton Lane, Radstock BA3 4BD commencing at 11.00am on 4th December 2025. Prior to the commencement of the formal AGM there will be an Open Morning at SRT’s offices, commencing at 9.00am.
Commenting on today’s results, Simon Tucker, CEO of SRT Marine Systems said:
“The marine domain is critically important in many ways to everyone. And yet what goes on there is mostly unseen and remains a mystery. SRT is working to solve this global issue with our integrated marine domain systems that deliver Ai driven insight and intelligence to stakeholders that range from sovereign states seeking territorial and border security to mariners focused on safer and efficient navigation. Todays’ results are indicative of the latent demand waking up to the availability of our systems and the valuable insight and intelligence they can access on demand. I believe we are right at the start of this global adoption.”
CHAIRMAN’S STATEMENT
As expected, the commencement of multiple system projects during the year has had a substantial impact on our financial performance. SRT is harnessing proprietary Ai to deliver real insight and solutions to real world problems upon which our customers place significant value. Combined with our first mover market advantage, proven products and technologies, and established leadership in a large global market, we see this trend compounding into the future.
Revenues for the year ending 30 June 2025, grew by 426% to £78.0m (2024: £14.8m) of which our navigation safety business generated £9.5m and our MDA systems business £68.5m. Group gross profit margin was in line with expectations at 31% (2024: 28%). This resulted in a £4.9m profit before tax and exceptional one-off non-cash finance charge. The exceptional one-off non-cash finance charge of £3.5m has been accounted for in the year in respect of 20m warrants granted to an investor in exchange for the provision of a performance bond.
At year-end, unrestricted cash balances were £4.3m (2024: £2.8m), with a further £5.7m (2024: £0.9m) of restricted cash held as bank security for the provision of project bonds. The group generated cash from its operations of £1.0m. Trade and other receivables amounted to £52.6m the majority of which were received after the year end. During the year, we completed an equity raise of £9.5m and issued loan notes of £5.3m to provide working capital for our system projects.
Our navigation safety business which provides specialist transceivers and devices that enable safer and more efficient vessel navigation and tracking, had a steady year where revenues remained flat. This is primarily due to a combination of a slower leisure market demand due to the fragile and fluctuating general economic conditions offset by growth in regulation driven sales.
We see considerable medium and long term opportunity in this market segment where we are well established with a global sales network of over 5,000 distribution and retail partners, established brands and proven products. As part of a work in progress strategy to take this business to a new level, we have continued to invest in the final completion of our NEXUS marine VHF/DSC/AIS radio product which we expect to commence shipping during the second half of the new financial year. NEXUS broadens our offer to include marine voice communications, and in future years we expect to further broaden the product portfolio to include digital onboard navigation and investigate other specialist areas such as aviation and Navy related devices where our core capabilities and technologies could give us an advantage and open new market segments. Additionally, we have increased our investments in packaging and systemising our digital aids to navigation targeting ports and waterways who are actively seeking to make commercial traffic more autonomous and safer.
Our systems business delivers the SRT-MDA System border and territory surveillance system. This is a sophisticated, flexible and modular solution engineered as a national scale solution for sovereign agencies that can be built up and evolved over many years by a customer as a national integrated platform. It integrates multiple data sources derived from different sensor types and applies proprietary analytics to detect, identify and characterise maritime activity and events and provide high quality actionable insight, intelligence to national agencies such as Coast Guards, Border Agencies and Fishing Authorities worldwide.
Our Sovereign Partnership program establishes long term relationships with sovereigns who are seeking to digitise and integrate their surveillance and maritime management on a national scale. Today we have partnerships with five sovereigns where we are in the process of delivering an initial set of contracts worth £325m. During the year we made good progress with implementing these projects, delivering multiple project and invoice milestones worth £68m. Each project has its own specific implementation plan, and we expect to continue to make further progress as expected in the coming year.
The implementation of these projects each entails a mixture of five key elements: infrastructure, SRT-MDA System Tech, Training & Organisational Transformation, Data Services and Ongoing Support. Infrastructure refers to things such as towers, buildings, power systems, boats. SRT-MDA System tech refers to items such as cameras, radars, and our GeoVS systems. Training refers to an organisational change program we deliver to enable the customer to transform to an Intelligence Lead Operations Doctrine and really use the SRT-MDA System as their primary and often only tool.
Data services refer to the delivery of a range of supplementary external data which range from satellite surveillance scans to processed Ai data tokens that we develop and insert into our system. Support refers to the long-term support of their system to keep it running reliably. The quantity and scale of each of these key elements is different for each customer.
During the year we have continued to build up our capacity in our system delivery (implementation), development and product management teams. In our delivery teams, the increasing scale and complexity of the projects has meant an evolution of capacity and skills sets to enable us to be in a stronger position to support existing customers with expected expansion of the systems we are currently implementing, as well as have the capacity to engage with new sovereign partners and the commencement of their system build ups. In our product management team, we have started to aggressively expand our data science team to include Ai data science research and we expect this initiative to start to add significant value in the form of innovative system functionality that delivers even greater insight to our customers.
The desire to understand marine domains coupled with border and territory security in general appears to be growing and this has been reflected in the growth of our validated sales pipeline of visible new contract opportunities valued at approximately £1.8bn as at Oct 2025. And beyond that we have other early discussions with potential opportunities which are not yet sufficiently mature to be included in our pipeline. The exact conversion date of these is impossible to predict, but we have good visibility of about £500m of these, and for one worth approximately $200m we received an award letter shortly post year end. These include opportunities from existing and new customers. In the future we see our systems business growing substantially as existing customers grow their systems and new customers start their next generation surveillance programs.
Outlook
The outlook for our business is very positive, and growing, as the world seeks to acquire a new generation of integrated systems that empower them with insight and intelligence to secure borders, detect and deter illegal activities, navigate more safely, efficiently manage and sustain marine domains, and transform operations to an intelligence lead doctrine. SRT Marine System’s pioneering strategic decision to enter this market years ago has allowed us the time to develop the extensive technologies and knowhow to deliver into this demand. In the short term, we are focused on delivering against our existing £325m of contracts, whilst in the medium and longer term we expect to be further expanding those systems as our customers’ aspirations and needs grow, as well as welcoming new customers into our Sovereign Partnership program.
Kevin Finn
Chairman
21 October 2025
