London - SRT Marine Systems, the provider of maritime surveillance and management systems, has announced a pretax loss for the first half of the year. However, the company expects a significant boost in revenue during the second half due to upcoming system projects.
During the six months ended on September 30, SRT Marine Systems anticipates a pretax loss of £4.5 million ($5.5 million). This loss can be attributed to the preparatory and planning work carried out during this period to drive future revenue growth.
The company predicts that its revenue will solely come from the transceivers business, estimated to reach £5.5 million. However, a substantial increase in revenue is expected in the second half of the year. This boost will be driven by revenue milestones from the contract order book of system projects, totaling £160 million.
CEO Simon Tucker expressed optimism about the upcoming financial year, stating: "For the first time, we benefit from a substantial contract order book of £160 million, with well-formed implementation schedules which in turn provides much improved financial reporting visibility and thus confidence for this financial year."
SRT Marine Systems continues to focus on its commitment to delivering efficient maritime surveillance and management solutions. The company's dedication to innovation and progress positions it for success in the evolving maritime industry.