FY25 – Year End Trading Update

SRT Marine Systems plc ('SRT'), a global provider of integrated maritime surveillance and MDA management systems and technologies for security, safety and environmental protection hereby provides a trading update for the 12 months ending 30th June 2025.

FY25 Financial Summary (Unaudited)

*FY24 refers to the fifteen month period ending 30 June 2024

Highlights

• $213m system contract signed with the Kuwait Coast Guard in October 2024.
• System contracts with an aggregate of £320m now active and being implemented.
• Current new system prospects validated pipeline valued at up to £1.4bn.
• New NEXUS transceiver expected to start shipping in H1 FY26.
• Financial guidance reintroduced by Cavendish.

H1 Financial and Operational performance

Subject to audit, we expect revenues for the period to be £77.5m, generating a profit before tax and non-cash exceptional finance charge of £4.4m. Aggregate gross cash balances at 30th June 2025, were £9.9m with trade receivables amounting to £48.4m, the majority of which are expected to be received shortly after the year end.

During the period our systems business which develops and delivers turn-key integrated maritime C5iSR surveillance and MDA management systems generated revenues from five separate sovereign customers each of whom are building up their national MDA capacities with SRT. Additionally, we have continued to develop our validated pipeline of new system contracts which now has an estimated value of approximately £1.4bn, from which we expect further closures in due course.

Our transceivers business which develops and delivers navigation safety and communication devices and solutions for commercial and leisure marine markets continued to expand distribution and we are finalising the development of the new NEXUS product which will start shipping in H1 of the new financial year. Whereupon we will move forward with new product developments aimed at leveraging our global commercial and leisure marine distribution networks.

We expect to issue our full year end results in November 2025 and hold our AGM in early December 2025: a further announcement with specific dates will be made in early September.

Simon Tucker, SRT CEO said; "This year's performance is a reflection of our proven technologies and products, and SRT's established position in the global maritime surveillance and management market. This market remains in its early stages of development as marine stakeholders seek to harness digital technologies such as AI to reveal insights that enable them to enhance security, safety and sustainability and therefore I expect to continue to see our business grow substantially from this base in the future."