SRT Marine Systems PLC on Friday said that new project revenue milestones will be moved into the next financial year, but celebrated ‘very well’ progressing businesses.

SRT Marine shares rose 2.2% to 18.60 pence each on Friday afternoon in London.

The Somerset, England-based company provider of maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection said its systems and transceivers businesses were ‘progressing very well within the strategic global maritime domain awareness market.’

It added that it was disappointed that it appears likely that new project revenue milestones in its system business will be delayed into early next financial year, which starts on April 1.

Due to the delays, SRT Marine expects to report about £14 million lower revenue for the current financial year than it had previously anticipated.

Chief Executive Officer Simon Tucker said: ‘I fully understand and empathise with the concerns of our shareholders at this time, and personally apologise that our financial performance this year is not expected to be as we had predicted. These are short term delays, with short term consequences. The fundamentals and prospects of our business are strong, and we are fortunate to be in a supportive working capital position. Speaking on behalf of the company and the board we are confident that SRT will quickly pass through this brief period of delays.’

Looking ahead, the company said that its transceivers business continued to expand its market penetration. It added: ‘The late start to the boating season due to the adverse conditions means that sales are lower than last year, but gross margin contribution the same as our cost of production has normalised. We expect sales to pick up as the season progresses, as well as see the effect of some new regulations for vessels to install automatic identification system.’

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