SRT Marine Systems PLC on Friday reported the signing and activation of a $9 million contract with an existing Middle East Coast Guard customer.
The Somerset, England-based developer of maritime domain awareness systems said it had commenced implementation of the contract, which was awarded in November.
Marine Systems will update the unnamed customer’s existing SRT system, which monitors port activity for environmental, safety and security purposes.
The contract’s $9 million estimate valuation spans a 10-year period.
‘We are delighted to have commenced this system upgrade with this long-standing and highly valued Coast Guard customer and look forward to many more years of business with them as they grow and enhance their national maritime surveillance and intelligence capabilities’, commented Chief Executive Officer Simon Tucker.
The update follows a challenging period for Marine Systems, which saw its pretax loss widen to £14.4 million in the 15 months to June 30 from £646,172 in the year ended March 2023. Revenue in the same 15-month period more than halved to £14.8 million from £30.5 million.
Tucker in early December cited contract delays for the slowdown. The company will enter the new financial year with around £320 million in systems projects to be implemented over the next two years, and projects in the pipeline worth a further £1.2 billion.
Marine Systems shares were down 2.3% at 41.04 pence each on Friday morning in London.
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