StockMarketWire.com - SRT Marine Systems said it had received the first payment related to a £31m fisheries monitoring system contract with the fisheries department of the Philippines government.

Delivery of the system commenced immediately upon the signing of the contract in December.

Further payment milestones would be completed over the course of the next 12 months, as the system was built up to its full operating scale.

Completion would be followed by the ongoing supply of SRT Marine Systems's satellite data product, training and capacity building.

'I am very pleased at the progress being made,' chief executive Simon Tucker said.

'This reflects the excellent working relationship now established between SRT Marine Systems and department which is built on a common objective to build and operate this system as quickly as possible.'




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