StockMarketWire.com - Maritime surveillance, monitoring and management system supplier SRT Marine said it expected to post a first-half loss, despite a rise in revenue.

Revenue for the six months through September rose 10% to £3.5m, the company said.

Pre-tax losses amounted to £1.5m compared to losses of £1.3m on-year.

SRT Marine said it had received all expected cash payments in respect of its systems business from previously completed milestones.

It had also purchased and paid for significant quantities of equipment required to complete scheduled project delivery milestones during the second half of the year.

'SRT continues to make excellent progress in our chosen target markets of AIS transceivers and integrated maritime surveillance and intelligence systems for coast guards and fisheries,' chief executive Simon Tucker said.

'Our transceivers business continues to grow due to market recognition of the quality and performance of our products and I expect this to accelerate as we launch some new products and marketing later this year.'

'The first half has also seen significant activity and progress around a number of pending system contracts and we look forward to updating shareholders regarding these during the second half and as such we remain comfortable with market expectations.'




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