StockMarketWire.com - Maritime surveillance group SRT Marine Systems warned it would post a full-year loss after the coronavirus sparked contract delays.

Pre-tax losses for the year through March were expected at around £3.8m, the company said.

'The reason provided by the customers for the delays are related to their governments' response to coronavirus. which is requiring them to immediately and unexpectedly reprioritise their short-term operational focus, combined with expected restriction of movement of goods and people,' the company said.

The delays would reduce expected year-end revenues to £17.5m.

'Of course, we understand and respect the decision of our customers to concentrate on the current exceptional circumstances,' chief executive Simon Tucker said.

'Nevertheless, the timing and nature of this delay is unexpected and very disappointing, and I apologise to my colleagues and shareholders for the angst this unexpected delay will no doubt cause.'

'However, I hope it is of some re-assurance to note that after many years of diligent work we have reached the point of contract signature and that once we are past this short delay the contracts will proceed and the significant revenue lost in the current financial year added to the next.'


At 10:00am: [LON:SRT] SRT Marine Systems Plc share price was -1p at 31.5p



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