- Maritime surveillance group SRT Marine Systems has announced first-half revenues of £3.8 million, resulting in an expected pre-tax loss for the period of £2.7 million due to the pandemic.

In its trading update for the six months to 30 September 2020, the company reported all revenues were derived entirely from its transceivers business due to there being no system business project milestones completed during the period.

But it said that 'unexpectedly' given the Covid-19 pandemic, revenues for the transceivers business were 6% ahead of the same period last year, with the second half 'looking positive'.

It also confirmed that its systems business was not expected to complete any milestones on either existing or expected new contracts during the period and therefore, while £8.5 million of cash payments were received from system customers during the period, no revenues were recognised.

The company ended the period with £5 million of cash.

Chief executive Simon Tucker said: 'I am pleased our transceivers business continues to trade strongly despite the Covid-19 situation.

'This is a reflection of the investments we have and continue to make in our products and sales channels, coupled with the continuing trend of AIS becoming standard fit on most commercial vessels and increasingly smaller leisure vessels every year.'

At 9:45am: [LON:SRT] SRT Marine Systems Plc share price was -0.25p at 39.25p

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