- Technology provider SRT Marine Systems has reported a 7% increase in revenues in the six months to September 30 on the same period in 2019.

With revenues of £3.8 million, the company also announced its gross cash balances at end of the period had reached £5 million, up significantly on the £1.7 million a year earlier.

Simon Tucker, chief executive of SRT said the company had not predicted such strong performance at the start of the period due to Covid-19, and the progress of existing and pending new system contracts had slowed significantly during the period.

'However, I am pleased to report that none have disappeared and in recent months most have re-engaged on top of us receiving new inquiries and so have a significant active pipeline of validated and as yet unvalidated opportunities each at a different stage in the sales cycle,' he said.

The company announced its gross profit margin had improved by one percentage point to 39%, with a systems division validated sales opportunity pipeline now reaching £550 million.

At 9:59am: [LON:SRT] SRT Marine Systems Plc share price was 0p at 35p

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