SRT Marine Systems (LSE:SRT) reported a strong first-half performance for the 2026 financial year, with unaudited revenues rising to £51.1m, almost double the level recorded a year earlier. Profit before tax increased 47% to £3.1m, while gross cash climbed 85% to £41.5m, reflecting improved operating leverage and cash generation.
Both the Navigation Safety and Integrated Marine Surveillance Systems divisions performed in line with management expectations during the period. Growth was driven by continued execution on four major system projects and the ongoing delivery and support of a fifth, highlighting the company’s ability to scale complex, multi-year contracts.
Looking ahead, management pointed to a £300m active contract book and a broader opportunity pipeline valued at £1.8bn as providing strong revenue visibility. This includes a pending contract award of approximately $200m, which, if secured, would further strengthen medium-term growth prospects. These factors underpin confidence in continued momentum in the second half of the year and beyond, supported by sustained global demand for maritime surveillance and navigation solutions.
From an outlook perspective, SRT’s strong top-line growth and improving operational performance are positives. However, these are tempered by elevated valuation metrics, weak technical indicators, limited free cash flow and the absence of a dividend, which collectively weigh on near-term investor appeal.
More about SRT Marine Systems plc
SRT Marine Systems plc is a UK-based global provider of civil defence maritime intelligence and surveillance systems, alongside navigation safety and efficiency solutions. The company’s technologies deliver maritime domain awareness intelligence to support sovereign agencies such as coast guards, fisheries authorities and port authorities, while its navigation systems help commercial and leisure vessel operators enhance digital safety and operational efficiency.
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