SRT Marine Systems AIM:SRT
- Founded
- Midsomer Norton, England
- Incorporated
- United Kingdom
- Chief executive
- Simon Tucker
- Employees
- 122
- Reports in
- GBP
- Companies House
- 05459678
Maritime technology company supplying AIS transceivers and integrated national maritime surveillance systems used by coastguards and fisheries authorities, with large multi-year government contracts in the Middle East and Asia. Contract timing makes revenues lumpy; the systems order book is substantial relative to its size.
Read straight from the annual reports
74.0p at close on 2 Oct 2026 · 12 reported years, 2014–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
12 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Sovereign Partnership systems contracts
Five sovereign customer partnerships worth £325m of system contracts, delivering multiple project and invoice milestones worth £68m during the year
page 6New systems contract pipeline
Validated sales pipeline of visible new contract opportunities valued at approximately £1.8bn, with about £500m having good conversion visibility
page 7Mix shift toward higher-scale systems contracts
Group gross profit margin improved to 31% (2024: 28%) as systems revenue scaled 426% to £78.0m
page 6Reliance on outsourced manufacturing/installation partners
The Group does not engage in its own manufacturing and relies on a limited number of manufacturers, suppliers and installation partners for systems projects
page 8£3.4m charge: Non-cash exceptional finance charge on Ocean Infinity warrants issued for a performance bond guarantee
page 23The outlook for our business is very positive, and growing... In the short term, we are focused on delivering against our existing £325m of contracts, whilst in the medium and longer term we expect to be further expanding those systems as our customers' aspirations and needs grow, as well as welcoming more new customers into our Sovereign Partnership program.
page 7Post year end, received notification of award from a new sovereign customer for a maritime surveillance system expected to be worth approximately US$200m, subject to completion of the project contract and a project financing package
page 5The directors have not recommended the payment of a dividend for the year (2024: £nil); no stated dividend policy disclosed
page 10Audit opinion unmodified/unqualified but includes a material uncertainty related to going concern: current rapid growth phase creates possible mismatch between customer receipts and supplier payments that could require bridging finance, and loan notes fall due within 12 months with no guarantee of refinancing (though the Group has an extensive track record of securing such facilities and a secured loan note programme with capacity). A separate Emphasis of Matter also draws attention to uncertainty over recoverability of £8.7m of pre-revenue transceiver intangible assets. Auditor: S&W Audit (John Howarth, senior statutory auditor), signed 21 October 2025.
page 11- Nature of systems customers: predominantly governments, exposing the Group to forecasting/timing risk, political and financial change, sudden cancellation and variable/extended payment terms with no guaranteed redressp.8
- System execution risk: wide range of execution risks in delivering systems on time to specification and qualityp.8
- Attracting and retaining employees with appropriate skills necessary to execute strategyp.8
- Dependence on manufacturers, suppliers and service providers, as the Group does not manufacture in-house and relies on installation partnersp.8
Read from C001219-AR-2025-ch.
12 annual reports read, FY2015 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (12)
FY2026Next report expected 2 Nov 2026