SRT Marine Systems (AIM:SRT), the AIM-listed provider of maritime surveillance and navigation safety systems for governments, confirmed its results for the 12 months to 30 June are in line with market expectations.
Revenue rose 49% and profit before tax and exceptional items increased 105% year-on-year, according to the trading update.
Gross cash stood at £57m at the period end, split between £30m unrestricted and £27m held as restricted cash for project performance bonds.
Gross margin on one ongoing project will come in lower than expected, driven partly by Middle East-related supply chain disruption and a decision to expand the system's scope, which the company said should support additional revenue and profit from future projects.
Simon Tucker, chief executive, said: "SRT is scaling at pace. A 49% revenue and 105% profit increase is an excellent result."
He added that sovereign border and territory surveillance demand is growing "through a period of growing global instability".
SRT said it remains confident in existing market expectations for the new financial year, to be met through current contract execution, new pending contracts, and potential conversions from its £1.8bn pipeline, though it will issue further guidance once project timescales become clearer.
News Intelligence what this means for the company
SRT Marine delivered 49% revenue growth and 105% profit growth for FY2026, in line with expectations, underpinned by strong demand for maritime surveillance in a period of geopolitical tension. The company holds £57m gross cash (£30m unrestricted) and is guiding to confidence in current-year expectations through contract execution and a £1.8bn pipeline, though one ongoing project will see lower-than-expected margins due to Middle East supply disruption and scope expansion.
The doubling of profit on near-50% revenue growth signals operating leverage and improving unit economics, though the margin pressure on one project and deferred guidance pending clearer timescales suggest execution risk remains material. The £1.8bn pipeline and geopolitical tailwinds support the growth narrative.
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