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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Srt Marine Systems Plc | LSE:SRT | London | Ordinary Share | GB00B0M8KM36 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.50 | 2.22% | 23.00 | 22.00 | 24.00 | 23.00 | 22.50 | 22.50 | 360,407 | 08:00:38 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Services, Nec | 30.51M | 69k | 0.0004 | 575.00 | 44.27M |
From Apr 2019 to Apr 2024
TIDMSRT
RNS Number : 8275H
SRT Marine Systems PLC
20 November 2018
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
SRT MARINE SYSTEMS PLC ("SRT" or the "Group")
HALF YEARLY REPORT FOR THE SIX MONTHSED 30 SEPTEMBER 2018
SRT, the AIM-quoted developer and supplier of maritime identification and tracking technologies, announces its unaudited interim results for the six months ended 30 September 2018 (the "Period").
Financial Highlights
-- Revenue increased by 10% -- Gross profit margin of 41% -- Gross cash of GBP1.4 million as at the period end -- Equity raise of GBP3 million and Loan Note Refinancing
Operational Summary
-- Completion of transceiver production transfer -- Expansion in transceiver distributor network -- Significant increase of GeoVS system functionality -- Progress with system contract negotiations
Chairman's Statement
The first half of the year has seen steady financial progress broadly in line with our expectations and significant operational and system related activities.
Revenue for the first half was primarily derived from our transceiver business and grew by 10% to GBP3.2 million (2017: GBP2.9 million), generating a 41% gross profit margin (2017: 46%). During the period no material system project delivery milestones were completed.
Administrative expenses were reduced to GBP2.5 million (2017: GBP3.1 million) largely due to some favourable foreign exchange movements on US dollar-based receivables. This resulted in a loss before tax GBP1.3 million (2017: loss before tax and exceptional item of GBP1.8 million).
We are pleased with the progress of our transceivers business which develops and manufactures AIS transceivers used in the marine industry for a variety of safety, security and monitoring purposes. Our investments of the past two years have resulted in a broader range of products with improved performance and functionality and are now in volume production. We will continue to work with existing distribution partners as well as selectively grow our network to maximise market penetration. In parallel we have commenced development activities to leverage the additional embedded capabilities within these new products to provide new added value user functionality on the transceivers to widen their appeal and utility within the leisure and commercial markets as well as innovative functionality that integrates with our various system offers. We expect to see demand for AIS across all application and geographic segments to continue to grow steadily in the future and believe that our investments will ensure that our position as the leading global supplier is further consolidated.
Our systems business is based around our GeoVS maritime domain awareness system application. GeoVS has evolved to be a sophisticated maritime surveillance, intelligence and analytics system that delivers customers such as coast guards, fisheries and port & waterway authorities enhanced control and understanding of their marine domain. We see that the global market has entered a phase of significant maritime surveillance and monitoring system upgrades due to the availability of a new generation of sensor technologies and analytics systems. We have completed a number of systems around the world and are actively and aggressively addressing the global maritime surveillance, security and monitoring market place. I am pleased to report that our pipeline of visible systems contract opportunities now stands at an aggregate value in excess of GBP400 million, with several of them in their final stages prior to contract and commencement of execution.
Our systems business involves the delivery of complete turn-key system solutions for the customer. These include the provision of various hardware, such as AIS devices that we produce, as well as third party items such as radar, communications, surveillance CCTV. In addition, we supply and integrate various forms of monitoring data from satellites for extended range monitoring which will provide a growing source of long-term recurring revenues in addition to ongoing system upgrades. All of this is integrated into a single operating platform by our GeoVS application. In 2017 we announced our intention to invest in our own satellite constellation. Following a period of intensive research and evaluation we have decided not to proceed with this investment. The satellite market is rapidly evolving with numerous competing systems being launched, thus providing SRT with a wide choice and a highly competitive market within which we can source the data our customers need.
In May the Company announced an equity fundraising of GBP3 million in order to provide the Company with growth capital and working capital to fund new and ongoing systems projects as well as to accelerate product development. In addition, the Company refinanced GBP1.15 million of short term loan notes by issuing new three year loan notes to the same value. The Company now has GBP3.15 million of Loan Notes drawn down of a GBP10 million available facility.
In summary, our transceivers business is well positioned to continue its long term growth path through the combination of better products and distribution, coupled with increasing adoption in the huge EU and USA commercial and leisure markets. SRT has established itself as a major player in the global maritime surveillance and security market, with proven projects completed, and a pipeline of major opportunities some of which are in their final stages of closure. I therefore expect the second half to see significant systems deliverables from multiple contracts and associated revenues as well as a solid contribution from our transceivers business.
Kevin Finn
Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
Hot Features
Premium
Six months Six months Year
ended ended ended
30 Sep 30 Sep 31 Mar
2018 2017 2018
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------------ ---- -------------- --- -------------- --- ----------------
Revenue 3,223,804 2,928,576 5,331,559
Cost of sales (1,915,550) (1,591,591) (3,026,374)
------------------------------------ ---- -------------- --- -------------- --- ----------------
Gross profit 1,308,254 1,336,985 2,305,185
Administrative expenses (2,472,004) (3,082,711) (6,469,102)
-------------- --- -------------- --- ----------------
Operating loss before exceptional
item (1,163,750) (1,745,726) (4,163,917)
Exceptional item 3 - (1,490,318) (1,490,315)
------------------------------------ ---- -------------- --- -------------- --- ----------------
Operating loss after exceptional
item (1,163,750) (3,236,044) (5,654,232)
Finance expenditure (143,609) (24,132) (125,426)
Finance income 224 88 224
--- --- ----------------
Loss before income tax (1,307,135) (3,260,088) (5,779,434)
Income tax credit 4 113,829 158,714 551,866
------------------------------------ ---- -------------- --- -------------- --- ----------------
Loss for the period (1,193,306) (3,101,374) (5,227,568)
------------------------------------ ---- -------------- --- -------------- --- ----------------
Total comprehensive loss for
the period (1,193,306) (3,101,374) (5,227,568)
------------------------------------ ---- -------------- --- -------------- --- ----------------
Loss per share:
Basic
Diluted 2 (0.88)p (2.43)p (4.09)p
2 (0.88)p (2.43)p (4.09)p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018
As at As at As at
30 Sep 30 Sep 31 Mar
2018 2017 2018
Unaudited Unaudited Audited
Notes GBP GBP GBP
------------------------------- ------ ------------------ -------------- --------------
Assets
Non-current assets
Intangible assets 6,275,385 6,053,887 6,222,819
Property, plant and equipment 175,431 190,593 177,479
Deferred Tax 386,517 - 272,688
------------------------------- ------ ------------------ -------------- --------------
Total non-current assets 6,837,333 6,244,480 6,672,986
Current assets
Inventories 3,353,330 3,320,074 3,443,685
Trade and other receivables 4,660,048 4,129,170 4,433,000
Cash and cash equivalents 1,426,402 2,137,547 1,364,437
------------------------------- ------ ------------------ -------------- --------------
Total current assets 9,439,780 9,586,791 9,241,122
Liabilities
Current liabilities
Trade and other payables (1,431,387) (1,249,781) (2,529,630)
Financial liabilities (250,000) (2,500,000) (1,650,000)
------------------------------- ------ ------------------ -------------- --------------
Total current liabilities (1,681,387) (3,749,781) (4,179,630)
Net current assets 7,758,393 5,837,010 5,061,492
Long term liabilities
Financial liabilities (3,150,000) (250,000) (2,000,000)
Deferred tax - (120,464) -
------------------------------- ------ ------------------ -------------- --------------
Total long term liabilities (3,150,000) (370,464) (2,000,000)
Net assets 11,445,726 11,711,026 9,734,478
------------------------------- ------ ------------------ -------------- --------------
Shareholders' equity
Ordinary shares 5 139,743 127,703 127,743
Share premium 7,738,311 4,895,189 4,905,549
Other reserves 7 5,490,596 5,490,596 5,490,596
Retained earnings (1,922,924) 1,197,538 (789,410)
Total shareholders' equity 11,445,726 11,711,026 9,734,478
------------------------------- ------ ------------------ -------------- --------------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
Six months Six months Year ended
ended ended
30 Sep 30 Sep 31 Mar
2018 2017 2018
Unaudited Unaudited Audited
Notes GBP GBP GBP
--------------------------------------- -------------- ------------- -------------
Cash used in operating
activities 6 (1,635,351) (353,825) (993,536)
Corporation tax received - - -
---------------------------------- ---- -------------- ------------- -------------
Net cash used in operating
activities (1,635,351) (353,825) (993,536)
---------------------------------- ---- -------------- ------------- -------------
Investing activities
Expenditure on product
development (711,324) (969,434) (1,876,920)
Purchase of property, plant
and equipment (42,737) (48,511) (83,666)
Interest received 224 88 224
---------------------------------- ---- -------------- ------------- -------------
Net cash used in investing
activities (753,837) (1,017,857) (1,960,362)
---------------------------------- ---- -------------- ------------- -------------
Cash outflow before financing (2,389,188) (1,371,682) (2,953,898)
---------------------------------- ---- -------------- ------------- -------------
Financing activities
Net proceeds from issue
of ordinary share capital 2,844,762 22,500 32,900
Net proceeds from debt
financing - 1,750,000 3,150,000
Repayments on loan (250,000) - (500,000)
Interest paid (143,609) (24,132) (125,426)
---------------------------------- ---- -------------- ------------- -------------
Net cash inflow from financing
activities 2,451,153 1,748,368 2,557,474
Net increase / (decrease)
in cash and cash equivalents 61,965 376,686 (396,424)
---------------------------------- ---- -------------- ------------- -------------
Cash and cash equivalents
at beginning of period 1,364,437 1,760,861 1,760,861
---------------------------------- ---- -------------- ------------- -------------
Cash and cash equivalents
at end of period 1,426,402 2,137,547 1,364,437
---------------------------------- ---- -------------- ------------- -------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
Share Share Retained Other Reserves Total
Capital Premium Earnings
GBP GBP GBP GBP GBP
Balance at 31 March 2017 127,613 4,872,779 4,138,891 5,490,596 14,629,879
Comprehensive loss for
the period - - (3,101,374) - (3,101,374)
Share based payment expense - - 160,021 - 160,021
Issue of equity share
capital 90 22,410 - - 22,500
Balance at 30 September
2017 127,703 4,895,189 1,197,538 5,490,596 11,711,026
Comprehensive loss for
the period - - (2,126,194) - (2,126,194)
Share based payment expense - - 139,246 - 139,246
Issue of equity share
capital 40 10,360 - - 10,400
Balance at 31 March 2018 127,743 4,905,549 (789,410) 5,490,596 9,734,478
Comprehensive loss for
the period - - (1,193,306) - (1,193,306)
Share based payment expense - - 59,792 - 59,792
Issue of equity share
capital 12,000 2,988,000 - - 3,000,000
Share issue costs - (155,238) - - (155,238)
Balance at 30 September
2018 139,743 7,738,311 (1,922,924) 5,490,596 11,445,726
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Accounting Policies
Basis of preparation
The interim financial information in this report has been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 31 March 2019.
Non-statutory accounts
Financial information contained in this document does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 ("the Act"). The statutory accounts for the year ended 31 March 2018 have been filed with the Registrar of Companies. The report of the auditors on those statutory accounts was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The audit report drew attention by way of emphasis to the disclosure in the financial statements surrounding the recoverability of debtors greater than 12 months old which had not been provided as well as a material uncertainty relating to going concern.
The financial information for the six months ended 30 September 2018 and 30 September 2017 is unaudited. The interim financial statements will be available to download on the Company's website www.srt-marine.com from 20 November 2018.
Accounting policies
The accounting policies as applied by the Group are the same as those applied by the Group in the consolidated financial statements for the year ended 31 March 2018, except for the adoption during the period of IFRS 9 "Financial Instruments" and IFRS 15 "Revenue from contracts with customers". The policies applied during the period are the same policies expected to apply for the year ended 31 March 2019. There has been no impact on the interim statements as a result of these changes.
2. Earnings per share
The basic loss per share have been calculated using the loss for the period of GBP1,193,306 (six months ended 30 September 2017 - loss of GBP3,101,374; year ended 31 March 2018 - loss of GBP5,227,568) divided by the weighted average number of ordinary shares in issue of 135,807,993 (six months ended 30 September 2017 - 127,673,840 and year ended 31 March 2018 - 127,701,597).
During the six months ended 30 September 2018 and 2017, as well as the year ended 31 March 2018, the Group has incurred losses for the periods and therefore there is no impact of the share options granted on diluted earnings per share.
3. Exceptional item
During the previous period, the Group incurred an exceptional impairment charge of GBP1,490,318 in respect of its contract to supply an MDM system in South East Asia which has been postponed. This impairment was presented net following the provision of the associated debtor and the write back of associated project costs and Directors' bonuses that were accrued but not paid.
4. Income tax credit
During the period, the Group credited GBP113,839 of income tax to the profit and loss account in respect of an increase in its deferred tax asset. During the period ended 30 September 2017, GBP158,714 was credited in respect of a reduction in the Group's deferred tax liability and during the year ended 31 March 2018 GBP551,866 was also credited due to movements in deferred tax.
5. Called up share capital
30 Sep 30 Sep 31 Mar
2018 2017 2018
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------- ---------- ---------- ----------
Allotted: (Ordinary shares
of 0.1p each): 139,743 127,703 127,743
-------------------------------- ---------- ---------- ----------
Share capital reconciliation: Number of
shares
Shares outstanding at 31 March 2017 127,612,419
a) Exercise of employee share options 90,000
Shares outstanding at 30 September 2017 127,702,419
b) Exercise of employee share options 40,000
Shares outstanding at 31 March 2018 127,742,419
c) Placing of shares - May 2018 12,000,000
Shares outstanding at 30 September 2018 139,742,419
a) The exercise of share options took place in May 2017 at an exercise price of 25p and June 2017 at exercise prices of 23p and 29p
b) The exercise of share options took place in December 2017 at an exercise price of 26p
c) The placing in May 2018 took place at 25p per share raising gross proceeds of GBP3,000,000 before costs of GBP155,238
6. Cash from operations
Six months Six months Year ended
ended ended
30 Sep 30 Sep 31 Mar
2018 2017 2018
Unaudited Unaudited Audited
GBP GBP GBP
----------------------------------- -------------- ------------ ------------
Operating loss before exceptional
item (1,163,750) (1,745,726) (4,163,917)
Depreciation of property,
plant and equipment 44,785 42,772 91,041
Amortisation of intangible
fixed assets 658,758 726,502 1,465,055
Share-based payment charge 59,792 160,021 299,267
Decrease / (increase) in
inventories 90,355 (38,553) (162,164)
(Increase) / decrease in
trade and other receivables (227,048) 730,807 426,980
(Decrease) / increase in
trade and other liabilities (1,098,243) (229,648) 1,050,202
Net cash used in operations (1,635,351) (353,825) (993,536)
------------------------------------ -------------- ------------ ------------
7. Other reserves
Other reserves consist of a capital redemption reserve of GBP2,857 (six months ended 30 September 2017 - GBP2,857 and year ended 31 March 2018 - GBP2,857), a warrant reserve of GBP62,400 (six month ended 30 September 2017 - GBP62,400 and year ended 31 March 2018 - GBP62,400) and a merger reserve of GBP5,425,339 (six months ended 30 September 2017 - GBP5,425,339 and year ended 31 March 2018 - GBP5,425,339). There were no movements in these reserves during the period.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR LLFFTLVLALIT
(END) Dow Jones Newswires
November 20, 2018 02:00 ET (07:00 GMT)
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