ST and the market anticipate the start of the VERY long awaited Saudi and Indonesia coastguard contracts. Both of these have large amounts of kit waiting for delivery at MSN. This will result in substantial revenue recognition together with payments (large)for historic survey work. The start of these two contracts will trigger a brokers note which will flag the anticipated year end figures. I am hoping that the broker’s note will also give an update on the £200 million M/E contract (Kuwait?). |
 Both Indonesia and the Philippines are going through their annual budget processes at the minute.
Bakamla's 2025 budget has been set at some $70 million, not much different from prior years, although they put in for ten times that amount. They don't seem that miffed about it, more that their 'performance allowance', some sort of guaranteed salary uplift, is low at 47%, the lowest of any agency, and due to 'past sins'. This sort of collective punishment seems to be the norm over there and can only result more agency tribalism. Small wonder that no-one else wants to be merged with them.
Given that SRT's contract with them is worth almost three times their annual budget and has already been approved in a prior budget, it is most unlikely that Bakamla would relinquish that. They would simply lose that $180 million spend and the prestige that will go along with it.
By comparison, the Armed Forces of the Philippines, who have considerable support for their modernization programme, put in for 245 billion PhP, over $4 billion, and have only got 75 billion approved. The Coast Guard Modernization bill has passed the lower house and includes some $90 million per year of dedicated modernization funds which can be leveraged with loans, grants and other forms of foreign financing. Given the timing and urgency of this, I expect that will be included in the 2025 budget. SRT is trying to recruit a new in-country manager for the Philippines, as well as Indonesia and Bahrain, to go with the recently recruited Saudi manager. |
ST usually pulls something out of the hat.I do wonder whether the audit and going concern note is causing indigestion.The loan facility will have financial covenants to govern drawdowns etc, breached before but waived |
Long term shareholders like myself have not been rewarded for their silence. Given lack of progress on project funding, company sale probable next step. |
must be getting close to 2m left in cash,,,another 2 months worth of pay days,, they'll have burned through most of the ocean infinity and beyond life line by now, they'll be having to tap into the revolving facility soon,,,,, just a question,,, if they had to fudge the year end dates to get a contract that didn't happen in the end, will they have another balance sheet problem that prevents any sane country from putting multi million dollar projects their way when they've got no munnee left
same old srt |
Looks like bad news on the way with the 24 loss due to be detailed |
I don't think many of the large shareholders are invested for IHT relief but rather to make capital gains. If there are changes to BR, it might make AIM unviable over the longer term but I would expect any changes to be tapered in. |
Nexus would seem to be SRT's project name.
The end product is marketed as the em-trak X100 - which makes online searching a little more productive. |
EM-TRAK MARINE ELECTRONICS LTD
For many years I have wondered why the Em-Trak products and web site are referenced as relating to this limited company. However, it appears that no financial transactions pass through it - the accounts show it to be "dormant".
How does this affect product and other commercial regulations and obligations?
I'd appreciate the opinion of those with greater commercial experience than I have. |
They don't seem to be in the running for any prizes at METS in November. You self identify as having a shortlist product, but crucially have to be an exhibitor. Neither SRT nor Emtrak have booked a booth yet and the deadline is 23rd Septmber for entries. From memory they leave it late to book as it gets cheaper.
Anyway, it looks like they have finally got the thing working. Let us see what the market thinks. No doubt the new marketing manager has been hired because of this. |
And the X100 page on the em-trak website |
Post on LinkedIn by the guy in the US. |
I think the main appeal is its functionality enabling VHF to be accessed on smartphones which enables other features like MOB alerts etc etc. Will look out for announcements from EmTrak dealers over the next few weeks. I expect it will be a little while before Nexus appears rebranded by OEMs
I respect ST's quest for excellence in SRT's products ( which is evidenced by their success with OEMs over the years ). The Nexus programme has taken longer than originally envisaged, not least because of the extended beta testing phase with various agencies including RNLI, Customs etc.
Mr Tucker has always claimed that he wants Nexus to be at 'Apple standard' - and I think we can take him at his word based on quality of SRT's products to date.
Nexus was described at last year's METS as being "a game changer". I hope it's a game changer for SRT too. |
Not being a mariner, I don't know how useful it would be, but I suspect that it will be more for new build. Anyone with a boat will have VHF already so would more likely opt for an AIS add-on.
Emtrak has been talked of before as mainly retrofit, whereas someone with cash to splash for a new build tends to opt for a brand or even a suite with chart plotters etc.
There are of course the geeks such as those who read Panbo, but how many of them are there? |
Nexus Base seen retailing at 13995 Danish Kroner, about £1575, on one of the few sites actually selling although no stock as yet. No price quoted for Nexus handheld. Looks impressive spec and functionality. Hopefully will prove in demand once properly launched. |
Someone mentioned Nexus recently: |
I must have the equivalent of the commentator's curse - it seems that they are looking to replace our man in Jakarta. He must have been fed up sitting around for a year doing nothing. Incongruously, this position reports dircetly to Peniket and not to the head of systems delivery, such is the importance of the contract.
They would absolutely not be hiring for Bahrain unless the deal is practically closed, so I expect to hear very soon on that. |
Another two new posts advertised for program managers 1 Bahrain 1 Jakarta Indonesia :)
"The Program Manager will be expected to represent the company in-country to the end customer and will be responsible for managing the team to deliver, install and commission SRT’s Maritime Domain Awareness Systems. " |
Thanks lavalmy. V useful to know re headcount |
They may well get the annual Php 5 billion into 2025's budget, which might explain the need for a new hire. I note with some tredipation that they will be able to enter into loan agreements and the like. |
Still hiring 3 new roles today civil engineer, hardware engineer and looking for a general manager in Manila
"Role Overview
The General Manager role is to ensure the successful implementation of the SRT-MDA system. The successful candidate will be expected to represent the company in-country to the end customer and work alongside the company’s in-country installation partner to ensure full and complete system installation and commissioning." |
Another thing about Indonesia is that our own man over there, Stephen Meakin, does not seem to be the sort who would be happy just sitting around waiting for thinga to happen. If he thought that the project was not going to happen, I am sure he would have quit asap.
Reading his profile on Linkedin it is remarkable how much people recommend him for getting jobs done on tight timelines ahead of time and below budget. So when the starting whistle is finally blown, I would expect to see rapid progress.
Maybe UKEF could hire him afterwards. |
What I do find baffling about this delay is that UKEF has a man based in Indonesia, a Magdalen man like myself.
From 2018
'Indonesia has become the first country in the world to have a UK Export Finance (UKEF) country head to be based in-country. Richard Michael has been appointed to the newly-created post in Jakarta, leading UKEF’s efforts to grow the UK-Indonesia trading relationship.'
He had previously spent about half of his 30 year career in Indonesia, so quite clearly would understand how things are done over there. I don't know exactly when SRT's project got into the Blue book, but it most certainly moved into the Green Book after he started with UKEF. So he will have undoubtedly have been involved with it then. |
pidazzle
I have no particular insight as to what has caused the delay, but I think it is just as likely that it is the UK end of things - small company, large contract, country and agency known for corruption etc.
As for noises from SRT, I tend to look at what they do rather than what they say. So when the project manager hired for Saudi left the company last autumn, is was clear to me that something was wrong. Conversely, the Indonesian project manager is still in place and they have recently hired a new manager for Saudi. |
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