For new shareholders or those wishing to increase knowledge of SRT, watch the 10 June Webcast hosted by Simon Tucker, our CEO, who's a very interesting and honest presenter.
Go to: hxxps://srt-marine.com/about/news/webcast-30th-september-2024/ and scroll down to bottom left and click 'June 2024'.
More importantly, Simon will be doing another live Webcast at 8.30am this Monday 30 Sept.
In your web browser go to hxxps://srt-marine.com/about/investors/ and scroll down the page to the "JOIN US FOR OUR NEXT INVESTOR WEBCAST" section a few mins before 8.30 on Mon to register.
FYI: I'm a small shareholder - in no way representing SRT! |
Looks like a David Brent ‘there’s good news and bad news’ investor call on Monday |
Not being (entirely) facetious, LaV, but 'what does Simon say?'.
ATB |
Far from taking my advice, it seems that they are hiring someone to further develop their app for the systems side. It could of course just be a replacement for someone who is leaving.
I wouldn't normally mention such trivia but I found the job description rather intriguing. The only apps that I know of on the systems side are for catch reporting for fisheries and installation of the transponders in boats. There might also be some dockside audit function for the fisheries. I would not have thought that the installation part warrants much work as it is basic one-off input. I can't see much in the way of non fisheries use either as those vessels don't have to actively do anything.
So have they got new or expanded potential fisheries contracts? Or have I missed some possible applications for monitoring? |
fft
I don't think that the basic specs change much.
WRT to terms, I think it is 50% on delivery, the rest less retentions on installation. Whatever the precise details, a couple of months after the green light has been received there should be large cash inflows, freeing up whatever proportion of the working capital SRT has provided. |
WRT kit ready to ship. Some of this kit must have been in the warehouse for a considerable time. Is there a danger that after a few years a customer decides to change the specifications (probably upgrade) and that the kit in the warehouse is no longer suitable and thus not needed - or only in part ? Has this kit already been paid for by the customer or is it effectively cash on delivery ? How do the contracts work ? |
Lav-you are indeed the voice of reason |
 C5
I think they use LinkedIn a lot. When you say fast growing, many would think that the business is growing fast rather than the payroll. Tucker said recently in a webcast that they need a project manager and a success manager for each country but beyond that nothing. I sincerely hope that they are not thinking of spending more on R&D before they actually are cash positive, rather than dreaming that they might be.
Your comment on a prior post about the kit being ready to ship is a similar issue. Some has been bought and paid for, significantly reducing precious working capital. Other parts are on supplier loans which must worry the suppliers and render future deals more difficult with them. Yet other items are covered by the in-country partner. So all in all it seems an insane way of managing the business when they do not know when any contract will start. Much better add three months to the implementation schedule and start the procurement and hiring once the final go-ahead has been received. |
Fast growing?Lets hope so |
I understand that the HR team are doing the research on finding all of the personnel to satisfy the fast growing company. They do this in house rather than going via agencies. They identify people with the perceived skills and then approach them directly. They have found that agencies do not deliver. |
Time was when they didn't have a HR person and now have a HR Business Partner (who I think is the boss), a HR Manager and just recently a HR assistant. Quite what they need the whole gamut for is beyond me.
They even have a H&S person, though I doubt she checks that the lads going up the towers have their harnesses on. |
I disagree on cash management-breaches of interest covenants, numerous cash raises, expensive loan notes, revenue recognition issues, substantial debtor book, impairments of declared revenue.Sooner or later, the company has to live within its means CM-I would suggest its sooner.
We need some clarity on all fronts-too many loose ends |
Clearly the market shares Pinkfoot’s concerns. Fear of the unknown. I believe that it is fair to assume that ST knows the progress of the contracts, hence the various appointments in Saudi and Indonesia. Although Indonesia has been considerably delayed, it has allowed the company to use the time for planning the detail of a massive contract.
I believe that the market is ignoring several factors, going forward.
The recent RNS identified two ‘sustainability’ Contracts. The bulk related to the recently completed IMEMS contract and also the very small Indonesia contract. Just imagine the sizes of the ‘sustainability’ contracts for Saudi, Indonesia and Kuwait? These are annual payments with visibility. The market likes visibility.
If Kuwait is awarded to SRT, one can assume that the likes of Airbus and Leonardo were also in the frame for this contract.
If SRT has Bahrain, Saudi, Indonesia and Kuwait coast guards as customers it will place the company at the top of the list for other Countries who need a system. Likewise, once a Country becomes a SRT customer they are locked in for future work.
The company has always been careful with cash spend. I understand that the headcount stands at about 130. However, there will be numerous posts to fill when the cash starts rolling in. The hiring market is moving in SRT’s favour |
Problem CM is there is zero clarity on timelines-and any that have been given are embarrassingly off the mark.
I’m expecting a whopping loss for 2024 Im afraid plus the usual rhubarb and custard flannel |
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. |
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