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Recent discussions among investors in SRT Marine Systems Plc have revealed a blend of optimism and uncertainty, particularly concerning the company's transponder sales in Bahrain. Some investors remain confused over whether the anticipated £8 million in sales will be realized, given the complexities surrounding supplier agreements and the market's dynamics. Lavalmy emphasized the expectation of the UKEF/MOF agreement coming soon, suggesting that advancements around the Bahrain contract could serve as a catalyst for future sales and improve sentiment towards the stock.
Financial highlights indicate that investor discussions are vibrant, with keen attention on the delayed rollout of contracts and potential market opportunities in regions like Bahrain and Indonesia. Enthusiasm about upcoming developments, particularly linked to the Bakamla contract, was noted, with discussions pointing to significant broker notes expected with the contract's announcement, prompting speculation on stock price fluctuations. As one participant quoted, "I expect fireworks," reflecting the collective sentiment that positive institutional support might significantly bolster SRT's market position once contracts materialize.
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SRT Marine Systems PLC recently announced significant company developments and financial updates. On February 3, 2025, the Directors confirmed the issuance of 50,000 new ordinary shares following employee share option conversions, increasing the total shares issued to 249,912,656. This issuance is regarded as a move to enhance employee engagement and incentivize performance. The new shares will begin trading on AIM on February 7, 2025, providing updated voting rights for shareholders under the Financial Conduct Authority's rules.
Additionally, SRT has solidified its position within the maritime sector by signing a new contract for the second phase of a substantial maritime domain awareness (MDA) project valued at approximately $15 million. This project aims to establish an integrated MDA system for a national coast guard, reflecting SRT's commitment to enhancing maritime security and environmental protection. The results of the recent annual general meeting showed unanimous approval for all resolutions proposed, underscoring shareholder support for the company's strategic direction and initiatives.
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Brokers note yes. Half year figures to Dec 31 2024 will come much later obviously. |
Half year figures and brokers note next week? |
Thanks LaV. Doesn't sound all that encouraging, does it - but in practice I guess we have only a binary choice, sell or hang in there. For better or worse, I'm going for the latter. I still think raising a judicious question at the AGM would be worthwhile. |
pldazzle |
pldazzle |
The company has many posts to fill and agencies do not deliver. |
SRT seeking a Talent Acquisition Manager. |
yump, I have no idea what your gripe is. |
Just to clarify. |
Hi. Yes 25X. corrected |
"a PR ratio of 25%" - do you mean 25x? |
I believe that January 2025 is going to be the transformational month for SRT Marine, with the share price touching 100p. (Some here will laugh!) The most important feature will not be the AGM on the 23rd, although I suspect there will be a very large turnout engaging with the team, including our new NED, Oliver Plunkett. He is the CEO of Ocean Infinity which will be a 24% shareholder. The long awaited £160 million Indonesia contract should soon be up and running. However, the most important event will be the broker’s report, which will be supported by the half year figures (end December 2024). We already know a great deal about the broker’s report content, because of the £320 million of signed contracts. We can make a fair assumption about overheads. I am assuming £15 million 2025, £18 million 2026 and £20 million 2027. (the company needs to increase headcount considerably to deal with the increased workload). I am assuming that higher margin identifier sales, DAS and Nexus will grow from £12 million in 2025 to £16 million in 2027. The very big unknown, to be clarified in the broker’s note, is the average profit margin across all of the sales. Here I am assuming a 35% average margin. I believe that the company knows the strength of its offering and that 35% is about right. If we work on £300 million for sales for 2025, 2026 and 2027, I am going to pitch T/O at £80 million for 2025, £100 million for 2026 and £120 million for 2027. This deliberately underestimates T/O because it does not allow for identifier sales or future systems contracts. |
Apart from pld's very legitimate question it can also be noted that GBP-USD exchange has fluctuated between $1.09 and $1.34 in the period from Sept 2022 to the present. |
Many thanks SJ for your support. Yump, I'm all the more baffled at your apparently hostile attitude given that we're supposedly "on the same side" - I hold a sizeable number of SRT shares and have no intention of selling at anywhere near present levels - and given that my question was (with no disrespect) entirely reasonable and sensible. |
Yump.The question raised by pld was valid unless You think inflation is negative!! Hopefully for shareholders the contract has been renegotiated to allow for this. |
Has anyone here actually run a contract business and also read how SRT goes about procurement, product stocking etc. etc ? |
Pld You are right to flag this as potentially serious issue. Inflation likely to be 10%+ so with margin at 20%+ that could be a 50% hit to profit! |
pld - I suspect the information you're asking for would be regarded as commercially sensitive - not many companies provide that level of detail about their contracts as it would only feed into other later negotiations, not necessarily to the company's benefit. |
You said the profit margin must be fairly negligible by now, if inflation isn’t built into pricing. |
yump - whatever makes you think that? Misplaced sarcasm does you no credit. On the contrary, I have no idea, and I don't suppose you or any of us do either. Indeed, that's the whole point. The contract was quoted in the May 2023 RNS as being for $180m; so far as I am aware there has been no subsequent announcement on price, but IIRC (and I'm open to correction here) it was still being included at $180m in the 23.12.24 presentation, when I'd have expected the value to have risen to nearer $190m or even higher if inflation was properly built in. |
You know their costs, margin and inflation on products and services not already bought then? |
I have a query about the $180m MDA contract announced in May 2023, now getting on for two years ago [it seems common knowledge that it's for Indonesia, but evidently we're supposed to play the charade of not mentioning that officially, as silly as that is] and which has apparently still not commenced even now. |
It's the markets they operate in :¬( |
Thanks, LaV. |
Effortless |
Type | Ordinary Share |
Share ISIN | GB00B0M8KM36 |
Sector | Communications Services, Nec |
Bid Price | 46.00 |
Offer Price | 47.00 |
Open | 55.00 |
Shares Traded | 2,075,924 |
Last Trade | 16:00:26 |
Low - High | 44.50 - 55.00 |
Turnover | 14.82M |
Profit | -13.65M |
EPS - Basic | -0.0546 |
PE Ratio | -8.52 |
Market Cap | 137.45M |
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