SRT Marine Systems PLC (AIM: SRT), a global provider of intelligent maritime and sovereign civil-defence surveillance systems, has reported audited results for the year ended 30 June 2026 showing revenues of £114.1m, up 46% from £78.0m in FY2025. Profit before tax surged 653% to £10.7m, compared with £1.4m the prior year, while net cash generated from operating activities rose to £37.7m from £1.0m. The company's contracted order book now stands at £539.5m, with a validated new prospect pipeline of £2.4bn, figures that investors in the AIM-listed company are likely to scrutinise closely.

Key Points

  • SRT Marine Systems PLC (AIM: SRT) — global civil-defence and maritime surveillance technology company headquartered in Midsomer Norton, Bath
  • Revenue rose 46% to £114.1m in FY2026, with profit before tax up 653% to £10.7m
  • Order book reached £539.5m following £218.4m of new contract conversions; validated pipeline expanded to £2.4bn; cash balances of £57.1m at 30 June 2026
  • Investors should watch for order conversions from the £2.4bn pipeline and the execution of the new five-year STS Strategy targeting land and low-altitude air surveillance

SRT Systems Business Drives Revenue to £114.1m as Sovereign Customer Base Reaches Five Active Deployments

SRT's systems business, which delivers integrated surveillance and intelligence platforms to sovereign governments, generated £104.3m in FY2026, up from £68.5m in FY2025, and was the primary driver of group revenue growth. The navigation safety division, which includes AIS transceivers and the newly launched NEXUS combined voice and data marine communications system, contributed £9.8m, marginally ahead of £9.5m the prior year. The company reported five active sovereign customers at year end, with a sixth contracted. Overall blended gross margin was 32%, which the announcement states increased marginally despite unexpected cost increases on a Middle East contract caused by supply chain disruption and a decision to expand that project's scope.

£57.1m Cash Balance and £37.7m Operating Cash Flow Follow £17.5m April 2026 Equity Placing

SRT closed FY2026 with a total cash balance of £57.1m, including restricted cash of £27.4m held as security for project performance bonds, compared with £9.9m at 30 June 2025. The company completed a £17.5m equity placing before expenses in April 2026 to support continued expansion. Net cash generated from operating activities reached £37.7m versus £1.0m in FY2025. Basic earnings per share rose to 4.29p from 0.85p. The board is not recommending a final dividend. Loan notes outstanding totalled £14.41m at 30 June 2026, carrying a 10% interest rate on terms of up to three years, secured by a floating charge over group assets.

Going Concern Emphasis of Matter Flagged Amid Rapid Growth Phase and Loan Note Repayments Due

The auditors' report for FY2026 included an emphasis of matter drawing attention to a material uncertainty relating to going concern. The announcement states this uncertainty arises from the company's rapid growth phase and the possibility of a timing mismatch between customer receipts and supplier payments, which could require bridging finance. Loan note repayments fall due within the next 12 months and there is no guarantee such financing can be secured, the disclosure notes. SRT states it has an extensive track record of securing such facilities and holds a secured loan note programme with sufficient capacity, alongside UKEF guarantee support.

New STS Five-Year Strategy Targets Land and Air Border Surveillance and Long-Term Recurring Revenues

Following a strategic review conducted in early 2026, SRT unveiled its STS Strategy, a five-year plan to expand beyond maritime surveillance into land and low-altitude air border surveillance and intelligence. The strategy also targets growth in long-term recurring revenues through supplementary services including UAV, USV and data offerings. The company converted £218.4m of contracts from its previously reported £1.8bn pipeline during FY2026, yet grew the pipeline itself to £2.4bn. CEO Simon Tucker stated in the announcement that he expects conversion to continue at pace. The AGM is scheduled for 16 December 2026 at the company's Midsomer Norton offices.