SRT – Software Radio Tech – half year report

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 2015 ( Shares are down nearly 4% in early trading.

Revenues were £3.6m (2014: £5.4m), with an operating loss of £720k (2014: profit £540k). These figures are in line with the update from 6 October. Paul Scott noted ( at the time: “So it seems that a strong H2, and hence full year, should be possible, likely even”.

Myself, I am a little confused about their actual expectations. In today’s report they said that they deliver on their £3.6m order book. I have the impression that they have not had much in the way of actual orders since then. All they say is “multiple additional validated future revenue opportunities”. I take that to mean that when they have delivered on these orders, then they basically have nothing.

So we might not expect H2 to be strong unless they manage to pull something out of the hat; at least that is the way I am reading it. I think that their losses may be greater than the previous year.

The SRT BBs (bulletin boards) seem far too active in this share. I regard this as a warning sign.

It will be interesting to see what Paul Scott makes of SRT’s report.



About mcturra2000

Computer programmer living in Scotland.
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