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Edge20 Mar 2026
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SRT Marine Systems
SRT Marine Systems (SRT) investor relations material
SRT Marine Systems H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary16 Mar, 2026
Executive summary
Revenue grew 95% year-over-year to £51.1m for H1 FY2026, with profit before tax up 48% to £3.1m and strong operating cash flow of £35.3m, driven by robust contract execution and expanding global demand for maritime domain awareness solutions.
Maintains a diverse global customer base, including five active sovereign customers and vessel operators, with a growing contract pipeline and validated opportunities totaling £1.8bn.
Business model leverages proprietary technology, modular systems, and long-term sovereign partnerships, supporting recurring revenue streams.
The first unmanned surface surveillance vessel program became fully operational, and the NEXUS VHF/AIS marine communications system launched and began shipping post-period.
Financial highlights
H1 FY2026 revenue reached £51.1m, up 95% year-over-year; gross margin at 27% due to systems project mix; systems business margin was 26%, transceivers business 42%.
Profit before tax (PBT) was £3.1m, up 48% year-over-year; operating expenses increased to £10.2m reflecting scale-up.
Operating cash flow was £35.3m, including £22m advance payment; closing cash balance at £41.6m, with £27.4m restricted for project bonds.
Net assets stood at £29.9m at 31 December 2025; borrowings at £16.2m; net current assets: £22.3m.
Basic EPS rose to 1.16p from 0.93p year-over-year; diluted EPS was 1.10p versus 0.85p.
Outlook and guidance
Contract order book at £227m, with further signed contracts pending activation and a validated pipeline of £1.8bn.
Broker forecasts project continued revenue and PBT CAGR of 26% and 46% respectively from FY2025 to FY2027, based on existing contracts.
Revenue growth expected to continue in the second half, with the Board confident in meeting market expectations.
Long-term growth visibility supported by robust market trends and accelerating contract conversions.
Cash generation expected to remain strong for the full year, despite planned project-related purchases.
UKEF financing status for the £195m contract
Impact of restricted cash on H2 working capital
Future USSV integration in sovereign projects
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Latest events from SRT Marine Systems
- Strong order book, H1 profits, and new launches drive growth despite execution risks.SRT
AGM 20253 Feb 2026 - Major contracts advance, Nexus launch nears, and robust pipeline supports long-term growth.SRTInvestor Update2 Feb 2026
- Four major surveillance contracts worth $420M are set to start before year-end.SRTInvestor Update20 Jan 2026
- Revenue up 95% and profit before tax up 47% year-over-year, with strong growth outlook.SRTH1 2026 TU13 Jan 2026
- Major system contracts and strong transceivers growth set up robust multi-year revenue outlook.SRTH2 202411 Jan 2026
- Strong contract pipeline and regionalization trends drive growth, with Nexus launch on track.SRTInvestor Update27 Dec 2025
- Strong revenue growth and profitability driven by major contracts and robust order book.SRTH1 202515 Dec 2025
- Revenue set to grow 50% with profits more than doubling, driven by strong contracts and pipeline.SRTInvestor Update16 Nov 2025
- Strong revenue and profit growth, major contract wins, and new product launches drive outlook.SRTH2 202522 Oct 2025
SRT Marine Systems
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Amina0781App Store
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@theshortbearx.com
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