SRT Marine Systems – looking for momentum to accelerate into the future, 2026 Finals due shortly should please investors and show substantial prospects
Mark Watson-Mitchell - 02.10.2026
I always like to see ‘Company Insiders’ committing to their equities.
So, when I noted a couple of months ago that Oliver Plunkett, a Non-Executive Director at SRT Marine Systems (LON:SRT) had added another 190,456 shares to his holding, paying 77.96p each for his purchase, I believe that it emphasised his confidence in the group.
Plunkett is a board member of and CEO of the Ocean Infinity Group, the Company's 14.63% shareholder, where he has a beneficial interest and is therefore deemed to have an indirect beneficial interest in Ocean Infinity's entire legal holding in SRT.
That purchase on his own account, which took his holding up to 785,456 shares, representing 0.29% of the SRT equity, was after the Group reported its 2026 Full Year Trading Update on Thursday 23rd July.
Within the next few weeks, I am expecting that the £204m-capitalised group, which is a market leader in its special field, will announce its Annual Results for the year to end-June.
They are sure to declare a corporate advance, hopefully sufficient enough to get the shares moving upwards again.
The Group’s shares peaked in mid-January this year, hitting 99p, however over the last couple of months or so they have traded in the narrow range of 73p to 85p – and now stand at around the 75p level, just below the latest Plunkett purchase price.
I believe that Simon Tucker, boss of SRT, has played a very smart game in not stoking the share price ahead of due accomplishment – instead letting the market react to achievement.
Taking a view between now and the end of next year, I can see the shares almost doubling in price.
The Business
Based near Bath, it is a global provider of civil defence maritime intelligence and surveillance systems and navigation safety and efficiency solutions.
The Group’s systems provide marine domain awareness that enables sovereign agencies, such as Coast Guards and Fishery Authorities, to adopt a new nationwide intelligence-led operations doctrine which is highly effective and efficient for maritime safety and security.
SRT navigation safety systems enable vessel operators to navigate digitally more safely and efficiently.
Group customers range from Government agencies such as Coast Guards, Fishery Authorities and Ports & Waterway authorities to commercial and leisure vessel owners.
Revenues are generated from a growing range of sources that now include the provision of software-enabled hardware, support and data services, unmanned surveillance vessels and infrastructure.
The Company’s revenue model is maturing with multiple long-term sovereign customers, each of which generates multiple revenue streams for SRT through successive SRT MDA Systems contracts that build on initial implementations, and annual support contracts of increasing value.
Full Year Trading Update
On Thursday, 23rd July, the Group reported a strong Trading Update for the financial year to end-June, with revenue increasing by 49% to £116m and profit before tax rising by 105% to £10m, exceeding market expectations.
The Company's gross cash balance grew significantly by 473% to £57m, comprising £30m in unrestricted cash and £27m in restricted cash.
While one project experienced lower-than-expected gross profit margins due to supply chain disruptions and scope expansion, the Company anticipates this will be offset by future revenue and profit from other projects.
The Group stated that it maintained confidence in achieving existing market expectations for the upcoming financial year, supported by a £1.8bn pipeline of opportunities.
Management Comment
Group CEO Simon Tucker stated that:
"SRT is scaling at pace.
A 49% revenue and 105% profit increase is an excellent result.
All achieved through a period of growing global instability where sovereign border and territory surveillance and security is increasingly important.
SRT's established global position, market-fit product offer and strategy of long-term sovereign partnerships in this global market is now starting to show in our financial performance.
We have a growing portfolio of opportunities from existing and new customers and therefore I expect to see this momentum accelerate into the future as our existing customers expand capability and we form new long-term sovereign partnerships."
The Equity
There are now some 273.01m shares in issue.
The larger holders include Ocean Infinity Group (14.63%), Hargreaves Lansdown Fund Managers (7.71%), Rathbones Investment Management (3.45%), Barclays Bank Plc (Private Banking) (1.71%), Maven Capital Partners UK (1.39%), Amati Global Investors (0.64%), HSBC Global Asset Management (UK) (0.47%), James Brearley & Sons (0.43%), IG Markets (0.24%), and iDealing.com (O.17%).
Broker Views
At Cavendish Capital Markets, analysts Kimberley Carstens and Michael Hill, have a 122p Target Price for the Group’s shares.
For the year to end-June, they estimate that Group revenues will have increased to £116.0m (£78.0m), while adjusted pre-tax profits almost doubled to £10.3m (£5.2m), lifting earnings to 3.8p (2.3p) per share.
They have also pencilled in for the current year, sales of £123.4m, £11.1m profits and 3.9p of earnings per share.
The analysts state that the Group remains exceptionally well-placed to benefit from secular demand for intelligence-led civil defence systems, reinforced by tensions in the Middle East that underscore the importance of independent, sovereign-owned domain awareness capabilities.
Still at a very early stage in the Group’s development, it is impressive in its ability to have already secured a number of significant contracts with global State Agencies.
My View
The Group's potential appears to be highly profitable due to its outperforming net margins.
The Company is in a robust financial situation especially considering its net cash and margin position.
Its shares at 75p offer attractive upside prospects as it progresses to gain orders from that £1.8bn pipeline, which in due course will really help to transform the group’s Balance Sheet and its Sales and Profits profile.
For a long time I have remained confident of SRT achieving my 150p Target Price - hopefully the imminent Finals and AGM Trading Update will be part of the upward progress.
(Profile 14.09.20 @ 39.50p set a Target Price of 50p*)
(Profile 10.11.23 @ 39.75p set a Target Price of 60p*)
(Profile 25.04.24 @ 22p set a Target Price of 35p*)
(Profile 03.09.25 @ 80p set a two-year Target Price of 150p)
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