SRT Marine Systems – looking for positive corporate news and potential upgrades to get the shares, now 80p, running over 100p and above

Mark Watson-Mitchell - 14.07.2026

It is about time that CEO Simon Tucker, boss of SRT Marine Systems (LON:SRT) presented another of his almost quarterly Investor Webcasts – the last was on Wednesday, 29^th April.

The £220m-capitalised group has recently been strengthening its Balance Sheet, while continuing to increase its record Order Book.

I featured its shares in early December 2024, then at just 40p, since then they topped 99p in the early days of January this year.

They are now trading at around the 80p level, while I still rate highly the group’s upside prospects, looking for them to hit 150p in due course.

Could that come from a positive end of year Trading Update?

The Business

Founded in 1987, the company was formerly known as Software Radio Technology and changed its name to SRT Marine Systems in July 2016.

Based at Midsomer Norton, near Bath, the group listed on AIM in 2005, today it develops and supplies automatic identification system (AIS) based maritime domain awareness (MDA) technologies, products, and systems.

The company's solutions are used in a range of maritime applications, such as maritime safety, security, management, and efficiency in waterways, ports and infrastructures, coasts, and open ocean.

It serves mariners, infrastructure owners, coast guards, and fishing authorities in the UK, rest of Europe, the Middle East, North America, South East Asia, and internationally.

The company offers systems, such as:

DAS-Digital ATON, a system that enhances port and waterway traffic control and navigation safety;

NAIS-National Vessel Tracking System, a vessel identification and tracking system solution;

MDM-Coastguard, a maritime domain surveillance system;

VMS-Fisheries, a system for monitoring, managing, and controlling fishing vessels; and

VTS-Ports and Waterways, a monitoring, managing, and controlling system for maritime infrastructure, ports, and waterways.

It also provides AIS Aids, VMS, search and rescue, vessel, and navigation transceivers; small boat trackers; fishing buoy trackers; base stations; display and data solutions; satellite data solutions; OEM AIS transceivers; and AIS transceiver modules, as well as develops and sells maritime communication products and systems.

SRT systems provide MDA intelligence 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.

Its navigation safety systems enable vessel operators to navigate digitally more safely and efficiently.

The group’s customers range from government agencies, such as coast guards, fishery authorities and ports & waterway authorities, to commercial and leisure vessel owners. 

Interim Results and Management Comment

On Monday, 16^th March, the group’s Interim Results to end-December 2025, reported a strong first half with revenues increasing by 95% to £51.1m and profit before tax rising by 48% to £3.1m.

The company's gross cash position grew by 86% to £41.6m, and it maintained an active contract Order Book of £350m from five sovereign customers.

Post-period, a new £195m contract was signed with a sixth sovereign customer, pending activation, and the company has a further £1.8bn in validated new system contract prospects.

The first unmanned surface surveillance vessel program is now operational, and the new NEXUS VHF/AIS marine communications system has been launched.

CEO Simon Tucker stated that:

"Our business continues to accelerate in line with the growing global market for, and interest in, maritime domain awareness.

Today's results reflect our strategic first-mover advantage and years of sustained investment in technology, products, people and market development, which have positioned SRT as a market leader that the market and our customers trust for their growing MDA requirements.

I look forward to continued growth in the second half and in the years ahead." 

£17.5m Fund Raise

Just over a month later, on announcing a £17.5m fund raise to accelerate product development and to support new contract conversion and delivery, Tucker commented further that:

"The evolving geopolitical situation continues to highlight the importance of sovereign civil defence and border security.

As pioneers of national scale integrated systems and technology in the maritime surveillance domain, SRT is at the centre of a long-term trend of rising demand for integrated sovereign capability in this space.

The proceeds of this fundraise will further strengthen our balance sheet and support the next phase of our strategic growth, enabling us to broaden our market reach and to enhance our offering to customers.

We continue to scale rapidly, building on the momentum we are seeing across both our systems and navigation safety businesses."

The Equity

There are now some 273.01m shares in issue.

The larger holders include Ocean Infinity Group (14.63%), Hargreaves Lansdown Fund Managers (7.67%), Rathbones Investment Management (3.50%), Barclays Bank Plc (Private Banking) (1.71%), Amati Global Investors (1.41%), Maven Capital Partners UK (1.39%), HSBC Global Asset Management (UK) (0.47%), James Brearley & Sons (0.44%), IG Markets (0.24%), and iDealing.com (O.17%).     

Broker’s View

In early May, upon the group announcing a £5m System Support Contract, analysts Kimberley Carstens and Michael Hill, at Cavendish Capital Markets, reiterated their 122p Target Price for the group’s shares.

They consider that SRT’s revenue model is maturing with multiple long-term sovereign customers, each of which generates multiple revenue streams for SRT through successive SRTMDA Systems contracts that build on initial implementations, and annual support contracts of increasing value.

Combined with delivery of multiple concurrent implementation projects, new customer pipeline conversion and contract extensions, SRT is executing on its strategy of developing long-term customer relationships with long-term recurring revenues through repeat contracts.

For the year to end-June, the analysts estimate that group revenues will have increased to £115.8m (£78.0m), while adjusted pre-tax profits almost doubled to £10.2m (£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.

My View

This little group is a world leader in Marine Domain Awareness Systems and as such is still at a very early stage of its development.

It is dealing professionally with Governments across the World, and its £545m Order Book and its contract pipeline are building up impressively.

It is just not the initial orders that create corporate wealth but, instead, the run-ons and add-ons that will boost the bottom line.

The group’s shares, now at 80p, offer significant potential for soon breaking the 100p barrier and then scooting rapidly toward the 150p level as the contracts start to accrete.

I actually see the recent stock market calm around the group and its news flow as a positive sign.

(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)