SRT Marine Systems – maritime domain awareness specialist responds to press comment in the East following its shares collapsing 15.5% yesterday to 46.50p

20.02.2025

Yesterday the shares of SRT Marine Systems (LON:SRT), the marine domain awareness specialist, fell by 15.5% to 46.50p, following comments about the company’s founder Simon Tucker published in the Philippines press.

Company Response to Philippine press reports

“SRT notes the recent share price movement and reporting in the Philippine press with regard to the IMEMS fisheries project.

As noted via an announcement on 24 April 2024, SRT clarifies that the IMEMS contract was won following an open and competitive international tender, which has been successfully implemented and is operational.

The Ombudsman has previously confirmed that both SRT and Richard Hurd were cleared of any allegations.

The Ombudsman had recommended further investigation into Simon Tucker and other individuals outside of SRT, and we are pleased to see this now moving forward through the Philippine legal process towards a clear resolution.

The Board remains fully supportive of Simon who continues with the process to clear his name.  

SRT's business continues as normal, both with the existing contractual obligations to support the fully operational first-class fisheries management system as well as on new upcoming business opportunities.”

The Business

The group is an established leader in the growing global market for maritime domain awareness.

It provides technology-driven solutions for coastal and exclusive economic zone surveillance, fisheries management and monitoring and navigation safety and efficiency.

Its customers range from government agencies such as Coast Guards, Fishery Authorities and Ports & Waterway authorities to commercial and leisure vessel owners. 

Management Comment

On Thursday 16th January, ahead of the recent AGM, the group issued a First Half Trading Update, at which time CEO Simon Tucker stated that:

“This is a solid start to the year.

The combination of our transceivers business, a £334m active contract book from multiple sovereign customers, each with long term system development plans and a £1.2bn pipeline of further prospects gives us significantly improved visibility over future financial performance.

Both of our businesses are now well established and our future is underpinned by our portfolio of sophisticated technology and products, an established market position, and a global MDA market at the beginning of its growth curve."