SRT Marine Systems – oversubscribed fundraising, webcast, then further contract news suggests that big move forward is due, shares 91p, SQC Target Price 150p

Mark Watson-Mitchell – 11.05.2026   

Following on from the mid-April £17.5m fund-raise and then Simon Tucker’s recent webcast, on Wednesday 29^th April, his SRT Marine Systems (LON:SRT) group announced yet another positive piece of contract news late last Friday, 8^th May.

The £248m-capitalised group, which is the global leader in advanced maritime domain awareness technologies and solutions, from sophisticated national surveillance systems for coast guards to large scale fisheries monitoring, marine communications, navigation safety and efficiency, is now beginning to show some useful corporate advances.

SRT’s products are the preferred choice of nation states and professional mariners and are trusted daily by customers across the world to solve issues such as smuggling, navigation safety and efficiency, border sovereignty, fishing sustainability, environment protection.

System Support Contract

The group announced that it had signed a £5m one-year support contract for an existing SRT-MDA deployment with a long-standing sovereign customer.

This support contract runs from 1^st January to 31st December 2026 and covers technical support and data services to maintain and support the customer's operational SRT-MDA system.

This is the second annual support contract and is larger than the first due to the customer's growing use of the system.

Such recurring annual support contracts are expected to grow in value as the customer expands its SRT-MDA system with future system expansion contracts.

Management Comment

CEO Simon Tucker stated that:

"This is an important long-term sovereign partnership with significant future system growth ambitions.

This further system support contract, which provides a blend of services for our existing system, is a strong example of our long-term, multi-revenue stream business model delivering value for both SRT and the customer, who relies daily on a state-of- the-art digital maritime surveillance system."

The Business

The Midsomer Norton-based group is engaged in the provision of maritime domain awareness products and systems.

It focuses on the development and supply of integrated maritime surveillance, monitoring, management, and safety systems used by coastguards, fishery authorities, infrastructure and vessel owners to manage and control their maritime domain.

Its solutions integrate multiple technologies, advanced analytics, digital display systems, logistics and command and control to provide enhanced maritime surveillance, security, safety and management for national authorities such as coast guards and fishery authorities.

The group’s applications include coastal and territorial water surveillance and security, fisheries monitoring, management and IUU detection, search and rescue, waterway management and aquatic environment monitoring as well as individual leisure and commercial boat owners.

Its customers range from government agencies, such as coast guards, fisheries authorities, and ports and waterways authorities, to commercial and leisure vessel owners.

The Equity

There are some 272.96m shares in issue.

The major shareholders include Ocean Infinity Group (15.87%), Hargeaves Lansdown Fund Managers (8.33%), Rathbones Investment Management (3.79%), Barclays Bank (Private banking) (1.85%), Amati Global Investors (1.53%), and Maven Capital Partners (1.51%).

Broker Views

Analyst Kimberley Carstens and Michael Hill, at Cavendish Capital Markets, rate the group’s shares as a Buy, with a Target Price of 122p.

The analysts stated that:

“The contract is for the provision of a range of technical support, system maintenance and data services to support the ongoing operation of an existing SRT-MDA system with a long-term sovereign customer and represents its second contract renewal.

The renewed contract value is +80% greater than the first, on a constant currency basis, due to growing requirements of the customer.

This demonstrates how 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. 

We look forward to timing updates on SRT’s record £190m new Systems contract and a $20.5m expansion, excluded from forecasts, which could lead to FY27 adj dil EPS upgrades of +78% to 7.0p from 3.9p.”

My View

Very gradually, this little group is gaining some real strength in its legs, certainly sufficient to help its shares spring a lot further forward on the back of more good corporate news.

Three weeks ago, ahead of the webcast, I suggested that its shares at 83p were being primed for a good move.

Now at just 91p, just 8p below their High, I consider that an early break above the 100p can be anticipated, with subsequent strides towards my 150p Target Price.

Shares now at 91p primed for a move over 100p and then up to 150p in due course

(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)