SRT Marine Systems (SRT)

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SRT Marine Systems SRT Logo

The AIM quoted provider of maritime domain awareness technologies, products and solutions.

10-Oct-2017

Trading Statement For The 6 Months To End September 2017 – Seems like a bit of a profit warning here – Even though LFL Revenue is up 10%, there’s a Loss of £1.7m and “No material milestones from projects were completed during H1 2017 and thus no project revenues were recognised”. The CEO does however look forward with confidence to the second half of the year”.

I am not convinced (as convinced as the CEO) by the latest update!

14-Nov-2017 – 34.75p – £45.3m – PER 22.4

Interim Results For The 6 Months To End September 2017 – Broadly in-line. Revenue up 10% to £2.9m with an increased loss of £1.7m (£1.2m last time).

I can’t see how a PER of 22.4 is justified here, I’m certainly not interested at present.

23-Jul-2018 – 26.25p – £36.7m – PER 13.8

Final Results For The 12 Months To End March 2018 – Revenue down from £11.0m to £5.3m, resulting in a Loss Before Tax and exceptional items of £4.3m (2017: Profit £ 1.2m) – The rest doesn’t sound any more inspiring either.

I said last time I looked at this that I couldn’t see how a PER of 22.4 was justified and I am not even sure a PER of 13.8 represents an investment case here, for me it doesn’t.

3-Oct-2018 – 25.5p – £35.3m – PER 10.3

Trading Update For The 6 Months To End September 2018 – Revenue up, Loss reduced. No mention of in-line, etc. (nada!).

There’s still nothing here to change my view from Neutral.

20-Nov-2018 – 27.75p – £38.8m – PER 10.7

Results For The 6 Months To End September 2018 – Broadly in-line with Revenue up 10% meaning a smaller Loss than last year (-£1.3m versus -£1.8m). Expecting a better H2.

There’s still nothing here to change my view from Neutral.

10-Apr-2019 – 30p – £46m – PER 15

Trading Update For The 12 Months To End March 2019 – Expects Revenue of £20m and PBT of £3m with Net Cash at £3.9m. No mention of “expectations” here at all, lazy *****.

A huge improvement on last year (made a Loss), on a quick check this does look like a slight miss though – I remain on the side-lines.

18-Jul-2019 – 34p – £54m – PER 17

Results For The 12 Months To End March 2019 – Revenue up 286% from £5.3m to £20.6m, PBT of £3.2m (Loss of -£4.2m last time), growing pipeline of opportunities.

This looks quite encouraging however latest Broker note this morning indicates negative EPS growth forecast for next year (no forecasts provided for subsequent year).

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