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The price of shares in AIM-listed SRT Marine Systems (LON:SRT) improved by 4.25% to 33.88p (as of 16:15 GMT) despite the firm announcing delays to substantial contracts as governments altered short-term operational priorities. The first revenues from the deals are now expected to be recognised in the next financial year.
Chief executive Simon Tucker commented: “Of course, we understand and respect the decision of our customers to concentrate on the current exceptional circumstances. Nevertheless, the timing and nature of this delay is unexpected and very disappointing, and I apologise to my colleagues and shareholders for the angst this unexpected delay will no doubt cause. However, I hope it is of some re-assurance to note that after many years of diligent work we have reached the point of contract signature and that once we are past this short delay the contracts will proceed and the significant revenue lost in the current financial year added to the next“.