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Marine communications specialist SRT Marine Systems (LON:SRT) swung to a loss before tax and exceptional items of £5.8 million from a profit of £1.2 million the year before, as it recorded a one-off exceptional impairment charge of £1.5 million in relation to a systems contract with a European systems integrator, which is a prime contractor to a South-East Asian coast guard.
“I am very disappointed with the shortfall in our revenues for the year, which was caused by an unexpected contract change,” commented CEO Simon Tucker. “This does not reflect the excellent operational progress the business has made with regards to product development and sales opportunities.
“I recognise that we are measured on the profits that SRT delivers and to that end expect SRT to measure up to expectations in the near future.”
SRT shares slipped 0.92p to 25.33p (as at 10:15 BST).