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SRT Marine Systems PLC – Change of Year End Date

12 March 2024

Hamilton, Bermuda: 12 March 2024 - In a filing with the Bermuda Stock Exchange (“BSX”), SRT Marine Systems PLC, advised that it has changed its financial reporting date.  The full filing stated:


SRT Marine Systems plc – change of year end date


In order to protect our ability to tender for certain pending new system contracts, as explained below the Board has resolved to move the financial year end from 31 March to 30 June. The effect of this change is that the current financial year will be extended by 3 months to be 15 months in length ending on 30 June 2024. The Company intends to publish audited final results for the 15 months ended 30 June 2024 during October 2024. Thereafter the Company will publish unaudited interim results for the 6 months ended 31 December by no later than 31 March (commencing with the financial results for the 6 months ended 31 December 2024) and audited final results for 12 months ended 30 June by 31 December in each calendar year (commencing with the financial results for the 12 months ended 30 June 2025).


The reason for this decision is that in one specific jurisdiction we must meet certain minimum financial ratio criteria related to the size of the target new project in order to bid and contract. The Board believes there is a risk that some existing system project deliveries, expected to be completed in March, will slip into the next quarter due to the time required for governments to complete the necessary processes and paperwork for the deliveries, combined with the effect of the annual Ramadan and EID periods. The consequence of this would be a reduction in our financial ratios and therefore risk our ability to bid for these new system projects. As we are not certain these deliveries will complete in March, the Board considers this to be an unnecessary risk which could exclude SRT from substantial new projects.


About SRT Marine Systems PLC (SRT)


SRT and its subsidiaries develop and supply technologies, products and systems which provide maritime domain awareness (“MDA”).  MDA is the understanding and tracking of the maritime domain for the sake of security, safety, economy, or environment.  The Company’s systems are used across a range of applications including maritime surveillance border control and security, fishery monitoring & management infrastructure monitoring, search and rescue and environment monitoring.  SRT’s products provide customers with information, analysis, dynamic event visualization, and management functionality that enable them to understand, monitor, control and manage maritime activities.  SRT is based in Bath, U.K.


For further information, please contact:

SRT Marine Systems PLC

Richard Hurd

+ 44 (0)1761 409500

Simon Tucker




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