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(SRT.L) Software Radio Technology PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 18-11-09 | PRN |
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SOFTWARE RADIO TECHNOLOGY PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009 Software Radio Technology plc, the AIM-quoted developer of maritime identification and tracking technologies, announces its unaudited interim results for the six months ended 30 September 2009. During the first six months, SRT started to see the fruits of its long term strategy. Revenues increased by 122% to £2.1 million whilst the loss for the period reduced from £402,000 to £31,000 compared to the first six months of last year. Net cash balances increased by 32% from £535,000 at 31 March 2009 to £705,000 at 30 September 2009. SRT is focused on the development of high performance, complex, low cost maritime identification and tracking solutions with a particular focus on AIS (Automatic Identification System). AIS has become the maritime vessel identification and tracking system of choice for authorities and mariners around the world thus creating a global market for AIS products. SRT's evolving range of AIS solutions enables companies seeking to address this diverse global market in leisure, commercial and homeland security, to do so quickly and with minimal risk and investment. The increase in AIS projects and mandates around the world and therefore demand for SRT's solutions, has been the primary driver for the acceleration in the growth. A good example is the three year US$18 million order announced in September. However, so far, relatively few of the announced and expected AIS mandates have come into effect and therefore SRT continues to invest for the future. SRT has invested heavily in the development of new AIS technologies and products with the objective of significantly improving and broadening its product range. This year has seen the introduction of a miniature low cost AIS receiver module and in Q2 2010 SRT will start production of a new Class A unit. The addition of these products enables SRT to address all segments of the global AIS market and is expected to provide additional revenue streams from 2010 with good margins. The outlook for the AIS market is encouraging. Countries around the world, from South Korea and China to India, USA, EU and Turkey, are either actively implementing or planning national mandates for the use of AIS devices on hundreds of thousands of vessels. Since 2005, SRT has worked to develop low cost, flexible technologies and embed them within a wide variety of customer products. The Group's international customer base, which each have established brands and sales channels, continues to grow. Although future revenues remain difficult to predict, with the risk of significant upward or downward fluctuations, the Board believes that SRT is well positioned to benefit from the expected increasing demand for AIS products as mandates, both planned and announced, take effect. Finally I would like to take this opportunity to thank all our staff for their tireless, passionate and innovative work, without which SRT would not have been able to develop market leading technologies and establish itself as the leading provider of AIS solutions in the world today. Nick Jolliffe Chairman Enquiries
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
2009
Continuing operations
based payments
payments
continuing operations
Loss for the period from
discontinued operation
discontinued operation)
diluted):
operations
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2009
2009 2008 2009
Assets
Non-current assets
Current assets
Liabilities
Current liabilities
Shareholders' funds
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
scheme - value of
employee services
2008
scheme - value of
employee services
scheme - value of
employee services
2009
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
2009 2008
Continuing operations
activities
activities
Investing activities
assets
and equipment
activities
from continuing operations
Discontinued operation
activities
activities
discontinued operation
cash and cash equivalents
end of period
NOTES TO THE INTERIM FINANCIAL STATEMENTS 1. Accounting Policies Basis of preparation The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 31 March 2010. The accounting policies are consistent with those of the annual financial statements for the year ended 31 March 2009. On 31 December 2008, the Board decided to discontinue the Group's professional mobile radio division and accordingly placed its 100% subsidiary, SRT PMR Technology Ltd, into Administration. This operation was not classified as discontinued as at 30 September 2008 and the comparative income statement and cash-flows have therefore been re-presented to show the discontinued operation separately from the continuing operations. Non-statutory accounts The financial information for the year ended 31 March 2009 set out in this interim report does not constitute the Group's statutory accounts for that period. The statutory accounts for the year ended 31 March 2009 have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not contain a statement under either Section 237 (2) or Section 237 (3) of the Companies Act 1985 and did not include references to any matters to which the auditor drew attention by way of emphasis. The financial information for the 6 months ended 30 September 2009 and 30 September 2008 is unaudited. The interim financial statements are available to download on the Company's website www.softwarerad.com. 2. Share-based payment In line with the requirements of IFRS 2, the Group has recognised the following profit and loss charges in respect of issued share options:
2009
loss charge 3. Earnings per share The basic and diluted earnings per share have been calculated using the loss for the period of £31,037 (six months ended September 30, 2008 - loss of £1,619,402; year ended March 31, 2009 loss of £12,177,925) divided by the weighted average number of ordinary shares in issue of 97,817,107 (six month ended September 30, 2008 and year ended March 31, 2009 - 97,817,107). 4. Other Reserves Other reserves consist of: Capital Redemption Reserve £2,857 (2008: £2,857), Warrants Reserve £62,400 (2008: £62,400) and Merger Reserve £5,425,339 (2008: £5,425,339). There were no movements during the period. 5. Cash from Operations
plant and equipment
fixed assets
inventories
receivables
liabilities
assets
operations
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| 03-09-09 | AFX UK Focus |
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* Shares indicated up 12.5 pct
(Adds details)
(Reporting by Purwa Naveen Raman in Bangalore; Editing by Aradhana Aravindan) Keywords: SOFTWARERADIO/ (purwa.naveen@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: purwa.naveen.thomsonreuters.com@reuters.net)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 03-09-09 | AFX UK Focus |
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LONDON, Sept 3 (Reuters) - Software Radio Technology Plc:
product ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 03-09-09 | PRN |
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SOFTWARE RADIO TECHNOLOGY PLC
Software Radio Technology plc ("SRT") is pleased to announce that it has received an order worth US$18 million for its AIS (Automatic Identification System) Class B product. The Class B units are to be delivered in variable quarterly quantities over a period of three years. The first quarterly delivery has been made and payment received. The agreement is with an Asia-based customer and the units will be used to meet local demand in a single country arising from a national mandate which will ultimately require up to an estimated 220,000 vessels to be fitted with an AIS device. The current agreement represents only a proportion of this potential market. Following the mandate of AIS by the International Maritime Organisation on most vessels over 300GT in 2002, AIS became a global technology standard and is now used on a daily basis by many authorities and port operators. Since that time, its ability to identify and track vessels of all sizes precisely irrespective of the weather or topography has driven many countries to place it at the core of their coastal and inland waterway safety and security plans. A number of regions such as India, the EU, Turkey and the USA have announced plans to introduce mandates. This has created a growing global market for AIS devices which SRT's module and product solutions are well positioned to address with a range of high performance, low cost products. SRT Managing Director, Simon Tucker, said: "Our technology provides the high performance, low cost solution required for this market. We have worked with this partner for several years and are delighted to have concluded this agreement. "We foresaw the opportunity provided by the global AIS market in 2005 and invested heavily in the development of our AIS technologies and supporting customers to make use of our solutions. This investment has put us in a strong position, both technically and commercially, to benefit from the growth in demand for AIS products in the years to come. Clearly, as this is a relatively new market we can expect periodic delays, however there is no doubt that the market is now moving forward positively. Today's announcement is real evidence of the opportunity that exists." Enquiries:
Enquiries:
Group Managing Director
Tim Feather Matthew Johnson
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agree dunservin, new markets are horrible to deal in- orders come, don't get signed off, get lost to competition etc. I've invested in and worked for new product market shares before and often good news is followed by bad and then good again. its never straight line stuff, but here we have a market leader in an emerging market, who has secured an important deal with undoubtedly more in the pipeline (1.5 million dollars a quarter for the next 3 years) - sure some willl go to competion - it"s not a monopoly - but for me, the investment question is whether there is good growth potential from this base and is the business well run? well the business seems to be well run and with the enforcement of mandates, there seems to be good growth potential - but i do confess to not being the brightest spark ...
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| Wed 12:46 | ||||
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Again I agree with the comments, the 20% increase came last week on the threat of good news, a retrace was to be expected.
I expect the SP will creep upwards before levelling again. The weak point is the sales forecast, with the strong emphasis on R&D a good sale (s) is vital. It is far to easy (not saying SRT are liable to do this!!) to focus on tomorrow's customer and lose today's! I experienced this personally working for a company which was crying out for a stable design so we could build and sell the damn thing!! GLA More | View thread (7) | Respond | Login to Vote up | Login to Vote down |
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there will always be a few who work on the rule buy on the build up to news and sell when the news is out.... and many have made a good profit as they bought in around 6p however some of us are in for the Long-Term ride. Yes there is competition but SRT are well placed and cost effective which suits the bottom line commercially
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| Wed 11:56 | ||||
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yes the news looks good - on the face of it - but what about competition, they are not the only ones with the technology - SP has fallen on back of this "good news"! is this just profit taking, or are people now "banking & leaving" for greener pastures?
good long-term (maybe) but so many greedy people want the "quick buck" so don't stay the course and therefore drag our holdings down into the bargan! (GKP another instance). More | View thread (7) | Respond | Login to Vote up | Login to Vote down |
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