Software Radio Technology navigates choppy waters - UPDATE

Software Radio Technology has said that revenues and profits for the first six months are ahead of 'internal budget expectations'.

The company, which makes marine identifier technology, said that for the six months ending September 30th 2012 it expects to report revenues of £3.5m and pre-tax profits of £0.1m. This compares with revenues of £4.66m and pre-tax profits of £1.2m for the same period in 2011.

Chief Executive Simon Tucker said: "I am delighted with our performance during the first half. Our core business is growing steadily as we bring more products on line and integrate them into our customers' products.

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"Many of the project and mandate opportunities are now either entering their implementation phase and therefore yielding significant and more regular orders or are nearing the end of their evaluation phases and about to enter their implementation stage."

He confirmed to Sharecast that he is confident of meeting consensus expectations for the full year of £10m turnover with pre-tax profits of £1.9m.

In March, the company issued a savage profit warning for the full year ending March 31st. The revenues for that year were £6.17m with pre-tax profits of £0.17m

On a slightly more positive note, the AIM-listed company did reveal that it has cash balances of approximately £1.5m, stock and work in progress of approximately £3.5m and a current forward order book of £3.2m. It also has no debt.

It will announce its interim results on November 20th.

CM