News blog

Software Radio Technology

• BY: Andrew Hore |
• POSTED: 04/07/2014 |

AIS marine positional technology developer Software Radio Technology is raising a further £1.52m at 18p a share.

SRT needs additional working capital. In April 2012, SRT raised £2.56m at 27p a share, while, in November 2010, £2.5m was raised at 40p a share. It is accidental I am sure but there is a one-third decline in the placing price every time there is another fund raising.

Chief executive Simon Tucker is increasing his stake to 0.95%.

In the year to March 2014, delayed orders meant that revenues declined from £10m to £6.11m, while a profit of £1.19m was turned into a loss of £1.51m. The benefits of the acquisition of software business GeoVS are yet to show through. Net cash was £291,000.

At 19.75p a share, down 1.75p, the enlarged share capital is valued at £25.2m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2014_57.pdf