Maritime GPS developer sees revenue up as Gulf fishermen use technology

MARITIME technology provider Software Radio Technology (SRT) is expected to announce a 41 per cent hike in revenue today.

SRT is expected to see revenues climb by £1m to £3.5m , while the group is thought to have seen losses reduced by 81 per cent for the year.

“This acceleration in growth has been caused by the activation of long planned mandates and the subsequent commencement of orders,” said SRT chairman Simon Rogers.

The group is also expected to have a $4m (£2.76m) order book already in place for the next year and a line of new products are expected to be developed and launched within 2010.

Meanwhile, more than 160,000 fishermen affected by the massive BP oil spill in the Gulf of Mexico have turned to SRT’s real-time marine GPS technology to help identify where polluted waters are so they can continue to fish for shrimp. The industry has already been hit particularly hard by the spill.

The technology, which has been successful for SRT, has helped to propel the group’s share price from 1p to 23p since last summer.