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SRT Marine Systems revenue surges 426% as order pipeline hits £1.8bn. SRT Marine Systems revenue surged 426% to £78.0m for the year ended 30 June 2025, up from £14.8m the prior year, according to the group's SRT Marine Systems annual report. The AIM-listed company, currently trading at around 80p and capitalised at roughly £220m, reported a profit before tax and exceptional one-off non-cash finance charge of £4.9m. SRT Marine Systems revenue and margin gains. The MDA systems division drove the bulk of revenues, contributing £68.5m. The navigation safety business added £9.5m. Group gross profit margin widened to 31% from 28% in the prior year, a gain that reflects the increasing scale of system contract delivery. The revenue step-change is not a one-quarter event. The London Stock Exchange filing for SRT's half-year report published on 16 March 2026 showed revenues up 95% to £51.1m for that period alone, indicating the momentum has carried into the current financial year. Pipeline, contracts and the cash position. The new system contract prospects pipeline stood at £1.8bn as at the FY2025 results, up from £1.2bn at the time of the FY2024 annual report, according to DirectorsTalk coverage of the results. Post the year end, the group received notification of an award from a new sovereign customer for a substantial maritime surveillance system. The contract is expected to be worth approximately US$200m, subject to completion of the project contract and a project financing package. On 8 May 2026, SRT announced a £5m System Support Contract, as filed via Investegate regulatory news. Support contracts of this type typically follow the delivery phase of larger system deployments and provide recurring revenue. The group also completed an oversubscribed placing and an oversubscribed retail offer in April 2026, with results announced on 14 and 15 April 2026 respectively. The dual raise, both tranches covered in full, strengthened the balance sheet ahead of further contract delivery. On cash, the annual report shows unrestricted cash of £4.3m at 30 June 2025, rising to £13.6m by 30 September 2025. The group also held restricted cash of £5,675,894 at the 30 June 2025 year end. The shares peaked at 99p in early January 2026, having traded at 40p in early December 2024. At 80p, they sit inside the 52-week range of 68.28p to 99.00p, with the consensus one-year analyst price target at 122p, according to Yahoo Finance data. The gap between the current price and both the recent high and the analyst target leaves the question of timing. The pending formalisation of the approximately US$200m sovereign contract, once project financing is secured, represents the most concrete near-term catalyst for a reassessment of the shares.