The maritime identification and tracking technologies developer said it was well positioned to benefit from expected increasing demand for AIS (Automatic Identification System) products as mandates take effect.

'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,' said the company.

'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.'

The year had 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.

Net cash balances increased by 32% from £0.54m at 31 March to £0.71m.

Story provided by Business Financial Newswire