SRT Marine Systems has reported a 650% year-on-year increase in its profit before tax, totalling £10.7m in the year to 30 June.

The marine surveillance systems provider said its revenues rose by 46% to £114.1m, following the growing trend of "sovereigns wanting their own independent civil-defence surveillance and intelligence capability".

In this period, the firm converted £218.4m of system contracts from its £1.8bn validated opportunity pipeline during the year, taking its total contracted order book to £539.5m.

Furthermore, SRT’s validated new prospect contract opportunities increased to £2.4bn.

In the year, the systems provider said it had five active sovereign customers, with a sixth contracted. It has also accelerated its SRT system core technology development to broaden and deepen system intelligence and integrated command and control capabilities across land, sea and air borders and territories.

Following the update, shares in SRT increased by 1.4%.

SRT CEO, Simon Tucker, stated: "These results demonstrate how rapidly we are developing and growing as a global leader in sovereign civil defence systems. Despite converting 12% of our previously reported £1.8bn pipeline during the year we have grown the pipeline itself to £2.4bn and I expect to see conversion to continue at pace."

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