SRT

Srt Marine Systems PLC

Telecommunications First-pass screen £225m

440/1000 Overall fit

AI beneficiary 35% 45

Operating leverage 25% 60

Valuation 25% 30

Downside protection 15% 35

First-pass take

SRT is a rapidly growing maritime surveillance provider (426% revenue growth to £78m) with strong EBIT (£6.4m) and operating leverage, but faces material risks: going concern warning, negative FCF despite profit, £16.5m debt, concentrated customer base (5 sovereigns, £325m contracts), and working-capital intensity. AI investment is emerging but not core to current growth.

Flags

going-concernworking-capital-intensivecustomer-concentrationnegative-fcfleverageexecution-riskai-emergingno-valuation-data