James Napp

[DG Invests @DG_Invests]

The oceans are going digital and SRT Marine Systems $SRT.L is positioning itself as a core infrastructure provider for sovereign maritime monitoring.

Maritime surveillance is undergoing the same transformation air traffic control did decades ago: from fragmented analogue systems to unified, real-time digital infrastructure. SRT is leading that shift.

What SRT actually does

SRT develops AIS transceivers and integrates radar, satellite, and software into complete national maritime monitoring platforms deployed for coast guards, navies, and government agencies. Use cases span fisheries enforcement, border security, counter-narcotics, and full maritime domain awareness.

The business runs on two revenue layers:

- em-trak hardware: A globally distributed line of AIS transceivers sold to commercial vessels, OEMs, and distributors steady, product based revenue that funds R&D and maintains commercial relevance.

- Sovereign Systems: The real engine. SRT designs, deploys, and supports entire national maritime surveillance infrastructures under multi year government contracts covering system integration, training, vessel registries, and ongoing software and data services.

The moat - GeoVS:

GeoVS is a Dynamic-3D visualisation engine that fuses multiple live and static data sources; AIS, radar, CCTV, tides, weather into a true 3D digital world in real time. It holds a UK patent from the IPO for this Dynamic 3D virtual reality visualisation technology, applicable across VTS, vessel monitoring systems, and marine data management.

The GeoVS platform is designed to create recurring income streams through software licences and data feeds a software-layer business model embedded within what were previously hardware led government contracts. If adopted at scale, this shifts the model toward higher margin, recurring revenue.

Operators gain full-domain awareness and can act on suspicious vessels in seconds. Crucially, no third-party data dependency exists: the sovereign state owns everything.

This matters enormously in the procurement decision. Governments are increasingly wary of ceding maritime intelligence to foreign defence primes.

SRT’s model combines sovereign data ownership, UK Export Finance backed financing, and a single integrated platform spanning fisheries, coast guard, and national security. Replicating this combination is difficult, even for larger defence contractors such as BAE Systems

Once embedded, these systems become part of national workflows, training programmes, and sensor architecture. The realistic lock-in period is 10–15 years, with recurring software, maintenance, and data services layered on top.

Contracts:

• March 2026: $261M national surveillance contract, SRT’s largest single award to date

• October 2024: $213M contract with Kuwait Ministry of Interior, a 12-year relationship: 2 years of implementation followed by 10 years of support, training, and maintenance.

• Ongoing: €167M Indonesia National Maritime Security System

SRT now carries £340M in signed contracts and £1.8B in validated pipeline representing opportunities in active procurement or late stage negotiation across multiple sovereign nations.

Recent awards suggest a step change in both contract size and duration relative to SRT’s historical base.

Revenues remain lumpy and dependent on government procurement cycles, with execution risk during large scale system rollouts.

TAM

The global maritime surveillance market is projected to reach $28B to $36B by end-2026, with fisheries management and AIS hardware adding meaningfully to that total.

At expected FY26 revenue of £100–150M, SRT has captured well under 1% of its TAM while transitioning its revenue mix toward high margin, recurring sovereign contracts.

If execution continues and pipeline conversion follows, SRT could evolve into a core infrastructure layer for how governments monitor and manage their waters - within a large market that remains early in its digitisation cycle.

[Myles McNulty @MylesMcNulty]

Looking good, $ENSI #ENSI to break 100p shortly, which will be a double for me. Alas, only a small entry position, but a great return so far.

Still trading on an NTM EV/EBITDA of 17x, and an EV/Sales of 3.0x.

US investors (/retail!) would likely price this stock at 200-250p, going on Ensilica's peer group across the pond.

Given that it's clearly them buying most of the stock up in recent weeks, I suspect they drive this much higher over the coming weeks!

[Wiltshire Tennis @Wiltslta]

Congratulations to all the award winners.
Our thanks to LTA President Sandi Procter, who joined us for the evening and presented the awards.
The evening was hosted by Bechtle Limited in Chippenham. Our thanks to James Napp and his colleagues for putting on a fantastic evening.

[James Napp @nappjames]

@LTACompetitions #CountyCupTennis @Wiltslta @BradfieldTennis

[Wiltshire Tennis @Wiltslta]

Congratulations to Tillie - winner of the 2023 Wiltshire 18u and 16u Girls Singles and our runner up Sophie @Active_Trow @UniofBath

[Wiltshire Tennis @Wiltslta]

Congratulations to Sophie and Tillie - Winners of the Girls 16u Doubles and our runners up Mia and Matilda @Wanboroughtenni @Active_Trow @UniofBath

[Wiltshire Tennis @Wiltslta]

18U Girls and Boys Team battle well at County Cup https://t.co/u7M7j9poWL

[Wiltshire Tennis @Wiltslta]

Congratulations to Mia Wiltshire 12u Girls winner and qualifier for the @Babolat_Cup_UK at Edgbaston and Daisy our runner up @TeamBathTennis

[Wiltshire Tennis @Wiltslta]

Congratulations to our 11u Girls Singles Champion Nicole and Runner Up Daisy @DavidLloydUK @TeamBathTennis

[Wiltshire Tennis @Wiltslta]

Congratulations to Olivia our Wiltshire 14u Girls Singles Champion and Sophie our runner up @RWBTennisClub @TeamBathTennis

[Wiltshire Tennis @Wiltslta]

It was Olivia and Hayden who took the Wiltshire 14u Mixed Doubles crown with Alex and Sophie finishing runners up @RWBTennisClub @TeamBathTennis @GLL_UK

[Wiltshire Tennis @Wiltslta]

Sophie and Olivia were crowned the Wiltshire 14u Doubles Champions with Emily and Tillie runners up @RWBTennisClub @TeamBathTennis @Wanboroughtenni

[James Napp @nappjames]

Very pleased to have been able to host @TeamBathTennis for their Away Day at our all new @bechtle_uk 'Living Space' #psychology #sport #business #technology #leadership

[TeamBath Tennis @TeamBathTennis]

2021 TeamBath Away Day with the squad💪 getting ready for another successful term starting soon… also thanks to @JL_SportPsych for today👍

#TeamBath #Coaching #Bechtle #VillageGreen #itsolutions

[Wiltshire Tennis @Wiltslta]

Brill 2nd for Wilts 11U girls!South Wales prove too much depth but some close individuals performances.Great team spirit & effort.The future look promising for the girls especially as they have another year in 11U!! Thanks to all players, parents & Capt Lewis Fletcher #CountyCup

[James Napp @nappjames]

Very proud of this little Daisy! Won 6/6 matches playing no.2 seed for @Wiltslta helping the Wiltshire 10U team to County Cup victory over S Wales, Gloucs & Somerset. Hard work pays off! and...most importantly, great fun was had by all! Thanks @TeamBathTennis @LTACompetitions

[Wiltshire Tennis @Wiltslta]

Our 12U girls finish in 3rd place at County Cup @RWBTennisClub. Beat Glos 4-2, lost to South Wales 5-1 and lost shoot out at 3-3 against Avon! Well done to all the girls & Capt @becky_prince21 #CountyCup @LTACompetitions

[James Napp @nappjames]

@AllistairMcCaw Interesting point Allistair. Do improvements in their game skills (ability to consistently execute a deep, powerful cross court FH for example) not subsequently lead to greater BELIEF & the ability to perform better under pressure with increased confidence in shot repeatability?

[Pranoy Barua @pranoyb]

Sharing these wise words (which I really like) on your day ⁦@AndreAgassi⁩
Hope that’s ok?
#HappyBirthday 🥂

[CRN UK @CRN_UK]

A sneak peek inside Bechtle UK's new head office

https://t.co/evKh7R4JtV