As a long-term price chart shows, shareholders in marine security and defence firm SRT Marine Systems (SRT:AIM) are well used to choppy waters, but even the most seasoned investors will be rubbing their eyes at the stock’s performance this year.

At the time of writing the shares are up 24% on the (shortened) week and 79% on the year to an all-time high of 73.5p after news the company had started work on a €167 million (£140 million) coastal surveillance project for the Indonesian Coast Guard.

The development is being rolled out in multiple two-year phases and will be supplemented by eight years of ongoing technical support, maintenance and data services.

Chief executive Simon Tucker has often compared the opportunity for SRT’s ‘marine domain awareness’ services with the introduction of air traffic control, which we all now take for granted but for decades didn’t exist.

As the world becomes a more uncertain and unstable place, governments need to know who is using their waters as well as who is in the skies, meaning the total addressable market for SRT’s systems is still immense.

At the last count the Radstock-based firm had five active nation-state customers for its systems, £320 million of work in hand and £1.2 billion of new prospects, half of which were from existing customers.

Disclaimer: The author owns shares in SRT Marine Systems

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