Stratech Systems has announced a net profit of $1.2 million on a revenue of $13.9 million for the financial year ended 31 March 2010 (FY2010) comparable to that of $1.2 million on a revenue of $15.2 million for the previous financial year (FY2009).

The group registered a gross profit of $11.2 million, a 12% growth from the $10 million recorded for FY2009.

New business in FY2010 accounted for $3.8 million (FY2009: S$7.3 million) whilst existing contracts contributed $10.1 million (FY2009: S$7.9 million) to the revenue. International sales contributed 32% (FY2009: 35%) of total revenue.

Net cash flow from operating activities contributed $4.1 million to the group’s cash and bank balances in FY2010 compared to $0.1 million used in operating activities in FY2009.
The significant events during the year include:

• iFerret, Stratech’s intelligent Airfield/Runway Surveillance and FOD (Foreign Object and Debris) Detection System, was commissioned at Singapore Changi Airport. 

• Stratech secured a sub-contract to design, co-develop and implement a TV Ordnance Scoring System (TOSS) for the Republic of Korea Air Force (ROKAF). TOSS will be powered by Stratech’s state-of-the-art Super BullsEye II Advanced Weapons Scoring System and is to be integrated with an Electronic Warfare Training System (EWTS) to be delivered to ROKAF.

• Received a purchase order for the deployment of iFerret at an airport in Europe.

• Awarded a contract by the Maritime and Port Authority (MPA) of Singapore to design, implement and maintain the next-generation Shipmast Height Detection System (SHDS).

• Formed a strategic alliance with Itochu Singapore to market iFerret in Japan.

• Signed an agreement to form a Joint Venture with Aeronautics to target the Unmanned Aerial Vehicles (UAV) market in the Asia Pacific.

The group's order book as at 31 March 2010 stood at $37.9 million (including operation and maintenance options of up to 10 years) of which $22.3 million is expected to be delivered over the next five years.

The group is cautiously optimistic of its performance for the next financial year.