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Shares in Software Radio Tech (), which develops maritime tracking devices, dropped 8% this morning, as it unveiled interim results.
Results for the half year to September 30 were in line with last month?s trading update, noted broker Westhouse.
The company, which has more than 70 global customers, posted net income of ?0.15 million, compared to ?1.2 million in the previous half.
Revenue was ?3.5m (H1 2012: ?4.7m).
Chairman Simon Rogers told investors that the company's next generation product development programme was nearing completion and there were a wide number of opportunities, now active or pending.
Westhouse analyst Kevin Fogarty noted that the outlook remained in line with previous guidance, with management reiterating potential for order wins and the near term expected delivery of products to significant new markets, as flagged in recent months, for example Russia and Mexico.
"Demand for devices from the EU Inland Waterways and the EU fishing mandates are still expected to positively impact the second half of this financial year and full year 2014," he said.
In the medium term, the firm is attractive due to an expanding addressable market and a compliance driven environment.
"However, in the short-term forecasts for this financial year are highly dependent on meaningful orders from key European mandates and potential for order slippage makes an earnings upgrade less likely in the short-term.
"Given these risks and completing the transfer of research coverage for the stock we revise our target price to 25p, based on a peer valuation, and maintain our Add recommendation," he added.
Shares fell 8.67 per cent, to change hands at 19.75p.
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