AIM-listed marine software business Software Radio Technology has raised £2.56 million to support its working capital requirements.

The fundraising follows a profit warning during March which was due to timing issues on orders.

However, Somerset-based Software Radio Technology says that it has always been very difficult to predict its results.

By securing new capital the company adds that it will be able to support its existing product development road map, as well as forward production and stock commitments.

The business has raised the funds at its current market price, which has also helped bring in new shareholders to the company.

Chief executive of Software Radio Technology, Simon Tucker, comments, ‘[The company] has made exceptional progress over the last few years laying firm foundations for future, sustainable growth.

‘We have new products, more customers and a clearer view of a significantly expanded range of market opportunities: some of which appear to be of very significant size and nearing fruition.’