InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects and physical asset life-cycle management, is pleased to present its unaudited interim results for the six-month period ended 31 January 2020.
Key highlights:
· Transformational acquisition of the assets of Harland & Wolff Heavy Industries Limited (“HIL”) from BDONI (the “Administrators”) completed on 5 December 2019 (the “Acquisition”) for a total consideration of £5.25 million
· The assets of the Acquisition have subsequently been valued by an independent third-party at £11.32 million, with the corresponding gain recorded within the revaluation reserve
· Maiden revenues of the Company generated by Harland & Wolff (Belfast) Limited (“Harland & Wolff”), the Company’s largest and fully owned subsidiary, which is on track to cash break-even within the next 12 months
· EU Grant reclaim of £1.13 million successfully received in March 2020
· Strong pipeline of contracts across 6 service sectors and 5 distinct markets developed and being actively progressed
· Clients for whom work has been carried out, or is contracted, at Harland & Wolff include Seatrucks, Irish Ferries, Stena, P&O Ferries, and Clarksons. To date eight vessels have been through the yard, with a pipeline in excess of eight vessels due to be contracted within the next 3-4 months
· Company Board of Directors expanded; new Chairman and Non-Executive Director joined the Board with effect from 1 February 2020
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