InfraStrata records maiden revenues
Strategic infrastructure firm InfraStrata will obtain its maiden revenues after being awarded a contract for the docking of two vessels as their owners carry out annual inspections and maintenance.
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Harland & Wolff Group Holdings
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17:30 25/09/24
The contract, won by InfraStrata's wholly-owned subsidiary Harland and Wolff, will commence on 20 December and will continue until the dockings can be completed in January 2020.
The AIM-listed firm said the contract was an important milestone as it marked the first-ever operating revenues for the company.
InfraStrata said it also provided the ideal platform for Harland and Wolff to strengthen its operational capabilities in readiness for larger projects in the future.
Interim chairman John Wood said: "The award of this contract is a crucial milestone in the life-cycle of the Company. The board committed to being revenue-generating in 2019 and has now fulfilled that commitment to shareholders.
"This is the beginning of a transformational shift in the company's position to being revenue generative and ultimately cash-positive in the future."
Elsewhere, InfraStrata revealed it had raised up £210,209 as a result of an offer to qualifying participants and a primary bid offer. The group will issue a total of 70.06m shares as part of the fundraiser.
As of 0900 GMT, InfraStrata shares had climbed 5.08% to 0.31p.