LONDON (Alliance News) - Aerospace services company Strat Aero PLC on Tuesday saw its shares fall heavily in early trade after the company said its revenue in the first half of 2015 has been weaker than expected as it published its 2014 results.
Strat Aero said revenue in the year to date has been "considerably lower" than its expectations and said it was difficult to predict how the growth of the Unmanned Aerial Vehicle, or drone, market will pan out.
The weak start to the year drove its shares lower in early trade, down 13% to 7.2 pence to be among the worst performers in the AIM All-Share.
The company, which listed in November 2014, said its pretax loss for the year to December 31 was USD1.2 million, on revenue of USD630,685. No comparable figures were provided.
It said it has made good progress in its strategic division, comprising Unmanned Aerial Services, Aviation Software and Consultancy Services, and said it is targeting a range of opportunities in the commercial, training and law enforcement Unmanned Aerial Vehicle market.
"The steps we have taken during the year under review have placed us in a strong position to deliver on our objective to build a leading multi divisional aviation services company exposed to high growth sectors, such as the rapidly emerging UAV market," said Chief Executive Russell Peck.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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