(Alliance News) - AIM-listed InfraStrata PLC on Wednesday said its annual loss widened due to development costs of the Islandmagee gas storage project and a rise in administrative expenses.
InfraStrata said its pretax loss widened in the year to the end of July 2019 to GBP1.2 million from GBP963,413 reported the year before due to higher administrative expenses, which increased to GBP1.4 million from GBP863,413. No revenue was generated in either year.
InfraStrata shares were trading 0.3% lower at 0.31 pence each on Wednesday in London.
The company stated that while the Islandmagee project - located in Northern Ireland - had progressed to an advanced stage, it experienced delays due to regulatory issues which have now been addressed.
Looking ahead, InfraStrata said it was "excited" about its future opportunities as it would be delivering the final investment decision for Islandmagee as well as building revenue through securing contracts for newly-acquired Harland & Wolff.
InfraStrata bought the Harland & Wolff shipyards off administrator BDO in October for GBP5.3 million. In December, Harland & Wolff was awarded a contract to carry out annual inspection and maintenance work.
"We are set up for a thrilling 2020 and beyond as we start to realise the potential of the business that we are building and the substantial increase in shareholder value that will come as a part of this journey," said Chief Executive John Wood.
By Ife Taiwo; ifetaiwo@alliancenews.com
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