LONDON (Alliance News) - Infrastrata PLC on Monday reported a broadly flat loss in the first half of its current financial year as it continues to work on the Islandmagee gas storage project in Northern Ireland.
The gas storage company posted a pretax loss of GBP390,458 for the six months to the end of January, fractionally widened from GBP386,826 reported for the same period a year earlier. Infrastrata is currently non-revenue generating.
The company said during the year it focused on development and construction of Islandmagee project and engaged with numerous potential funding partners.
"The six-month period covered by this results statement was a time of transformation and change for the company in respect of business management, strategy and financing," said Chief Executive Adrian Pocock.
"In the period since the half year end, the company has made considerable further progress and continues to push ahead with front end engineering and design implementation and project level discussions with third parties," Pocock added.
Shares in Infrastrata were trading 20% higher at 0.44 pence per share on Monday.