29 Jun 2018 07:00
Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services
29 June 2018
Strat Aero plc ("Strat Aero," the "Company" or the "Group")
AGM statement
Chairman Nigel Burton will make the following statement at today's AGM
The Company's principal subsidiary, Geocurve Limited ("Geocurve"), is making excellent progress towards delivering the first phase of the multi-sensor surveying and data delivery as part of the Environment Agency's Thames Estuary Asset Management 2100 (TEAM2100) programme, which combines innovative technology-based surveying with 3D mapping and Virtual Reality (VR) data representation. Discussions are continuing with a number of agencies and businesses interested in contracting Geocurve's services and we expect to report further as matters progress.
With the assistance of the University of Essex, Geocurve is currently developing innovative virtual reality 3D technology which is anticipated to enable it to offer considerably enhanced environmental and industrial applications to its markets.
Gyrometric Systems Limited ("Gyrometric"), has recently completed a very successful trial at the ORE (Offshore Renewable Energy) Catapult centre, using its monitoring technology to collect data which can be used to improve operating efficiency, reduce maintenance and increase output of wind turbines. The commercial application of this technology to existing and new wind turbines is now the main focus of this business.
The strong new business prospects at both Geocurve and Gyrometric allow the Strat Aero board to look forward to the future with optimism.
The Board continues to examine opportunities to grow both organically and through acquisition of complementary businesses and technologies which can enhance growth in shareholder value.
Nigel Burton
Chairman
29 June 2018
- ENDS -
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information please visit www.strat-aero.com or contact:
Strat Aero plc
Trevor Brown (Executive Director) +41 7941 55384
Nigel Burton (Non-Executive Director) +44 7785 234447
SP Angel Corporate Finance LLP +44 20 3470 0470
Stuart Gledhill
Jeff Keating
Caroline Rowe
Peterhouse Corporate Finance +44 20 7469 0930
Lucy Williams
Fungai Ndoro
Notes
Strat Aero plc is focused on the continued development of the Company's 'Survey & Inspection' business, in addition to implementing an enhanced growth strategy via the appraisal of complementary acquisition or investment opportunities, and in February 2018 acquired a 37% stake in Gyrometric Systems, which specialises in next generation digital shaft monitoring. This is in line with the Company's stated objective to achieve improved financial performance in the near term.