Infrastrata raises £210,000 and secures first contract at Harland & Wolff
finished a £210,209 fundraise in a PrimaryBid Offer and revealed that its recently acquired Harland & Wolff won its first revenue generating contract on Friday.
The AIM-listed firm said the contract was for docking of two vessels for owners to carry out annual inspections and maintenance.
The contract won by Infrastrata marks the first ever operating revenues for company which formally completed the acquisition of Harland & Wolff a day before on Thursday.
John Wood, Interim Chairman and CEO of the Company commented: "The award of this contract is a crucial milestone in the life-cycle of the Company.”
“The fact that the completion of the acquisition of the assets of Harland and Wolff was immediately followed by a revenue generating contract validates this acquisition.”
Shares in InfraStrata were trading 1.69% higher on Friday
Mr. Wood told investors: “This is the beginning of a transformational shift in the Company's position to being revenue generative and ultimately cash-positive in the future."
Infrastrata plans to undertake the fabrication work in Belfast for the Islandmagee project, and use the assets of Harland & Wolff to generate secondary revenue streams.
Founded in 1861, Harland & Wolff was once the focal point of Belfast's industry, famed for building the Titanic and the iconic cranes, Samson and Goliath.
Follow News & Updates from Infrastrata here:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.