InfraStrata plc has today published its Annual Report & Financial Statements for the year ended 31 July 2020. This report outlines InfraStrata’s strategy to create value for shareholders and its move to become cash generating, whilst providing a detailed overview of its Islandmagee gas storage and FRSU projects, and both Harland & Wolff shipyards, in Belfast and Appledore.
Within its content you will find full reports from the Chairman, CEO, CFO and Directors as well as information on its financial performance over the last year.
“2020 was a notable year for the Company, with the end of the consultation period on the application for a marine licence for the brine discharge from the Islandmagee gas storage facility (the IM project), the commencement of operations at the Harland & Wolff (Belfast) shipyard (H&W), partnership negotiations on the Floating Storage and Regasification project at Barrow-in-Furness (the FSRU project), the raising of £9m of additional equity on the AIM market in July and, just after the end of this financial year, the acquisition of the land and assets at the Appledore Shipyard in Devon. Finally, we were delighted to secure a further raise of c£7.40m, announced at the end of December 2020, which was supported strongly by existing and new shareholders.” – Clive Richardson, Chairman
With the disruption from the Covid-19 pandemic, it has been an unusual year but InfraStrata has remained resolute in its ambition to create value for shareholders.
“Whilst it has been tough, I am extremely proud of the way our team has dealt with the various challenges thrown at them, some of which were very unexpected, for example, when the initial lockdown was announced we saw the cancellation of numerous dry dockings (some contracted for and others close to contract execution) totalling tens of millions of pounds within a single week. Many companies took the easier path of furloughing employees and riding out the storm. We, on the other hand, made the strategic decision to carry on and utilise the downtime to our advantage by bringing forward planned maintenance work which would inevitably enable us to capitalise on the resurgence in activity that we expect to see in the maritime industry towards the end of the current COVID environment. At every stage, the health and safety of all our employees and that of the environment has been at the forefront of every discussion and decision. I am pleased to report that with the various measures put in place from social distancing to regular sanitising, our facilities have remained open for business throughout this tumultuous period. I wish to place my heartfelt thanks to the entire management team and the workforce for their commitment to keeping our yard open for business.” – John Wood, CEO
A General Meeting is being convened on Friday, 19 February 2021 at 11.00am to enable shareholders to vote on formal resolutions to approve the 2020 annual report and accounts and in relation to the Company’s auditors. In light of the COVID-19 pandemic and the UK Government’s restrictions on public gatherings and nonessential travel, which are in place at the time of issuing the Notice, the Company is adopting the alternative arrangements in order to ensure that the health and safety of our shareholders, directors, employees and other key stakeholders is protected. You can read more about the General Meeting and what arrangements have been made here.