Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services
16 July 2018
Strat Aero plc ("Strat Aero," the "Company" or the "Group")
Geocurve business update
Strat Aero is pleased to announce recent progress by its wholly owned subsidiary Geocurve Limited.
Geocurve has been awarded an initial contract by Hesselberg Hydro, a specialist in the application of asphalt in hydraulic engineering, in particular systems for erosion protection, underwater scour protection and waterproofing. The contract will initially provide revenues over four months, with work commencing in July. The contract can be extended on an indefinite basis and includes options to add extra services in the future.
Roger Smith, director and founder at Hesselberg Hydro Ltd said, "I am constantly looking for ways to enhance the service that I provide for my customers and Geocurve is a perfect fit for making this a reality. Geocurve is offering an innovative package unlike any other on the market and I am excited to start this new relationship."
Geocurve has also undertaken its first contracted 3 dimensional survey for AECOM, which designs, builds, finances and operates infrastructure assets in more than 150 countries. We are hopeful that this innovative application of Geocurve's technology to the survey of a large airstrip and associated infrastructure will lead to further, more substantial, contracts.
Gary Nel, Managing Director of Geocurve, said "We are delighted to have been awarded this contract and are keen to build on this first survey with the new Leica Pegasus:Two scanner outside the TEAM2100 Thames project. We will be looking to secure many more of these types of surveys for AECOM."
Chris Gill, head of Geomatics at AECOM said, "I am extremely excited about the use of the Pegasus system and see mobile mapping as a crucial tool in mass data capture. I am impressed by the absolute and relative accuracies of the system but really like the QA reports that are possible in the TopoDOT software. These reports give exactly what a client like AECOM requires and is perfect for making sure the data is fit for purpose. Geocurve is a local SME and I really like the way they work and provide a very efficient, high quality service."
In response to anticipated future demand, Geocurve, in conjunction with Essex University, has developed a room scale Virtual Reality suite. With this resource, using UAV captured imagery, 3D models can be developed by geo-referencing and stitching together many high-resolution images. This technique has widespread potential usage for environmental and industrial applications. Until now information has been displayed using 2D projections of 3D computer information, importing data into the new system permits visualisation and identification in a way not possible before. Geocurve has delivered to a commercial client the first VR deliverables using this technology with the results significantly exceeding expectations.
Geocurve continues to focus on the acquisition of major corporate customers and to pursue its ambition to be the UK market leader in the supply of innovative virtual reality and artificial intelligence surveying services to specialist customers on critical infrastructure projects. The directors believe that Geocurve's skill set and its use of innovative technology has the potential to transform the practice of surveying.
- 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
Peterhouse Corporate Finance +44 20 7469 0930
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.