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Update on Geocurve
Strat Aero plc, the AIM listed international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle sector, has announced an update on its 100% owned subsidiary, Geocurve Holdings Limited, which specialises in the provision of UAV operated topographical surveys and inspection services to a blue chip customer base.
At the time of Strat Aero’s acquisition of Geocurve at the end of September 2015, Geocurve, whose clients include the UK’s Environment Agency, EDF Energy, Carillion and the RSPB, had a revenue base of approximately £1m per annum. Since that time, Geocurve has increased its sales pipeline and now has circa £10m of potential business. This includes:
· £7m in flood defence and related surveying work, similar to its mapping of the Norfolk Broads National Park, combining UAV aerial and water surveying with its unique 3-D mapping software solutions, with two national organisations;
· Up to £2m per annum using the quantitative capabilities of its UAV and 3-D mapping solutions to provide unique solutions to two national aggregates (quarry) industry participants; and
· In excess of £1m of inspection opportunities for offshore assets for wind and other industries – these two opportunities are at an earlier stage and are likely to grow further.
Tony Dunleavy, CEO Strat Aero, said, “This is an exciting period for the Company as we focus on fulfilling our strategy to become an integrated global solutions provider in the UAV sector. We anticipate Geocurve’s pipeline of opportunities converting to contracts and revenue gradually during the course of next year. It is encouraging to see that even at this early stage large clients have recognised the value of Geocurve’s UAV services and are in active discussions with the Company, typically starting with test flights and assessments of data solutions required, with a view to entering into contracts. This is without even yet bringing our capability to international markets, as intended, for which we see similar large opportunities developing.
“As cautioned before, these large client contracts do take time. However, combined with the rapid progress being made across the Group and increased growth momentum of the UAV market, we remain confident about the prospects for Strat Aero.”
