Displaying items by tag: Growth

3rd April 2021

Shipyard Owner of Harland & Wolff ‘Builds Growth Momentum’

InfraStrata owners of Harland & Wolff experience ‘building growth momentum’ and in its ferry and cruise market has broken even after larger contract wins were established. AFLOAT adds InfraStrata recently acquired Scottish Methil facility which is split across two locations with sites on the Isle of Lewis (in the north-west) and as above Methil, on the Fife east coast.

Shipyard owners of Harland & Wolff, InfraStrata has reported "steady progress" in the first months of its financial year.

In a Q1 trading update, the business said it has booked about £6.5m in the eight months to 31 March 2021, with further growth expected this year.

Its cruise and ferry market has broken even after larger contract wins were established.

InfraStrata acquired the assets of the Harland & Wolff shipyard in Belfast from administrators in 2019.

It then further invested in the business by acquiring the Appledore shipyard in North Devon.

Insider has more here on this story.

Afloat adds that InfraStrata in recent weeks acquired the assets of Scottish based Burntisland Fabrication Ltd from the administrators.

These facilities will trade under Harland & Wolff brand and represent the final fabrication piece of its UK footprint.

This will position the company to fully deliver on its existing strategy quicker than it would have done with only its two existing sites: Harland & Wolff (Belfast) and Harland & Wolff (Appledore).

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.