Strat Aero completes Â£6m float
A West Sussex-based international aerospace services company has begun trading on the London Stock Exchange following a £6m float.
Strat Aero, headquartered in Gatwick, provides training, management systems and consultancy services to the international aviation market.
The business operates from a network of offices and consultants in London, New York, Houston, Seattle and Singapore. It is also setting up a drone pilot training centre in Roswell, New Mexico.
The company has raised £650,000 in a placing at 8p a share, giving it a value of £6.2m.
The funds will be used to provide working capital for the company's existing and future business opportunities, particularly in relation to the fast growing Unmanned Aerial Systems market (UAS).
SP Angel Corporate Finance LLP is nominated adviser and joint broker to the company. Beaufort Securities acts as joint broker.
Chief executive Russell Peck said: "Strat Aero offers a unique opportunity to gain exposure to the near exponential growth forecast for the UAV (unmanned aerial vehicle) market and also to the wider aerospace industry.
"The potential uses for UAVs in both the public, governmental and commercial sectors are seemingly limitless and highly varied.
"They range from the delivery of goods by retailers to the monitoring of wind farm turbines and remote oil and gas fields, and search and rescue operations."