Infastrata takes big charge on storage facility
AIM-listed InfaStrata fell heavily on Monday after it announced a big loss due to faltering plans for its troubled gas storage facility.
AIM-listed InfaStrata fell heavily on Monday after it announced a big loss due to faltering plans for its troubled gas storage facility.
The UK-focused firm reported a loss for the year of £19.72m, compared to a 2011 profit of £4.31m.
Much of this was related to a charge of £18.42m against Portland, its large gas storage project in Dorset.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm said continuing poor market conditions for seasonal gas storage facilities meant it was unlikely it could realise the project in the short term.
"As a board, we consider it is appropriate to take a conservative approach to the applicable accounting treatment of the project and the carrying value of the asset in the company's account," the company said.
"This has resulted in a substantial reduction in the financial asset value of the project cost carried on our balance sheet."
The firm is now looking at whether the site could be used as a salt solution mining facility.
"The location adjacent to a deep water port makes the export of salt to UK and international markets potentially attractive," it said.
"If such a project could be established in the shorter-term it would enable the Company to retain the option for gas storage in the longer-term."
The news pushed the shares down 10.2%
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Michelin Key Hotels 2025: the top destinations in the world
The Michelin Keys have been awarded to spectacular hotels across the world. From Marlon Brando's private resort in Polynesia to a Bvlgari hotel in Tokyo, we look at some of the most extraordinary stays in 2025
-
MoneyWeek news quiz: How much could you get in car finance compensation?
The car finance scandal, inheritance tax, and house prices all made headlines over the past few days. Test your knowledge while reviewing this week’s top stories with MoneyWeek’s news quiz