|
OTAQ Plc (OTAQ)
30 September 2024 OTAQ plc ("OTAQ", the "Company" or the “Group”)
Unaudited Interim Results
OTAQ, the innovative technology company targeting the aquaculture and offshore markets, is pleased to announce unaudited interim results for the six months ended 30 June 2024.
Financial Highlights:
*Depreciation on rental units moved to overhead in 2024 **Adjusted EBITDA means earnings before income, tax, depreciation, exceptional costs, impairment, share option charges and amortisation
Highlights:
Post-Period Highlights:
Commenting on the results and prospects, Phil Newby, Chief Executive at OTAQ, said:
“We continue to push into new markets both for our existing product range and for the newly developed products such as LPAS and Minnowtech, in both our connectors and aquaculture businesses.
"The identified cost savings will allow the Group to focus on delivering against our key strategic goals, providing the funds to concentrate sales and marketing efforts to maximise the commercial impact of our newly completed developments”
Enquiries
About OTAQ
OTAQ is a highly innovative technology company targeting the aquaculture and offshore markets. It already has a number of established products in its portfolio and is focused on further developing its presence, customer base and cross selling opportunities within core markets both organically and via acquisition.
OTAQ’s aquaculture products, which include a sonar device (developed for Minnowtech LLC) to scan shrimp in ponds and water quality monitoring, are focused on maximising welfare and production yields. Additionally, the Company is developing a potentially game changing live plankton analysis product for finfish and shellfish farmers. It also continues to target opportunities in the acoustic deterrent devices market via its Sealfence product, which is used by salmon farmers, with global opportunities in
OTAQ’s offshore product range includes OceanSense subsea leak detection, Eagle IP camera systems, Lander seabed survey devices and Subsea electrical connectors and penetrators. It is targeting a number of growth opportunities in new territories and has a strong client base including Expro, Amphenol and National Oilwell Varco. The Company is also focused on the development of new products through this division, with the aim of increased cross-deployment of skills and technologies into the aquaculture arena.
The Company is also developing high accuracy location trackers for specialist applications. Having already added clients within safety and multiple participant sport/racing applications, the Company is investigating wider market potential - including opportunities in the seafood industry.
Summary
The Group presents its unaudited interim results for the six-month period ended 30 June 2024.
Trading Revenue has been adversely impacted in the period by the delayed delivery of a key Offshore product from a supplier pushing a significant sale into July, which has resulted in revenue in the first half of
The Offshore division achieved revenues of
The Company has reported an Adjusted EBITDA loss of
Offshore The Offshore division, as expected, has continued to build on the strong performance reported in 2023. The underwater connectors have performed well, only missing the H1 forecast due to the delayed delivery of a key product from a supplier pushing a significant sale into July.
Opportunities for Oceansense rentals have been reduced in H1 due to lower offshore maintenance activity, however we are encouraged by the progress shown in the newly developing overseas markets.
Aquaculture The Company’s sonar shrimp system developed for Minnowtech LLC, is now gaining traction in its target markets, and has recently won the ‘Product most likely to change shrimp production’ at the Global Shrimp Forum in
The Company has identified further new customer interest in the Company’s established Sealfence solution from salmon farmers in several major salmon production regions, having sold 19 Sealfence units into these core target markets in H124.
The Company also confirms that, following more than three years in development, OTAQ has now completed successful trials of its Live Plankton Analysis System (LPAS), and recently launched LPAS at the Aquaculture
Financial Highlights for the six months ended 30 June 2024
*Depreciation on rental units moved to overhead in 2024 **Adjusted EBITDA means earnings before income, tax, depreciation, exceptional costs, impairment, share option charges and amortisation
Adjusted EBITDA was a loss of
Net debt as at 30 June was
Outlook
The Offshore Division continues to benefit from strengthening market demand for underwater connectors and penetrators.
Whilst the timing of new client orders can be difficult to predict, we anticipate significant further orders for shrimp sonar devices, together with further sales of the Sealfence, in the current financial year.
Phil Newby Chief Executive Officer
The Board confirms that to the best of its knowledge the unaudited consolidated half year financial statements for the six months to 30 June 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting amended in accordance with changes in IAS 1 Presentation of Financial Statements, as adopted by the
Unaudited Condensed Consolidated Statement of Comprehensive Income
As per note 3, Basic and Diluted Losses Per Share were 0.7p (2023: 0.6p). The loss for the period arises from the Group’s continuing operations and is attributable to the equity holders of the parent. There were no other items of comprehensive income for the period (2023: £nil) and therefore the loss for the period is also the total comprehensive loss for the period. The notes form an integral part of these condensed financial statements. Unaudited Condensed Consolidated Balance Sheet
Unaudited Condensed Consolidated Statement of Changes in Equity
Unaudited Condensed Consolidated Statement of Cash Flows
Notes to the condensed financial statements
The Group operated as three primary segments, being the rental and sales of aquaculture products (Aquaculture), rentals of underwater measurement and leak detection devices in the Offshore market and the manufacture of products for geo-tracking industries (Geotrackers). This is the level at which operating results are reviewed by the chief operating decision maker to make decisions about resources, and for which financial information is available. All revenues have been generated from continuing operations and are from external customers.
Exceptional items in the period of
Basic earnings or losses per share are calculated by dividing the loss or profit after tax attributable to the equity holders of the Group by the weighted average number of shares in issue during the year. Diluted earnings or losses per share are calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potential dilutive shares, namely share options. The calculation of earnings or losses per share is based on the following losses and number of shares:
During the period, the Group repaid
The called-up and fully paid share capital of the Company is as follows:
Financial assets Financial assets measured at fair value include the following:
This condensed consolidated interim financial report for the half-year reporting period ended 30 June 2024 has been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting. The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2023 and any public announcements made by OTAQ PLC during the interim reporting period. This interim financial information has not been reviewed nor audited by the auditors. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the adoption of new amended standards as set out below. New and amended standards adopted by the Group A number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. Going concern The Directors have considered going concern and whilst the Company needs to continue to monitor cash flow carefully, the Directors believe that the group has sufficient cash to meet its obligations.
Significant estimates and judgements The Group shall assess at each reporting date whether there is any indication that non-current assets may be impaired. The Directors believe that at the half-year reporting period ended 30 June 2024 no indicators of impairment existed. The Directors continue to monitor regulatory and market developments and their impact on the carrying value of the assets.
Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ISIN: | GB00BK6JQ137 |
| Category Code: | IR |
| TIDM: | OTAQ |
| LEI Code: | 213800CZGMYB5XTUXJ52 |
| Sequence No.: | 349701 |
| EQS News ID: | 1997735 |
| End of Announcement | EQS News Service |
|
|
