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    Unaudited Interim Results

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    • Revenue decreased to £1.51m, down from £1.80m.
    • Successful launch of Live Plankton Analysis System achieved.
    • Cost savings over £500k expected, enhancing focus.

    OTAQ Plc (OTAQ)
    Unaudited Interim Results

    30-Sep-2024 / 07:00 GMT/BST


    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:

     

     

    H1 2024

    (unaudited)

    £’000

    H1 2023

    (unaudited)

    £’000

    FY 2023

    (audited)

    £’000

    Revenue

    1,510

    1,801

    4,407

    Gross profit*

    890

    883

    2,197

    Adjusted EBITDA**

    (422)

    (347)

    (311)

     

    *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:

    • Live Plankton Analysis now commercially launched, and first customer contract signed.
    • Sale of 19 Sealfence units to a new customer.
    • Development of new overseas markets for Offshore products beginning to provide results.
    • Increased shareholding in Minnowtech in exchange for £0.2m of BRS-1 product development services.

     

    Post-Period Highlights:

    • Successful fundraise of £1.79m of Convertible Loan Notes, with an additional £1m broker option available until 31/12/24.
    • Repayment in full of the £0.8m outstanding Cbils loan.
    • Shipping of £350k connector order in July to a key client.
    • Minnowtech BRS-1 won the ‘Product most likely to change shrimp production’ at the Global Shrimp Forum in Utrecht in September 2024.
    • Cost reduction exercise implemented to provide annualised cost savings greater than £500k, with over £150k expected to impact in 2024.

     

    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

     

    OTAQ PLC

    +44 (0) 1524 748028

    Adam Reynolds, Non-Executive Chairman

     

    Phil Newby, Chief Executive Officer

    Justine Dowds, Chief Financial Officer

     

     

     

    Dowgate Capital Limited - AQSE Corporate Advisor & Broker

    +44 (0)20 3903 7715

    David Poutney / James Serjeant

    Nicholas Chambers / Russell Cook

     

     

     

    Walbrook PR Limited – PR

    +44 (0)20 7933 8780

    07971221972 or 07748325236

    Tom Cooper / Nick Rome

    OTAQ@walbrookpr.com

           

     

    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 Chile, Australia, Canada and Norway.

     

    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 £1.5m (H1 2023: £1.8m).

     

    The Offshore division achieved revenues of £1.1m (H1 2023 £1.45m) and the Aquaculture division achieved £0.4m (H1 2023: £0.3m).

     

    The Company has reported an Adjusted EBITDA loss of £422k (H1 2023 loss £347k).

     

    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 Utrecht. Disappointingly however, orders have yet to be placed this year by Minnowtech.

     

    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 UK conference. The first customer contract has been signed, and progress with potential users in the southern hemisphere is encouraging.

     

     
     

    Financial Highlights for the six months ended 30 June 2024

     

    H1 2024)

    £’000

    H1 2023

    £’000

    FY 2023

    £’000

    Revenue

    1,510

    1,801

    4,407

    Gross profit*

    890

    883

    2,197

    Adjusted EBITDA**

    (422)

    (347)

    (311)

     

    *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

     

     

    H1 2024

     

    £’000

    H1 2023

     

    £’000

    Operating loss

    (805)

    (709)

    Amortisation of intangible assets

    143

    134

    Depreciation of right-of-use assets

    70

    84

    Depreciation on property, plant and equipment

    170

    144

    Adjusted EBITDA

    (422)

    (347)


     

    Adjusted EBITDA was a loss of £0.42m from a loss of £0.35m in 2023, the reduction being due to the slippage of a key sale into July 24.  

     

    Net debt as at 30 June was £0.77m (2023: £0.51m) with cash balances of £0.18m, which was prior to the receipt of the proceeds from the successful CULS placing in July 2024.

     

    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 UK 

     

     

     

    Unaudited Condensed Consolidated Statement of Comprehensive Income

     

     

    Half-year ended

     

    Notes

     

    30 June 2024

    30 June 2023

     

     

    £000

    £000

    Revenue

    1

    1,510

    1,801

    Cost of sales

     

    (621)

    (918)

    Gross profit

    1

    889

    883

    Administrative expenses

     

    (1,695)

    (1,592)

    Operating loss

     

    (806)

    (709)

    Finance expense

     

    (64)

    (64)

    Exceptional items

    2

    (14)

    -

    Loss on ordinary activities before taxation

     

    (884)

    (773)

    Taxation

     

     

    14

    Loss for the period

     

    (884)

    (759)

    Other comprehensive loss

     

    -

    -

    Total Comprehensive Loss

     

    (884)

    (759)

     

    Attributable to:

     

     

     

    The Group

     

    (884)

    (759)

     

     

     

     

    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

     

    Notes

    As at
    30 June

    2024

    As at
    31 December 2023

    As at
    30 June

     2023

     

     

    £000

    £000

    £000

    Assets

     

     

     

     

    Non–current assets

     

     

     

     

    Plant and equipment

     

    522

    633

    710

    Right-of-use assets

     

    145

    167

    277

    Unlisted investments

    6

    709

    511

    511

    Intangible assets

     

    3,548

    3,317

    3,118

     

     

    4,924

    4,628

    4,616

    Current assets

     

     

     

     

    Inventories

     

    777

    810

    1,023

    Trade and other receivables

     

    532

    1,299

    1,081

    Income tax asset

     

    113

    113

    111

    Cash and cash equivalents

     

    180

    316

    913

     

     

    1,602

    2,538

    3,128

    Total assets

     

    6,526

    7,166

    7,744

     

    Liabilities

     

     

     

     

    Current liabilities

     

     

     

     

    Trade and other payables

     

    1,061

    661

    614

    Leases

     

    97

    134

    169

    Financial liabilities

    4

    604

    484

    465

     

     

    1,762

    1,279

    1,248

    Non-current liabilities

     

     

     

     

    Leases

     

    51

    42

    82

    Financial liabilities

    4

    313

    570

    817

     

     

    364

    612

    899

    Total liabilities

     

    2,126

    1,891

    2,147

     

    Net assets

     

     

    4,400

     

    5,275

     

    5,597

     

     

     

     

     

    Capital and reserves

     

     

     

     

    Share capital

    5

    1,284

    1,281

    1,280

    Share premium

    5

    5,856

    5,850

    5,842

    Deferred shares

    5

    5,286

    5,286

    5,286

    Share option reserve

     

    134

    134

    134

    Merger relief reserve

     

    9,154

    9,154

    9,154

    Reverse acquisition reserve 

     

    (6,777)

    (6,777)

    (6,777)

    Other reserve

     

    400

    400

    400

    Revenue reserve

     

    (10,937)

    (10,053)

    (9,722)

    Total equity

     

    4,400

    5,275

    5,597

               
     

    Unaudited Condensed Consolidated Statement of Changes in Equity

     

    Issued Equity capital

    Share Premium

    Deferred shares

    Share option reserve

    Merger relief reserve

    Reverse acquisition reserve

    Other Reserve

    Revenue Reserve

    Total Equity

     

    £000

    £000

    £000

    £000

    £000

    £000

    £000

    £000

    £000

     

     

     

     

     

     

     

     

     

     

    At 30 June 2023

    1,280

    5,842

    5,286

    134

    9,154

    (6,777)

    400

    (9,722)

    5,597

    Loss for the period

    -

    -

    -

    -

    -

    -

    -

    (331)

    (331)

    Issues of shares

    1

    8

    -

    -

    -

    -

    -

    -

    9

     

     

     

     

     

     

     

     

     

     

    At 31 December 2023

    1,281

    5,850

    5,286

    134

    9,154

    (6,777)

    400

    (10,053)

    5,275

     

     

     

     

     

     

     

     

     

     

    At 1 January 2024

    1,281

    5,850

    5,286

    134

    9,154

    (6,777)

    400

    (10,053)

    5,275

    Loss for the period

    -

    -

    -

    -

    -

    -

    -

    (884)

    (884)

    Issues of shares

    3

    6

    -

    -

    -

    -

    -

    -

    9

     

     

     

     

     

     

     

     

     

     

    At 30 June 2024

    1,284

    5,856

    5,286

    134

    9,154

    (6,777)

    400

    (10,937)

    4,400

     

     

    Unaudited Condensed Consolidated Statement of Cash Flows

     

    30 June 2024

    30 June 2023

     

    £’000

    £’000

    Cash flows from operating activities

     

     

    Operating loss

    (806)

    (709)

    Adjustments for non-cash/non-operating items:

     

     

    Depreciation of property, plant and equipment

    170

    143

    Depreciation of right-of-use assets

    70

    84

    Amortisation of intangible assets

    143

    134

    Exceptional charges

    (14)

    -

    Share option charge

    8

    10

     

    ───────

    ───────

     

    (429)

                (338)

    Changes in working capital:

     

     

    Increase / (decrease) in inventories

    33

    (87)

    Increase in trade and other receivables

    745

    (391)

    Increase / (decrease) in trade and other payables

    423

    110

     

    ───────

    ───────

    Cash from operations

    772

    (706)

    Taxation

    -

    177

     

    ───────

    ───────

    Net cash from operating activities

    772

    (529)

     

    ───────

    ───────

    Cash flows from investing activities

     

     

    Purchases of tangible fixed assets

    (101)

    (267)

    Purchases of intangible assets

    (378)

    (243)

    Interest received

    -

    10

    Acquisition of unlisted equity securities

    (198)

    -

     

    ───────

    ───────

    Net cash used in investing activities

    (677)

    (500)

     

    ───────

    ───────

    Cash flows from financing activities

     

     

    Repayment of loans

    (137)

    (219)

    Principal element of lease payments

    (30)

    (102)

    Interest paid

    (64)

    (74)

     

    ───────

    ───────

    Net cash from financing activities

    (231)

    (395)

     

    ───────

    ───────

    Net (decrease) / increase in cash and cash equivalents

    (136)

    (1,424)

    Cash and cash equivalents at beginning of period

    316

    2,337

     

    ───────

    ───────

    Cash and cash equivalents at end of period

    180

    913

     

    ═════

    ═════

     

     
     

    Notes to the condensed financial statements
     

    1. Segmental information

    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.

     

     

    Half-year ended

     

    30 June 2024

    30 June 2023

     

    £000

    £000

    Analysis of revenue

     

     

    Aquaculture equipment rentals, sales and associated charges

    403

    319

    Offshore equipment rentals, sales and associated charges

    1,103

    1,444

    Geotracking

    4

    38

     

    1,510

    1,801

     

     

    Half-year ended

     

    30 June 2024

    30 June 2023

     

    £000

    £000

    Analysis of gross profit

     

     

    Aquaculture equipment rentals, sales and associated charges

    294

    80

    Offshore equipment rentals, sales and associated charges

    594

    818

    Geotracking

    1

    (15)

     

    889

    883

     

     

    1. Exceptional items

    Exceptional items in the period of £0.01m include legal and professional costs associated incurred in the period but which relate to the issue of convertible loan notes in July 2024.

     

    1. Losses per share

    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:

     

    Half-year ended

     

    30 June 2024

    30 June 2023

     

    £000

    £000

    Loss for the period attributable to the owners of the Group

    (884)

    (759)

    Weighted average number of shares:

     

     

    • Basic and diluted

    128,263,088

    127,900,627

    Basic and diluted earnings per share (pence)

    (0.7)

    (0.6)

     

    1. Loan repayment

    During the period, the Group repaid £0.24m of loans provided under the Coronavirus Business Interruption Loan Scheme. The loan was fully repaid in July 2024.
     

    1. Share capital and share premium

    The called-up and fully paid share capital of the Company is as follows:

     

    30 June 2024

    30 June 2023

     

    £000

    £000

    Allotted, called-up and fully paid: 128,405,917 Ordinary shares of £0.01 each

    (2023: 127,976,373 of £0.01 each)

    1,284

    1,280

     

    1. Financial instruments – classification and measurement

    Financial assets

    Financial assets measured at fair value include the following:

     

     

    Half year ended

     

    30 June 2024

    30 June 2023

     

    £’000

    £’000

    Unlisted equity securities

    709

    511

     

    ───────

    ───────

     

    709

    511

     

     ═════

     ═════

           

     

    1. Basis of preparation of half-year report

    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

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    Unaudited Interim Results OTAQ Plc (OTAQ) Unaudited Interim Results 30-Sep-2024 / 07:00 GMT/BST 30 September 2024 OTAQ plc ("OTAQ", the "Company" or the “Group”)   Unaudited Interim Results   OTAQ, the innovative technology company targeting the aquaculture and offshore …