Regulatory News

Interim Results

26 November 2020

Strong double-digit growth for the first half suggesting OTAQ is well on track to deliver on full year expectations

OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, announces its Interim Results for the half-year ended 30 September 2020.

 
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Financial Highlights

  • Revenue increase of 16%, to £2.03m (HY 2019: £1.76m)
  • Gross Profit up 13%, to £1.14m (HY 2019: £1.01m)
  • Adjusted EBITDA* increased 22%, to £0.39m (HY 2019: £0.32m)
  • Net cash of £1.13m at 30 September 2020 (HY 2019: £0.16m)

Operating Highlights

  • Continued focus on diversifying revenue streams both geographically and through further enhancing the product portfolio
  • Delivered direct sales of SealFence units to customers in the Faroe Islands, while also launching the SealFence portable product in addition to new installs in Scotland and Ireland
  • Strategic alliance with Minnowtech LLC - enhancing capabilities to commercialise new technologies
  • Significant progress on the delivery of the biomass and plankton projects, with additional infrastructure put in place to support successful delivery
  • Post-period end acquisition of trade and assets of ROS Technology Limited

Outlook

  • Expectation remains to report revenue of £4.0m and Adjusted EBITDA* of £0.5m for the year to 31 March 2021
  • Well placed to return to a normal level of operations and business development activities once travel restrictions are lifted
  • Positioned to increase market share once the regulatory requirements across target markets are clarified

Appointments

  • Matt Enright joined the Board on 26 June 2020 as Chief Financial Officer and Company Secretary
  • Strengthened the R&D team with Chris Hyde appointed Chief Technology Officer and Dr Peter Robinson joining the Company through the ROS Technology acquisition

Alex Hambro, Non-Executive Chairman of OTAQ plc, commented: “Whilst Covid-19 is expected to continue to impact operations and business development for the remainder of the financial year, we believe that the Group is well placed to return to a normal level of operations and business development activities once travel restrictions are lifted. Furthermore, we believe that the business will be in a strong position to further grow its market share once the regulatory requirements across its target markets are clarified.

“While trading conditions have been impacted by wider issues, we remain excited by the potential to diversify revenue streams both geographically and through further enhancing our product portfolio. Importantly, the business remains well placed to trade through this period of uncertainty and take advantage of strong growth opportunities as conditions allow.”

 

Contacts:

OTAQ PLC Via Walbrook
Alex Hambro, Non-Executive Chairman  
Phil Newby, Chief Executive Officer
Matt Enright, Chief Financial Officer
 
  
Dowgate Capital Ltd (Broker & Adviser) 020 3903 7715
David Poutney/James Serjeant/Nicholas Chambers  
  
Walbrook PR Ltd Tel: 020 7933 8780 or [email protected]
Tom Cooper/Nick Rome/Nicholas Johnson 0797 122 1972 or 07748 325 236 or 07884 664 686

 

About OTAQ:

OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile.

OTAQ’s marine technology portfolio includes a market-leading intelligent acoustic deterrent system, Sealfence, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile, Finland and Russia.

The Company’s Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. OTAQ’s Dragonfish laser measurement system is fast becoming recognised as one of the most accurate underwater precision laser measurement systems available. OTAQ also has significant experience in the design and manufacture of underwater connectors, penetrators and communication systems.

It seeks to develop and continuously improve its products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market. Concurrently, OTAQ seeks to expand its technology portfolio through acquisitive growth, with the aim of further expanding its aquaculture and offshore product offering.

OTAQ is proud to be fully ISO 9001:2015 accredited through DNV-GL. ISO 9001 is an internationally recognised quality management system and demonstrates OTAQ’s commitment to consistency, continual improvement and customer satisfaction. The certification also demonstrates its ability to consistently deliver products and services to market whilst meeting statutory and regulatory requirements by applying an effective quality management system.