Regulatory News

Final Results

27 July 2020

Strong revenue and gross margin growth across the business

OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, announces its Final Results for the year ended 31 March 2020.

During the period, the Company was a cash shell named Hertsford Capial plc, successfully completing the reverse takeover by OTAQ Group Limited (OTAQ Group) on 31 March 2020. As a result of the acquisition and consolidation of OTAQ Group, the Company is reporting results reflecting the ongoing operations of OTAQ Group and its subsidiaries.

 
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Financial Highlights

  • Revenue £3.42m (FY 2019: £1.58m)
  • Gross Profit £1.96m (FY 2019: £902,000)
  • Adjusted EBITDA increase £451,000 (FY 2019: £50,000)
  • Adjusted operating loss £339,000 (FY 2019 loss: £343,000)
  • Adjusted earnings per share 1.5p (FY 2019: n/a)
  • Net cash/(debt) £2.86m (FY 2019: (£317,000))

Operating Highlights

  • Listing of OTAQ on London Stock Exchange’s Main Market through a reverse takeover – completed on 31 March 2020.
  • 20% increase in rental revenue for the Company’s core product, SealFence:
  • Long term rental contracts underpin high levels of visibility.
  • Continued focus on innovation and R&D to broaden the Company’s market share and reach:
    • Currently developing an active biomass measurement system and plankton/algal bloom early detection system.
    • Strategic alliance with US-based aquaculture start-up Minnowtech LLC announced in June, post period end, broadening the Company’s reach into innovative technologies and helping farmers grow other species such as shrimp.
  • Despite some understandable impact of Covid 19 and falling oil prices, the first quarter of the current year was broadly in line with expectations.
Board Changes
  • Post period-end Matt Enright joined the Board on 26 June 2020 as Chief Financial Officer and Company Secretary. He replaced interim Chief Financial Officer Simon Walters, who oversaw the successful transaction to list OTAQ on the Stock Market.

Analyst Briefing

A briefing for analysts will be held at 09.30 this morning via web conference. Analysts wishing to join should contact [email protected] or telephone 020 7933 8780 for more information.

Investor Results Presentation

The Company will be hosting a presentation through the digital platform Investor Meet Company at 16.30 this afternoon. Phil Newby, Chief Executive, and Matt Enright, Chief Financial Officer will present operational and financial results for the year ended 31 March 2020, as well as an overview of the Company and its plans for the future. Investors can sign up to Investor Meet Company for free and add to meet OTAQ plc via the following link: https://www.investormeetcompany.com/otaq-plc/register-investor.

Alex Hambro, Non-Executive Chairman of OTAQ plc, commented: “This has certainly been a busy year for OTAQ notwithstanding the current economic and social climate of COVID-19. The reverse takeover of Hertsford Capital plc has placed OTAQ in a strong cash position which, in line with our strong revenue and margin growth, we can use to further innovate and broaden our offering across the global aquaculture sector.

“We have still maintained business throughout the lockdown with minimal interference, as our employees were granted special dispensation to continue supplying critical products and services throughout. As we come through this period, our objectives are to continue development and contracts with SealFence, while also looking to acquire small and medium-sized marine technology companies, taking advantage of the continuing growth in the salmon-farming and aquaculture industry.”

 

Contacts:

Hertsford Capital PLC Via Walbrook
Alex Hambro, Non-Executive Chairman
Phil Newby, Chief Executive Officer
Dowgate Capital Ltd (Broker & Adviser) 020 3903 7715
James Serjeant
Walbrook PR Ltd Tel: 020 7933 8780 or O[email protected]
Tom Cooper/Nick Rome/Nicholas Johnson 07971 221972 or
07748 325236 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.

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.