Interim Results for six months to 30 September 2021
15 December 2021
OTAQ (LSE: OTAQ), the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, announces results for the six months to 30 September 2021.
The full results are available to
- Revenues for six months to 30 September 2021 of £1.8m (H1 FY21: £2.0m)
- Restructuring of senior management team to increase focus on sales led strategy, including appointment of new Chief Commercial Officer
- Positioned to enter new markets with new products and technologies
- Actively engaged with Marine Scotland regarding regulation of ADDs in Scottish waters
- Result of ADD trial anticipated in Q1 2022
- Long term supply contracts with certain customers now ended
- On-going discussions with Subpesca, the Chilean regulatory authority
- Phase one of trial in Tasmania completed
- 288 Sealfence units rented by Chilean customers in the period
- Tracker technology obtained following the ROS Technology acquisition in November 2020
- Clear pathway to commercialisation with prototypes delivered to a customer and trials being successfully completed
- OceanSense 4 and Lander (seabed survey device) with first sales made for each product
- Investment in Blue Lion Labs, a Canadian plankton detection business, to license its technology and develop plankton detection systems for use in the salmon market and other finfish sectors
- Successful conclusion of a six-month ADD trial with a major Chilean salmon farmer
- Multi-year supply agreement signed to support Minnowtech's launch into Asia
- 27 OTAQ sonars delivered to Minnowtech by end of December 2021 and an order placed for 100 more to be delivered in Q4
- Increased visibility in the shrimp market highlighting strength of broadened portfolio
- Order for tracking technology secured with expectation of around 600 units to be delivered to this customer in H2
- Expected to lead to further sporting event tracking opportunities
Commenting on the results and prospects, Phil Newby, Chief Executive at OTAQ, said: "This was an extremely busy period for the Group - with the focus on commercialisation, product development and securing orders with a view to underpinning revenue visibility on the back of an increased product suite and routes to market.
"We have an exceptional technology set and are seeing increased demand in a growing number of geographies. The team has secured a number of new contracts and we believe that the momentum expected in the second half of the financial year will provide the
basis for a step change as we move into the next financial period and beyond."
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/Russell Cook
Walbrook PR Ltd
Tom Cooper/Nick Rome/Nicholas Johnson
0797 122 1972 or 07748 325 236 or 07884 664 686
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.