OTAQ Plc Reports Unaudited Interim Results for H1 2024

OTAQ Plc, a technology company in the aquaculture and offshore markets, announced its unaudited interim results for the six months ending June 30, 2024. The company reported a revenue of £1.51m, down from £1.8m in H1 2023. The gross profit remained stable at £890k compared to £883k in the previous year. The adjusted EBITDA showed a deeper loss at £422k, from a loss of £347k in H1 2023.

Significant developments this period include the commercial launch of the Live Plankton Analysis System and the signing of its first customer contract. Additionally, the company sold 19 Sealfence units and saw progress in new overseas markets for its offshore products.

Moreover, OTAQ successfully raised £1.79m through Convertible Loan Notes, repaid a notable Cbils loan, and shipped a £350k connector order. Minnowtech BRS-1 was recognized at the Global Shrimp Forum.

The CEO, Phil Newby, emphasized focusing on new markets and delivering strategic goals, with cost savings anticipated to exceed £500k annually. The company expects significant orders for its shrimp sonar devices and Sealfence units in the upcoming financial year.