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15th Dec 2021 7:00 am RNS Interim Results
Interim Results for six months to 30 September 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.
Highlights:
· 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
o Positioned to enter new markets with new products and technologies
· Actively engaged with Marine Scotland regarding regulation of ADDs in Scottish waters
o Result of ADD trial anticipated in Q1 2022
o Long term supply contracts with certain customers now ended
o On-going discussions with Subpesca, the Chilean regulatory authority
o 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
o 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
Post-Period Highlights
· 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
o 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
o 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."
https://www.lse.co.uk/rns/OTAQ/interim-results-pjcbcd45x2fm49r.html
was expecting revenue to be up slightly, it will be a while before the share price goes back up
what are you blathering about 'oh new single post poster' .. the RNS said nothing about revenue ... just a generic troll post !
“ Revenues for six months to 30 September 2021 of £1.8m (H1 FY21: £2.0m’’
Why are you so annoyed?