The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksOTAQ.L Share News (OTAQ)

  • There is currently no data for OTAQ

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

OTAQ loss narrows as Offshore arm sees increased rental contracts

Fri, 18th Nov 2022 10:35

(Alliance News) - OTAQ PLC on Friday said its pretax loss narrowed in the first half of its financial year, following a rise in sales for the company's Offshore division.

The Lancaster-based producer of marine technology for offshore oil and gas industries reported a pretax loss of GBP538,000 in the six months that ended September 30. This was reduced from a loss of GBP881,000 a year before.

OTAQ's revenue rose 11% to GBP2.0 million from GBP1.8 million. Most importantly, the Offshore division reported a 33% rise in revenue to GBP1.2 million from GBP900,000 in the first half of 2021, due to increased rental contracts for the division's OceanSense product.

However, revenue in the Aquaculture division declined by 11% to GBP800,000 from GBP900,000.

The revenue growth has meant that earnings before interest, tax, depreciation and amortisation swung to a profit of GBP13,000 from a loss of GBP171,000 a year before. OTAQ said improved overhead cost control and a change in the sales mix also led to the increase.

Looking ahead, OTAQ said it anticipates a period of adjustment whilst new products are launched and developed commercially, after having raised GBP3.6 million in fresh funds to pay for all this.

Chief Executive Phil Newby said the group will continue to launch new products and "significant" business development throughout the next period in order to return OTAQ to growth and improved profitability.

OTAQ shares were traded on AQSE in London at 4.66 pence on Friday morning, up 3.6% from their previous close of 4.50p.

By Jaskeet Briah; jaskeetbriah@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
26 Nov 2021 06:55

IN BRIEF: OTAQ wins multi-year contract to supply sonar to Minnowtech

IN BRIEF: OTAQ wins multi-year contract to supply sonar to Minnowtech

Read more
29 Oct 2021 21:20

TRADING UPDATES: Mattioli outlook promising; virus hits Grand Vision

TRADING UPDATES: Mattioli outlook promising; virus hits Grand Vision

Read more
11 Oct 2021 13:58

IN BRIEF: OTAQ secures approval to supply new tracking device

IN BRIEF: OTAQ secures approval to supply new tracking device

Read more
11 Oct 2021 11:04

SMALL-CAP WINNERS & LOSERS: OTAQ boosted by sporting event order

SMALL-CAP WINNERS & LOSERS: OTAQ boosted by sporting event order

Read more
20 Jul 2021 18:45

TRADING UPDATES: Victoria's revenue record; TClarke hails order book

TRADING UPDATES: Victoria's revenue record; TClarke hails order book

Read more
1 Jun 2021 14:35

TRADING UPDATES: M&C Saatchi lifts guidance on new client wins

TRADING UPDATES: M&C Saatchi lifts guidance on new client wins

Read more
11 May 2021 19:42

IN BRIEF: OTAQ invests USD300,000 into Blue Lion Labs

IN BRIEF: OTAQ invests USD300,000 into Blue Lion Labs

Read more
19 Mar 2021 11:53

TRADING UPDATES: Supermarket Income REIT and Trident raise funds

TRADING UPDATES: Supermarket Income REIT and Trident raise funds

Read more
25 Feb 2021 19:04

EXECUTIVE CHANGES: N Brown Gets New Chair Amid Board Reshuffle

EXECUTIVE CHANGES: N Brown Gets New Chair Amid Board Reshuffle

Read more
3 Feb 2021 10:23

IN BRIEF: OTAQ Pens GBP2 Million Virus Interruption Loan

IN BRIEF: OTAQ Pens GBP2 Million Virus Interruption Loan

Read more
26 Nov 2020 16:34

UK EARNINGS SUMMARY: MySale Loss Narrows, Sees Good Start To New Year

UK EARNINGS SUMMARY: MySale Loss Narrows, Sees Good Start To New Year

Read more
9 Nov 2020 15:16

IN BRIEF: Otaq Acquires Trade And Assets Of ROS Technology

IN BRIEF: Otaq Acquires Trade And Assets Of ROS Technology

Read more
29 Oct 2020 15:03

UK TRADING UPDATE SUMMARY: OTAQ And Biome Tech Expect Earnings Growth

UK TRADING UPDATE SUMMARY: OTAQ And Biome Tech Expect Earnings Growth

Read more
26 Aug 2020 11:37

DIRECTOR DEALINGS: OTAQ Chair And Non-Exec Director Spend GBP45,000

DIRECTOR DEALINGS: OTAQ Chair And Non-Exec Director Spend GBP45,000

Read more
27 Jul 2020 15:14

OTAQ Annual Loss Widens But Deployments Of SealFence Product Grow

OTAQ Annual Loss Widens But Deployments Of SealFence Product Grow

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.