OTAQ PLC - London-based marine technology company - Says trading in first quarter of 2024 "has been encouraging", with revenue 19% higher than a year ago. "The Offshore Products division has maintained the positive performance seen in 2023. Aquaculture has also seen a number of positive developments. The company's sonar shrimp system developed for Minnowtech LLC, is now gaining traction in its target markets," OTAQ says. Further, proposes up to GBP2.0 million fundraise via placing of convertible loan notes. The notes will be redeemable after three years, with a cash coupon of 10% per year. The placing will require shareholder approval.
Chief Executive Officer Phil Newby says: "Given the anticipated improvement in reported revenue for 2023 and the favourable start to 2024, the Board remains confident in its current growth strategy. The recent commercial launch of Live Plankton Analysis System marks a significant milestone for the company, one that we are poised to develop throughout the remainder of 2024 and beyond."
Current stock price: 2.30 pence each, more than doubled on Friday in London
12-month change: down 43%
By Tom Budszus, Alliance News slot editor
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