1 Jun 2021 07:00
OTAQ plc
("OTAQ", or the "Company")
Trading Update
& Notice of Results
OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, announces a trading update for the 12 months ended 31 March 2021 (the "Period").
The Company expects to announce results for the Period in line with market expectations, subject to audit.
Notwithstanding the inevitable disruption caused to travel in the Period, OTAQ has made considerable progress in advancing its capabilities in product innovation to address ongoing challenges faced by the aquaculture industry to improve welfare and reduce losses for producers. This is being achieved through a combination of in-house development and strategic acquisitions and collaborations with technology innovators to deliver best in class applications. During the Period, OTAQ acquired ROS Technology Ltd and increased its investment in US based Minnowtech LLP. Post the period end, OTAQ invested in and secured a collaboration agreement with artificial intelligence specialist Blue Lion Labs Ltd.
OTAQ expects to announce results for the Period in the latter half of July.
Phil Newby, Chief Executive at OTAQ, commented: "The year has inevitably had its challenges however our staff have responded admirably and delivered a performance that we are very proud of.
"Additionally, we are very pleased to have acquired ROS Technologies, increased our investment in Minnowtech and secured a holding and a collaboration agreement with Blue Lion Labs Ltd, all of which give us exciting opportunities as we pursue our strategy of creating a portfolio of market leading products that improve production management, output and welfare for the global aquaculture sector."
Contacts:
OTAQ PLC | Via Walbrook |
Alex Hambro, Non-Executive Chairman |
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Phil Newby, Chief Executive Officer Matt Enright, Chief Financial Officer |
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Dowgate Capital Ltd (Broker & Adviser) | 020 3903 7715 |
David Poutney/James Serjeant Nicholas Chambers |
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Walbrook PR Ltd | Tel: 020 7933 8780 or Otaq@walbrookpr.com |
Tom Cooper/Nick Rome/Nicholas Johnson | 0797 122 1972 or 07748 325 236 or 07884 664 686 |
About OTAQ
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.