OTAQ Plc Reports Final Results for 2023 Financial Year

OTAQ Plc, a technology company focused on aquaculture and offshore markets, has published its audited results for the year ending 31 December 2023. The company's revenue increased to £4.41 million from £2.56 million in the previous nine months. Gross profit also rose significantly to £2.2 million.

The Aquaculture division showed strong performance with significant orders for shrimp sonar devices, while the Offshore division experienced substantial growth, mainly from Connector solutions and OceanSense products. OTAQ also launched its Live Plankton Analysis System (LPAS) in May 2024.

Notably, the company announced a conditional placing to raise £1.7 million through Secured Convertible Loan Notes. The funds will support the commercialisation of new products, enhancing the company's financial stability.

Despite an overall statutory loss of £1.1 million, OTAQ's operating losses have reduced. Cash and cash equivalents at the year's end totaled £0.32 million, with net debt standing at £0.8 million.

CEO Phil Newby expressed confidence in OTAQ's growth strategy, emphasizing the importance of LPAS and further opportunities in the Aquaculture space.