OTAQ announce strong annual results
OTAQ, the marine technology products and solutions group for the global aquaculture and offshore oil and gas industries, has announced its final results for the year ended 31 March 2020. During the period, the Company was a cash shell named Hertsford Capital plc, successfully completing the reverse takeover by OTAQ Group Limited (‘OTAQ Group’) on 31 March 2020. As a result of the acquisition and consolidation of OTAQ Group, the Company has reported results refelecting the ongoing operations of OTAQ Group and its subsidiaries.
Financial highlights included revenues of £3.2m (up from £1.58m in 2019), a gross profit of £1.96m (up from £902k) and an adjusted EBITDA increase of £451,000 (up from £50k).
Operating highlights included the listing of
OTAQ on the London Stock Exchange’s main market following the reverse takeover, a 20% increase in the company’s core product SealFence, a continued focus on innovation and research & development to broaden the company’s market share and, despite covid, a first quarter result this year that was broadly in line with expectations.
Post period-end Matt Enright joined the Board on 26 June 2020 as Chief Financial Officer and Company Secretary. He replaced interim Chief Financial Officer Simon Walters, who oversaw the successful transaction to list OTAQ on the Stock Market.
Alex Hambro, NonExecutive Chairman of OTAQ plc, commented:
‘This has certainly been a busy year for OTAQ, notwithstanding the current economic and social climate of COVID-19.The reverse takeover of Hertsford Capital plc has placed OTAQ in a strong cash position which, in line with our strong revenue and margin growth, we can use to further innovate and broaden our offering across the global aquaculture sector.
‘We have still maintained business throughout the lockdown with minimal interference, as our employees were granted special dispensation to continue supplying critical products and services throughout.As we come through this period, our objectives are to continue development and contracts with SealFence, while also looking to acquire small and medium-sized marine technology companies, taking advantage of the continuing growth in the salmon-farming and aquaculture industry.’