Fish Farmer

OTAQ reports good profits growth


MARINE technology group OTAQ has reported a strong increase in revenue and profits for the year to 31 March 2021.

OTAQ, which makes the SealFence deterrent system as well as a variety of monitoring and analysis technology for the aquacultur­e sector, has reported an 18.5% increase in revenue, year on year, to £4.05m (2020: £3.42m) and a 17.3% increase in gross profit to £2.3m (2020: £1.96m). EBITDA was up to £542,000 (2020: £451,000).

The company also reports cash balances of £3.1m following the drawdown of a five-year £2m CBILS (Coronaviru­s Business Interrupti­on Loan Scheme) facility.

During 2020/21, OTAQ acquitted the trade and assets of electronic systems design business ROS Technology, added revenue-generating contracts and made a strategic investment in Minnowtech, taking 15% of that company’s equity.

New product developmen­t included the live plankton analysis system for detecting algal blooms, in partnershi­p with Blue Lion Labs LLC, and entering the shrimp biomass detection market through the investment in US-based Minnowtech.

Alex Hambro, Non-Executive Chairman of OTAQ plc, commented: “Despite the general market backdrop and challenges, this was still an extremely productive period for the Group with positive movement across all of our key financial metrics. Importantl­y we continued to position ourselves for future growth, having invested in broadening our product suite and reach.”

 ??  ?? Above: OTAQ technology
Above: OTAQ technology

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