29th Mar 2021 10:47
(Alliance News) - Catenae Innovation PLC on Monday said its losses widened in the 2020 financial year and that the release of its audited accounts will be delayed.
The Newcastle-based digital media and technology company made a loss of GBP832,187 in the financial year that ended this past September, widening from a GBP825,230 loss the previous year.
Shares were down 9.8% to 2.39 pence in London.
Catenae said no material revenue was generated in the period as it focused on product development and testing. Revenue from legacy products was hurt by the virus pandemic, the company said.
The company currently has a net cash position of GBP1.2 million, after raising GBP1.0 million in a share placing in January.
Catenae said it will be unable to post its annual audited accounts by the March 31 deadline for AIM-listed companies, "due to the current Covid-19 situation". It will extend its reporting deadline to June 30.
Chief Executive Guy Meyer said Catenae's platform for recording Covid-19 test and vaccination records received positive feedback, but hasn't generated any material revenue because of uncertainty over lockdowns. Meanwhile, participation in the UK government's development of a digital identity policy highlights Catenae's position as experts in the industry, he said.
By Ivan Edwards; [email protected]
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