20th Sep 2024 14:25
(Alliance News) - Catenai PLC on Friday said it has narrowed its half-year loss, following its investment in Klarian Ltd.
The London-based digital media and technology company said revenue at the end of the six months to June 30 was GBP124,500, multiplying from GBP8,622 at the same time last year.
The company's pretax loss narrowed to GBP12,778 from GBP180,689 year-on-year.
In April, Catenai announced it would invest in Klarian through an unsecured convertible loan note agreement. Klarian is an Exeter, England-based data analytics company focussing on the oil and gas sector that generates "repeat monthly licence fees and ongoing consultancy revenue with long-term repeat monthly revenues as the main focus and driver of business growth".
The increase in revenue for the first half of 2024 came as a result of the fees from the Klarian convertible loan note agreement being recognised in full, Catenai said.
Since June, Catenai has also announced an agreement with geotechnical, geo-environmental and materials engineering and testing provider Thurber Engineering Ltd. In September, the partnership launched Orkus, a new geohazard risk management platform that leverages earth sciences and spatial data to proactively protect critical assets and infrastructure.
Shares in Catenai were untraded at 0.18 pence each in London on Friday afternoon.
By Emily Parsons, Alliance News reporter
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