27th Jul 2020 15:14
(Alliance News) - OTAQ PLC, a Lancaster-based marine aquaculture technology company that recently reversed into London-listed cash shell Hertsford Capital PLC, on Monday reported a widened annual loss amid rising administrative and operating costs.
Hertford completed the reverse takeover of OTAQ Group Ltd in March.
OTAQ said its pretax loss in the financial year that ended March 31 was GBP2.8 million, widened from GBP369,000 the year before.
OTAQ said administrative expenses rose to GBP2.8 million from GBP1.2 million, while GBP1.0 million in costs of acquisition and GBP661,000 in a share-based payment charge as a result of the London listing also contributed to the loss.
More positively, OTAQ reported a 20% rise in rental revenue of core product SealFence. This is a sound wave emitter system that deters seals and sea lions from attacking fish farms. The number of units deployed grew 20% during the recent year to 1,156 from 962.
Group revenue totalled GBP3.4 million, with SealFence making up the majority of that, more than doubled from GBP1.6 million in financial 2019.
Looking forward Chair Alex Hambro said: "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."
The company did not pay a dividend this year, saying it wants to retain cash for growth.
Shares of OTAQ were untraded on Monday afternoon in London, last quoted at 51.40 pence a shares for a GBP16.3 million market capitalisation.
By Neetika Kurup; [email protected]
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