The information contained in this
announcement is deemed by the Company to constitute Inside
Information as stipulated under the Market Abuse Regulations
(Regulation 596/2014/EU) as it forms part of UK Domestic Law by
virtue of the European Union (Withdrawal) Act 2018
13 November 2024
OTAQ plc
("OTAQ" or the
"Company")
Trading Update
OTAQ plc (OTAQ.AQ), the innovative technology company
targeting the aquaculture and offshore markets, has today announced
that the Company retains a strong pipeline of new
orders. However a number of these
orders have taken longer to convert and are now not expected to be
completed until FY25. As a result
the revenues for the current financial year will be below current
market forecasts.
The Offshore division, is continuing to work on a number of
existing and significant new orders and sales for the division in
FY24 will be in line with management
expectations. However the
Aquaculture division has seen existing customers and new sales
prospects defer the decision to place firm orders.
The Board has taken action to restructure the business over
recent weeks to enable the Company to focus on its core, profitable
operations and prospects. The Board
is currently evaluating further potential cost savings including
seeking shareholders’ approval in a general meeting to withdraw the
Company’s shares from trading on the AQSE Growth
Market. A further announcement will
be made shortly.
Phil
Newby, Chief Executive
Officer commented: “We are encouraged by the pipeline of new
opportunities across the group. While conversion of these
opportunities is often more protracted than we would hope, and the
outturn for the current financial year is uncertain, OTAQ’s strong
relationship with our core customer base means that the prospects
for next year are encouraging.”
Enquiries:
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OTAQ plc
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+44 (0) 1524 748028
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Adam Reynolds, Non-Executive Chairman
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Phil Newby, Chief Executive Officer
Justine Dowds, Chief Financial Officer
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Dowgate Capital Limited - AQSE
Corporate Advisor & Broker
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+44 (0)20 3903 7715
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James Serjeant / Russell Cook
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Walbrook PR Limited – PR
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+44 (0)20 7933 8780
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Tom Cooper / Nick Rome
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07971221972 or 07748325236
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OTAQ@walbrookpr.com
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