20
September 2024
Catenai PLC
("Catenai", the "Company")
Half Year
Results
Catenai PLC (AIM: CTAI), the AIM
quoted provider of digital media and technology, announces its
half-yearly report for the six months ended 30 June
2024.
Financial overview
● Loss of
£12,780 in the period under review (2023: £195,689) with revenues
of £124,500 (2023: £8,622) as a result of fees from the Klarian
Limited ("Klarian") CLN recognised in full.
● Net
asset/(liability) position £566,764 (2023: £(367,529)).
● Cash position of
£4,759 as at 30 June 2024 and approximately £31,500 as at 19
September 2024.
The Company continues to service its
customer in the sports sector.
On 25 April 2024, the Company
announced that it had identified an opportunity to invest in
Klarian, by way of an unsecured convertible loan note agreement
("CLN").
Klarian is a UK data analytics
company focussing on the oil and gas sector seeking to improve
pipeline efficiency and optimisation through data collection and
data analytics services. 'DigipipeVision', its real-time analytics
platform, captures data to optimise operational productivity,
efficiency, and profitability through real-time analysis of
technical, commercial, and strategic data. The company produces
products and services that generate repeat monthly license fees and
ongoing consultancy revenue with long term repeat monthly revenues
as the main focus and driver of business growth.
The Company has to date issued £450k
CLNs to Klarian. The Company has recognised approximately £117,500
of fees in relation to the issue of the CLNs. These fees are
recorded as a receivable in the Company's balance sheet.
The Company continues to carefully
manage its working capital position and may need to raise further
capital in the future through equity or alternative financing
agreements. There can be no guarantee that funding discussions will
result in new funding being secured nor that that the terms of any
such agreement will be favourable to the Company and its
shareholders. Further announcements will be made in due
course.
Post
period end
Klarian have announced an agreement
with Thurber Engineering Ltd ("Thurber") which was established in
1957 and has grown to employ over 500 engineers, geoscientists, and
technologists in 15 offices across Canada. Thurber provides various
geotechnical, geo-environmental, and materials engineering and
testing services.
In September 2024, Klarian also
announced the launch of Orkus, a new geohazard risk management
platform developed in partnership with Thurber. Orkus leverages
earth sciences and spatial data to proactively protect critical
assets and infrastructure and its key features include interactive
mapping, hazard analysis, comprehensive assessment tools and mobile
accessibilities.
This announcement contains inside
information for the purposes of the UK Market Abuse Regulation. The
person who arranged for release of this announcement on behalf of
the Company was John Farthing, Interim Chief Executive Officer of
the Company and the Directors of the Company are responsible for
the release of this announcement.
For
further information please contact:
|
Catenai PLC
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+44 (0)20
7183 8666
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|
John Farthing, Interim Chief
Executive Officer
|
|
|
|
|
|
Cairn Financial Advisers LLP (Nominated
Adviser)
|
+44(0)20
7213 0880
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Liam Murray / Jo Turner
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|
|
|
|
|
Shard Capital Partners LLP (Broker)
|
+44 (0)20
7186 9952
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Damon Heath
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Notes to Editors:
About Catenai PLC
Catenai is an AIM quoted provider of
digital media and technology services. The Company has an
experienced IT team of project managers and integrators who have
deployed systems across corporate, government and educational
sectors.
www.catenaiplc.com
Statement of Comprehensive Income
For
the Period Ended 30 June 2024
|
|
Unaudited
six months
ended
30 June
2024
£
|
Unaudited
six months
ended
30 June
2023
£
|
Audited
year
ended
31 December
2023
£
|
|
Revenue
|
124,500
|
8,622
|
28,670
|
|
Cost of sales
|
-
|
-
|
-
|
|
Gross profit
|
124,500
|
8,622
|
28,670
|
|
Administrative expenses
|
(137,278)
|
(189,311)
|
(392,488)
|
|
Reversal of provision
|
-
|
|
102,500
|
|
Loss from operations
|
(12,778)
|
(180,689)
|
(261,318)
|
|
Net Finance
income/(expense)
|
-
|
-
|
-
|
|
|
|
|
|
|
Loss before taxation
|
(12,778)
|
(180,689)
|
(261,318)
|
|
Taxation
|
-
|
-
|
-
|
|
Total comprehensive loss for the year
|
(12,778)
|
(180,689)
|
(261,318)
|
|
|
|
|
|
Statement of Financial Position
For
the Period Ended 30 June 2024
|
|
|
Unaudited
six months
ended
30 June
2024
£
|
Unaudited
six months
ended
30 June
2023
£
|
Audited
year
ended
31 December
2023
£
|
|
Non-current assets
|
|
|
|
|
|
Intangible assets
|
|
1
|
1
|
1
|
|
|
|
1
|
1
|
1
|
|
Current assets
|
|
|
|
|
|
Trade and other
receivables
|
|
627,205
|
13,864
|
17,291
|
|
Cash and cash equivalents
|
|
4,759
|
99
|
1,185
|
|
|
|
631,964
|
13,963
|
18,476
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
|
65,201
|
(366,493)
|
(320,635)
|
|
Loans and borrowings
|
|
-
|
|
(131,000)
|
|
|
|
65,201
|
(366,493)
|
(451,635)
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Interest-bearing loans
|
|
-
|
-
|
-
|
|
Total Liabilities
|
|
(65,201)
|
(366,493)
|
(451,635)
|
|
|
|
|
|
|
|
Net
Assets/(Liabilities)
|
|
566,764
|
(352,529)
|
(433,158)
|
|
|
|
|
|
|
|
Capital and reserves attributable to equity holders of the
company
|
|
|
|
|
|
Ordinary share capital
|
|
789,149
|
570,078
|
570,078
|
|
Deferred share capital
|
|
3,615,192
|
3,159,130
|
3,159,130
|
|
Share premium account
|
|
20,003,024
|
19,665,457
|
19,665,457
|
|
Share reserve
|
|
(83,333)
|
(83,333)
|
(83,333)
|
|
Merger reserve
|
|
11,119,585
|
11,119,585
|
11,119,585
|
|
Capital Redemption
Reserve
|
|
2,732,904
|
2,732,904
|
2,732,904
|
|
Retained losses
|
|
(37,609,757)
|
(37,516,350)
|
(37,596,979)
|
|
Total Equity
|
|
566,764
|
(352,529)
|
(433,158)
|
Statement of Cash Flows
For
the Period Ended 30 June 2024
|
|
Unaudited
six months
ended
30 June
2024
£
|
Unaudited
six months
ended
30 June
2023
£
|
Audited
year
ended
31 Dec 2023
£
|
|
Loss for the period
|
(12,778)
|
(180,690)
|
(261,318)
|
|
Adjustments for:
Impairment of investment
|
|
|
-
|
|
Net
(loss) before changes in working capital
|
(12,778)
|
(180,690)
|
(261,318)
|
|
(Increase) / decrease in trade and
other receivables
|
(109,914)
|
60,882
|
57,454
|
|
(Decrease) / increase in trade and
other
payables
|
(93,734)
|
57,985
|
12,127
|
|
Cash from operations
|
(216,426)
|
(61,823)
|
(191,737)
|
|
Interest received
|
-
|
-
|
-
|
|
Interest paid
|
-
|
-
|
-
|
|
Net
cash flows from operating activities
|
(216,426)
|
(61,823)
|
(191,737)
|
|
Financing Activities
|
|
|
|
|
Issue of ordinary share
capital
|
670,000
|
-
|
-
|
|
Issue of CLN
|
(450,000)
|
-
|
-
|
|
New loans raised
|
-
|
-
|
131,000
|
|
Net
cash flows from financing activities
|
220,000
|
-
|
131,000
|
|
|
|
|
|
|
Net increase / (decrease) in
cash
|
3,574
|
(61,823)
|
(607,737)
|
|
Cash and cash equivalents at
beginning of period
|
1,185
|
61,922
|
61,922
|
|
Cash and cash equivalents at end of period
|
4,759
|
99
|
1,185
|
Caution regarding forward looking statements
Certain statements in this
announcement, are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use
of terms and phrases such as ''believe'', ''could'', "should"
''envisage'', ''estimate'', ''intend'', ''may'', ''plan'',
''potentially'', "expect", ''will'' or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
