Trading Update (1799425)

OTAQ Plc (OTAQ) 
Trading Update 
19-Dec-2023 / 07:00 GMT/BST 
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OTAQ plc 
("OTAQ", or the "Company") 
 
Trading Update 
 
OTAQ plc (OTAQ.AQ), the innovative technology company targeting the aquaculture, offshore markets and geotracking, 
today provides a trading update in advance of the year ending 31 December 2023 ('FY23'). 
 
The Company expects to report revenues of approximately GBP4.4m for FY23 (FY22: GBP4.0m) exceeding management's prior 
revenue expectations driven by a particularly strong second half to the year. Revenues in the second half of the year 
are expected to be not less than GBP2.5m, up 93% on the same period last year (FY22: GBP1.3m) and up by over 40% on the 
first half of FY23.  The Company expects to report a reduced adjusted EBITDA loss for the year of approximately GBP245k 
(FY22: loss GBP331k*). 
 
Revenue generation has been underpinned by the Offshore division, particularly benefiting from the continued demand and 
increased orders for its Connector solutions and OceanSense products. 
 
The Company also benefited from strong traction during the second half of the year in its Aquaculture division, in 
particular delivering two orders of Shrimp Sonar Device orders, totalling 200 units, to Minnowtech LLC. Additionally, 
42 Live Plankton Analysis Systems ('LPAS') are now deployed with customers, feeding vital plankton images back to OTAQ. 
  The Company anticipates that at the year-end it will have 16 of its LPAS beta systems deployed with salmon farmers in 
Scotland, Ireland, Chile, Australia, and New Zealand, on a trial basis. 
 
The Group, through careful management of its cash resources, has managed to weather the brunt of the well-documented 
inflationary pressures and supply chain challenges experienced by the wider economy, whilst delivering pleasing 
progress and, as at 18 December 2023, the Company had a cash balance of GBP0.4m with strong debtor book of GBP1.1m (30 June 
2023: GBP0.9m cash, GBP0.8m debtors).  From 30 June 2023 to 18 December 2023, GBP189k of the CBILS loan has been repaid; the 
balance outstanding is GBP1.1m. 
 
Commenting, Phil Newby, Chief Executive at OTAQ, said: 
 
"The Board is pleased to note the progress made across the Company, and particularly the improving market backdrop in 
Offshore, where OTAQ is well positioned to target developing global growth opportunities for its OceanSense, Eagle IP, 
Lander seabed survey, and subsea electrical connector & penetrator solutions. 
 
"With an improved reported revenue expected for year, the Board remains confident in its current growth strategy, part 
of which is to commercialise a number of opportunities in the Aquaculture space. With LPAS systems now live, OTAQ is in 
constant receipt of highly valuable data that will, through a machine learning process, further enhance the AI engine 
and improve customer outcomes." 
 
*Adjusted for one-off deposit returned in respect of SealFence and other restructuring costs 
 
Enquiries: 
 
OTAQ PLC                                            +44 (0) 1524 748028 
Adam Reynolds, Non-Executive Chairman 
Phil Newby, Chief Executive Officer 
 
Justine Dowds, Interim Chief Financial Officer 
 
Dowgate Capital Limited - AQSE Corporate Advisor & Broker +44 (0)20 3903 7715 
David Poutney / James Serjeant 
 
Nicholas Chambers / Russell Cook 
 
Walbrook PR Limited - PR                            +44 (0)20 7933 8780 
Tom Cooper / Nick Rome                              +44 (0) 7971 221972 or +44 (0) 7748 325236 
                                                    OTAQ@walbrookpr.com

About OTAQ

OTAQ is a highly innovative technology company targeting the aquaculture, geotracking and offshore markets. It already has a number of established products in its portfolio and is focused on further developing its presence, customer base and cross selling opportunities within core markets both organically and via acquisition.

OTAQ's aquaculture products, which include a sonar device (developed for Minnowtech LLC) to scan shrimp in ponds and water quality monitoring, are focused on maximising welfare and production yields. Additionally, the Company is developing a potentially game changing live plankton analysis product for finfish and shellfish farmers. It also continues to target opportunities in the acoustic deterrent devices market via its Sealfence product, which is used by salmon farmers, with global opportunities in Chile, Australia, Canada and Norway.

The Company is also developing high accuracy location trackers for specialist applications. Having already added clients within safety and multiple participant sport/racing applications, the Company is investigating wider market potential - including opportunities in the seafood industry.

OTAQ's offshore product range includes OceanSense subsea leak detection, Eagle IP camera systems, Lander seabed survey devices and Subsea electrical connectors and penetrators. It is targeting a number of growth opportunities in new territories and has a strong client base including Expro, Amphenol and National Oilwell Varco. The Company is also focused on the development of new products through this division, with the aim of increased cross-deployment of skills and technologies into the aquaculture arena.

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ISIN:          GB00BK6JQ137 
Category Code: MSCM 
TIDM:          OTAQ 
LEI Code:      213800CZGMYB5XTUXJ52 
Sequence No.:  292694 
EQS News ID:   1799425 
 
End of Announcement  EQS News Service 
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(END) Dow Jones Newswires

December 19, 2023 02:00 ET (07:00 GMT)

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