OTAQ Otaq Plc

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.”

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