DJ Trading Update
OTAQ Plc (OTAQ)
Trading Update
13-Nov-2024 / 07:00 GMT/BST
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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:
OTAQ plc +44 (0) 1524 748028
Adam Reynolds, Non-Executive Chairman
Phil Newby, Chief Executive Officer
Justine Dowds, Chief Financial Officer
Dowgate Capital Limited - AQSE Corporate Advisor & Broker +44 (0)20 3903 7715
James Serjeant / Russell Cook
Walbrook PR Limited - PR +44 (0)20 7933 8780
Tom Cooper / Nick Rome 07971221972 or 07748325236
OTAQ@walbrookpr.com
----------------------------------------------------------------------------------------------------------------------- Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BK6JQ137 Category Code: MSCU TIDM: OTAQ LEI Code: 213800CZGMYB5XTUXJ52 Sequence No.: 358688 EQS News ID: 2028517 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
November 13, 2024 02:00 ET (07:00 GMT)
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