Marine group reduces losses and positions itself for further development
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OTAQ, the Lancaster-based marine technology group, saw pre-tax losses narrow in the financial year to March 31, 2021.
The business revealed a pre-tax loss of £726,000, down from £2.760m the previous year. Revenues improved from £3.420m to £4.053m.
Cash balances were £3.1m following drawdown of a five-year £2m CBILS facility, while net cash stood at £627,000 compared with £2.86m in 2020.
During the reporting perioc OTAQ said it achieved strong revenue and gross profit growth across the business.
It also concluded the £0.3m acquisition of ROS Technology Limited’s trade and assets, adding revenue-generating contracts and further enhancing OTAQ’s aquaculture R&D capability.
Alex Hambro, non-executive chairman, said: “Despite the general market backdrop and challenges, this was still an extremely productive period for the group with positive movement across all of our key financial metrics.
“Importantly, we continued to position ourselves for future growth, having invested in broadening our product suite and reach.
“We remain excited by the growth potential and new products that we are developing as we focus on increasing our market share as well as diversifying our geographic reach and revenue streams.
“We are building a strong portfolio of innovative aquaculture products focused on reducing production risks as well as increasing yields and sustainability, and are confident that the long-term market fundamentals remain strong.”
He added: “We are also well funded to continue investing in our product base and to consider any further acquisitions we view as a good fit.”