Board directors stand down to reflect cost cutting measures at marine tech group
Two directors at Lancaster-based marine technology group, OTAQ, have stepped down from the board, due to cost cutting measures at the company.
Harald Rotsch has stepped down from the board but will continue to act as Chief Technology Officer in a non-board capacity, while Sarah Stoten has resigned her position as Non-Executive Director, both with immediate effect.
Both Harald and Sarah have voluntarily resigned their positions in recognition of the cost cutting measures already implemented by the company, measures which they view appropriate to extend to all levels.
While Harald will remain with the company, OTAQ said Sarah has kindly offered to support a smooth transition.
It is the board’s view that it will retain the expertise needed to service the near-term needs of the group, best positioning OTAQ for long term success and maintaining suitable corporate governance.
Phil Newby, Chief Executive, said: “I would like to sincerely thank both Harry and Sarah for their valuable contributions to OTAQ during their tenure on the board.
“We are pleased that Harry will continue in his current role and we will retain his extensive expertise and industry knowledge within OTAQ.
“I also extend our best wishes to Sarah in her future endeavours and thank her for continued support as we transition to a leaner business and establish solid platform from which we can then grow.”
He added: “As we made clear when reporting our interim results, the changes we make today will enable OTAQ to succeed in servicing the aquaculture and offshore markets with our innovative technology solutions and realise long term growth.”
In September the company revealed that its interim revenues had declined and pre-tax losses increased in its unaudited results for the six months to June 30, 2024.
Sales of £1.510m were compared with £1.801m a year ago, and a pre-tax loss of £884,000 was more than the £773,000 loss in 2023.
Post-reporting period, the firm achieved a successful fundraise of £1.79m of Convertible Loan Notes, with an additional £1m broker option available until 31/12/24.
It also repaid, in full, the £0.8m outstanding Cbils loan.
