Encouraging progress for industrial tech firm following 2023 flotation
Sheffield-based industrial technology company, Tan Delta, says it has a healthy pipeline of prospective sales as it publishes its audited results for the 12 months ended 31 December 2023.
The Sheffield-headquartered firm, which provides analytics-based equipment monitoring and intelligent maintenance systems, reported revenues of £1.46m (2022: £1.58m) and an adjusted loss before tax of £0.37m (2022: profit of £0.28m).
As previously reported, the business confirmed its successful IPO and admission to trading on AIM on 18 August 2023, raising gross proceeds of about £6m.
Simon Tucker, chairman, said: “Whilst revenues were lower than prior year, I am pleased with operational progress achieved following our successful IPO in August 2023, both during the rest of 2023 but also continuing into the current year.
“We have maintained a lean overhead structure, which is reflected in our relatively small loss for the period and stronger than expected year end cash position.
“Notably we have made material progress growing our new sales prospects pipeline to approximately £4m, which we expect to start converting into sales during the second half of the current year.
“Additionally, we have several very substantial strategic customers where ongoing trials are expected to finalise in 2024 and result in long-term supply contracts and commencement of revenues.”
During the same period, Tan Delta has expanded its sales team and grown its production capacity.
It is now in the process of moving production to a larger facility, where the firm’s production capacity can be scaled up as required.
Post period end, the company has employed a new business development director in the Middle East, who will focus on both the Middle East and Africa. And it has appointed Joy Alvarez as its third non-executive director bringing a
The company is in the process of recruiting a chief operating officer.
