October 3, 2024

 

UK aquaculture tech firm OTAQ reports positive interest in aquaculture products despite financial setbacks

 

 

The company has also seen increased interest in its Sealfence seal deterrent system from salmon farmers in key production regions, having sold 19 Sealfence units during the first half of 2024.

 

In its unaudited interim results for the six months ending June 2024, OTAQ highlighted the progress of its sonar shrimp system developed for Minnowtech LLC. This system is now gaining traction in its target markets and recently won the "Product Most Likely to Change Shrimp Production" award at the Global Shrimp Forum in Utrecht.

 

Despite these positive developments, OTAQ noted that Minnowtech has not placed any orders for the system so far this year.

 

OTAQ, headquartered in Lancaster with offices in Ulverston, Aberdeen, and Puerto Montt, Chile, reported a revenue of GBP 1.51 million (US$1.99 million) for H1 2024, down from GBP 1.801 million (US$2.3 million) in the same period last year. The decline in revenue was attributed to the delayed delivery of a key offshore product, which pushed a significant sale into July.

 

The company reported an operating loss of GBP 805,000 (US$1.06 million) for the first half of 2024, compared to a loss of GBP 709,000 (US$934,000) in the same period in 2023.

 

In response, OTAQ has implemented a cost reduction exercise expected to deliver annualised savings of over GBP 500,000 (US$658,000), with GBP 150,000 (US$197,000) of those savings anticipated to impact 2024.

 

Chief executive officer Phil Newby commented, “We continue to push into new markets both for our existing product range and for the newly developed products such as LPAS and Minnowtech, in both our connectors and aquaculture businesses."

 

He added that the identified cost savings will allow the company to focus on delivering its key strategic goals, maximising the commercial impact of its recent product developments.

 

-      Fishfarmingexpert