OTAQ sees revenue, profits up in H2 2020

Marine technology group OTAQ has reported growth in both revenue and profits for the half-year ending 30 September 2020.
The group saw revenue up 16 per cent to £2.03 million and gross profit up 13 per cent to £1.14 million. Adjusted EBITDA was £0.39m (up 22 per cent on H2 2019).
The interim figures do not include the acquisition of acquisition of ROS Technology, which was announced earlier this month.
OTAQ said it had continued to focus on focus on diversifying revenue streams both geographically and through further enhancing the product portfolio. During the period, the company delivered direct sales of SealFence units to customers in the Faroe Islands, and launched the SealFence portable product, in addition to new installs in Scotland and Ireland. OTAQ also struck a strategic alliance with US aquaculture business Minnowtech.
Alex Hambro, non-executive chairman of OTAQ plc, commented: “Whilst Covid-19 is expected to continue to impact operations and business development for the remainder of the financial year, we believe that the Group is well placed to return to a normal level of operations and business development activities once travel restrictions are lifted… while trading conditions have been impacted by wider issues, we remain excited by the potential to diversify revenue streams both geographically and through further enhancing our product portfolio.”