The company, which makes the SealFence predator deterrent and has bases in the UK and in the Chilean salmon farming centre of Puerto Montt, saw revenue rise by 18.5% to £4.05 million from £3.42m in FY2020.
Gross profit increased 17.3% to £2.30m (FY2020: £1.96m) and adjusted EBITDA rose 16.2% to £524,000 (FY2020: £451,000).
Operating highlights included the £300,000 acquisition of ROS Technology Limited’s trade and assets, adding revenue generating contracts and further enhancing OTAQ’s aquaculture R&D capability.
The company made a strategic investment of 15% in aquaculture start-up Minnowtech LLC, which uses OTAQ’s sonar technology in its proprietary shrimp imaging platform.
It also made a move to speed up the development of a live plankton analysis system for detecting algal blooms by spending $300,000 on a 10% stake in Blue Lion Labs Ltd, a Canadian data management and software company developing solutions to water quality challenges.
Positioned for growth
Alex Hambro, non-executive chairman of OTAQ plc, said the company continued to position itself for future growth, having invested in broadening its product suite and reach.
“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. We are also well funded to continue investing in our product base and to consider any further acquisitions we view as a good fit.”