Revenue and profit rise for aquaculture tech firm OTAQ
Aquaculture and offshore oil industry technology supplier OTAQ increased revenue and profit in its 2021 financial year ended March 31.
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.”