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OTAQ PLC - London-based marine technology company - Expects revenue for 2024 to be below current market forecasts. It explains that some order have taken longer to convert and are now not expected to be completed until 2025. While its Offshore unit is continuing to work on several new orders and will meet management expectations for 2024, OTAQ’s Aquaculture division has seen new sales prospects defer the decision to place firm orders. Meanwhile, the company is evaluating further potential cost savings after it has taken action to restructure the business over the recent weeks.
Chief Executive Officer Phil Newby says: ‘We are encouraged by the pipeline of new opportunities across the group. While conversion of these opportunities is often more protracted than we would hope, and the outturn for the current financial year is uncertain, OTAQ’s strong relationship with our core customer base means that the prospects for next year are encouraging.’
Current stock price: 0.50 pence each, down 80% on the AQSE in London on Wednesday
12-month change: down 88%
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