OTAQ Plc Reports Delays in Order Conversion Impacting FY24 Revenue

OTAQ Plc, a technology company focused on aquaculture and offshore markets, has announced delays in order conversion. The company maintains a strong order pipeline, but several orders are now expected to finalize in FY25, affecting FY24 revenue forecasts.

The Offshore division anticipates sales meeting expectations. Meanwhile, the Aquaculture division faces order placement deferrals by customers. In response, OTAQ has restructured to enhance core operations focus and is considering withdrawing its shares from the AQSE Growth Market, pending shareholder approval.

CEO Phil Newby remains optimistic about future opportunities despite current uncertainties, citing solid customer relationships as a positive indicator for the upcoming year.