REG - Catenai PLC - Half-year Report
20/09/2024 07:00
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RNS Number : 9572E Catenai PLC 20 September 2024
20 September 2024
Catenai PLC
("Catenai", the "Company")
Half Year Results
Catenai PLC (AIM: CTAI), the AIM quoted provider of digital media and
technology, announces its half-yearly report for the six months ended 30 June
2024.
Financial overview
● Loss of £12,780 in the period under review (2023: £195,689) with
revenues of £124,500 (2023: £8,622) as a result of fees from the Klarian
Limited ("Klarian") CLN recognised in full.
● Net asset/(liability) position £566,764 (2023: £(367,529)).
● Cash position of £4,759 as at 30 June 2024 and approximately
£31,500 as at 19 September 2024.
The Company continues to service its customer in the sports sector.
On 25 April 2024, the Company announced that it had identified an opportunity
to invest in Klarian, by way of an unsecured convertible loan note agreement
("CLN").
Klarian is a UK data analytics company focussing on the oil and gas sector
seeking to improve pipeline efficiency and optimisation through data
collection and data analytics services. 'DigipipeVision', its real-time
analytics platform, captures data to optimise operational productivity,
efficiency, and profitability through real-time analysis of technical,
commercial, and strategic data. The company produces products and services
that generate repeat monthly license fees and ongoing consultancy revenue with
long term repeat monthly revenues as the main focus and driver of business
growth.
The Company has to date issued £450k CLNs to Klarian. The Company has
recognised approximately £117,500 of fees in relation to the issue of the
CLNs. These fees are recorded as a receivable in the Company's balance sheet.
The Company continues to carefully manage its working capital position and may
need to raise further capital in the future through equity or alternative
financing agreements. There can be no guarantee that funding discussions will
result in new funding being secured nor that that the terms of any such
agreement will be favourable to the Company and its shareholders. Further
announcements will be made in due course.
Post period end
Klarian have announced an agreement with Thurber Engineering Ltd ("Thurber")
which was established in 1957 and has grown to employ over 500 engineers,
geoscientists, and technologists in 15 offices across Canada. Thurber provides
various geotechnical, geo-environmental, and materials engineering and testing
services.
In September 2024, Klarian also announced the launch of Orkus, a new geohazard
risk management platform developed in partnership with Thurber. Orkus
leverages earth sciences and spatial data to proactively protect critical
assets and infrastructure and its key features include interactive mapping,
hazard analysis, comprehensive assessment tools and mobile accessibilities.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation. The person who arranged for release of this
announcement on behalf of the Company was John Farthing, Interim Chief
Executive Officer of the Company and the Directors of the Company are
responsible for the release of this announcement.
For further information please contact:
Catenai PLC +44 (0)20 7183 8666
John Farthing, Interim Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser) +44(0)20 7213 0880
Liam Murray / Jo Turner
Shard Capital Partners LLP (Broker) +44 (0)20 7186 9952
Damon Heath
Notes to Editors:
About Catenai PLC
Catenai is an AIM quoted provider of digital media and technology services.
The Company has an experienced IT team of project managers and integrators who
have deployed systems across corporate, government and educational sectors.
www.catenaiplc.com (http://www.catenaiplc.com)
Statement of Comprehensive Income
For the Period Ended 30 June 2024
Unaudited Unaudited Audited
six months ended six months ended year
30 June 30 June ended
2024 2023 31 December
2023
£ £
£
Revenue 124,500 8,622 28,670
Cost of sales - - -
Gross profit 124,500 8,622 28,670
Administrative expenses (137,278) (189,311) (392,488)
Reversal of provision - 102,500
Loss from operations (12,778) (180,689) (261,318)
Net Finance income/(expense) - - -
Loss before taxation (12,778) (180,689) (261,318)
Taxation - - -
Total comprehensive loss for the year (12,778) (180,689) (261,318)
Statement of Financial Position
For the Period Ended 30 June 2024
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
£
£ £
Non-current assets
Intangible assets 1 1 1
1 1 1
Current assets
Trade and other receivables 627,205 13,864 17,291
Cash and cash equivalents 4,759 99 1,185
631,964 13,963 18,476
Current liabilities
Trade and other payables 65,201 (366,493) (320,635)
Loans and borrowings - (131,000)
65,201 (366,493) (451,635)
Non-current liabilities
Interest-bearing loans - - -
Total Liabilities (65,201) (366,493) (451,635)
Net Assets/(Liabilities) 566,764 (352,529) (433,158)
Capital and reserves attributable to equity holders of the company
Ordinary share capital 789,149 570,078 570,078
Deferred share capital 3,615,192 3,159,130 3,159,130
Share premium account 20,003,024 19,665,457 19,665,457
Share reserve (83,333) (83,333) (83,333)
Merger reserve 11,119,585 11,119,585 11,119,585
Capital Redemption Reserve 2,732,904 2,732,904 2,732,904
Retained losses (37,609,757) (37,516,350) (37,596,979)
Total Equity 566,764 (352,529) (433,158)
Statement of Cash Flows
For the Period Ended 30 June 2024
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 2024 30 June 2023 31 Dec 2023
£ £ £
Loss for the period (12,778) (180,690) (261,318)
Adjustments for:
Impairment of investment -
Net (loss) before changes in working capital
(12,778) (180,690) (261,318)
(Increase) / decrease in trade and other receivables
(109,914) 60,882 57,454
(Decrease) / increase in trade and other
payables (93,734) 57,985 12,127
Cash from operations (216,426) (61,823) (191,737)
Interest received - - -
Interest paid - - -
Net cash flows from operating activities
(216,426) (61,823) (191,737)
Financing Activities
Issue of ordinary share capital 670,000 - -
Issue of CLN (450,000) - -
New loans raised - - 131,000
Net cash flows from financing activities
220,000 - 131,000
Net increase / (decrease) in cash 3,574 (61,823) (607,737)
Cash and cash equivalents at beginning of period
1,185 61,922 61,922
Cash and cash equivalents at end of period
4,759 99 1,185
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.
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