CTAI.L

Catenae Innovation Plc
Catenai PLC - Half-year Report
20th September 2024, 06:00
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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

Statement of Comprehensive Income

For the Period Ended 30 June 2024

 

 

Unaudited

six months ended

30 June

2024

 

£

Unaudited

six months ended

30 June

2023

 

£

Audited

year

ended

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

six months

ended

30 June

2024

 

£

Unaudited

six months

ended

30 June

2023

£

Audited

year

ended

31 December

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

six months

ended

30 June 2024

 

£

Unaudited

six months

ended

30 June 2023

 

£

Audited

year

ended

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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