Annual Report and Accounts, Trading Update

RNS Number : 7229T

Catenae Innovation PLC

29 March 2021

 

29 March 2021

Catenae Innovation PLC

("Catenae", or the "Company")

Annual Report and Accounts, Trading Update

Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media and technology, provides the following update in relation to its Annual Report and Accounts for the year to 30 September 2020 ("Accounts").

Annual report and accounts

Due to the current COVID-19 situation, the Company will be unable to post its annual audited accounts to shareholders for the year to 30 September 2020 by the 31 March 2021 deadline pursuant to AIM Rule 18.

Further to the guidance provided in "Inside AIM" on 27 January 2021, the Company will therefore extend the reporting deadline to publish its annual audited accounts to 30 September 2020 for up to three months to 30 June 2021.

Catenae has also received an extension to delay the filing of its audited annual accounts by Companies House until 30 June 2021.

Trading update

The unaudited statement of comprehensive income for the 12-month period to 30 September 2020 show a loss for the year of £832,187 (2019: £825,230).  No material revenues were generated during the period, as the Company has focussed on product development, pilot testing of prototypes and deploying fit for purpose products into various market sectors. Furthermore, the revenues generated from legacy products were impacted by the COVID-19 situation.

The unaudited Statement of Financial Position as at 30 September 2020 shows net assets of £502,426 (2019: net liabilities of £727,077) and cash at bank of £714,043 (2019: £29,508).

Since the year end, further capital has been raised.  As at the date of this announcement the Company's net cash position is circa £1.2 million.

Guy Meyer, Chief Executive Officer of Catenae, said : "The Board acknowledges the unprecedented challenges posed by COVID-19 during 2020.  The Company responded with agility to the pandemic by diversifying its offering and creating an effective, fully GDPR-compliant blockchain-based platform to enable organisations and businesses to securely record employees' and customers' COVID-19 test results and vaccination status.  Whilst receiving positive feedback, to date our platform has not generated any material revenues for the Company due to high levels of uncertainty caused by government-imposed lockdowns to control the pandemic.

"Our ongoing participation in the UK Government's development of a digital identity policy highlights our position as experts in the industry and the Group's commitment to staying at the forefront of these important discussions.

"With the appointment of Nick Delacamp as Chief Commercial Officer in December 2020, as well as our ongoing investment in marketing campaigns, we have a pipeline of opportunities across a range of sectors, and we look forward to keeping the market updated."

- Ends -

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 Guy Meyer, 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:

Catenae Innovation PLC	[phone]
Guy Meyer, Chief Executive Officer

Cairn Financial Advisers LLP (Nominated Adviser)	[phone]
Liam Murray / Jo Turner
Brandon Hill Capital Limited, Broker	[phone]
Andy Gutmann
Yellow Jersey PR (PR & IR)	[phone]
Sarah Hollins / Annabel Atkins / Matthew McHale

Notes to Editors:

About Catenae Innovation PLC

Catenae Innovation is an AIM quoted provider of digital media and technology services. Catenae use the power of blockchain to deliver solutions where its people-centric technology enables trust and certainty allowing organisations to gain better control over their operations, manage staff and safely welcome customers.

www.catenaeinnovation.com

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

 

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