Two directors leave board as aqua-tech company OTAQ cuts costs
Two directors have stepped down from the board of aquaculture and offshore technology supplier OTAQ to help save the company money.
OTAQ, which has offices in England, Scotland, and Chile, said that Harald Rotsch has resigned from the board but will continue as chief technology officer. Sarah Stoten has resigned her position as non-executive director and will leave after a transition period.
The company said Rotsch and Stoten resigned from their board positions in recognition of the cost cutting measures already implemented by the OTAQ, which they view appropriate to extend to all levels.
Retaining expertise
Chief executive Phil Newby said: “I would like to sincerely thank both Harry and Sarah for their valuable contributions to OTAQ during their tenure on the Board. We are pleased that Harry will continue in his current role and we will retain his extensive expertise and industry knowledge within OTAQ. I also extend our best wishes to Sarah in her future endeavours and thank her for continued support as we transition to a leaner business and establish solid platform from which we can then grow.
“As we made clear when reporting our interim results, the changes we make today will enable OTAQ to succeed in servicing the aquaculture and offshore markets with our innovative technology solutions and realise long-term growth.”
Increased loss
OTAQ made revenue of £1.51 million in H1 2024, down from £1.801m in the same period last year. The company made an operating loss of -£805,000 (H1 2023; -£709,00).
In the second half of the year it has, among other things, implemented a cost reduction exercise to provide annualised cost savings greater than £500,000, with over £150,000 expected to impact in 2024.
OTAQ has developed a Live Plankton Analysis System (LPAS) to give fish farmers early warning of algal blooms, and also produces an acoustic seal deterrent, although such devices are not currently used by fish farmers in Scotland.
