Catenai PLC Half-year Report

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	[phone]
John Farthing, Interim Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser)	[phone]
Liam Murray / Jo Turner
Shard Capital Partners LLP (Broker)	[phone]
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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