- Catenai
- 20 September 2024 13:34:36
Source: Sharecast
The AIM-traded company recorded a reduced loss of £12,780, a substantial decrease from the £195,689 loss in the same period last year.
It said the improvement was driven by increased revenue, which rose to £124,500, compared to £8,622 in 2023, largely due to fees from its investment in Klarian being fully recognised.
The company’s net asset position also shifted positively, standing at £566,764 as of 30 June, compared to a net liability of £367,529 a year earlier.
Catenai said its cash position also saw an increase, with £4,759 reported at the end of the period and approximately £31,500 as of 19 September.
The firm said it continued to serve its customer base in the sports sector while exploring strategic investment opportunities.
In April, it announced an investment in Klarian, a UK-based data analytics firm focused on the oil and gas sector, through an unsecured convertible loan note agreement.
Klarian's ‘DigipipeVision’ platform offered real-time analytics to optimise pipeline efficiency and operational productivity.
Catenai had issued £450,000 in convertible loan notes to Klarian, recognizing £117,500 of related fees as receivables in its balance sheet.
The firm said it was vigilant in managing its working capital, and could seek additional funding through equity or alternative financing.
While future funding was not guaranteed, Catenai said it would continue to update shareholders as developments occurred.
After the reporting period, Klarian entered an agreement with Thurber Engineering - a prominent Canadian firm specialising in geotechnical and environmental engineering.
Additionally, Klarian launched ‘Orkus’, a new geohazard risk management platform developed in partnership with Thurber.
Orkus uses earth sciences and spatial data to protect critical infrastructure through features like interactive mapping and hazard analysis.
Reporting by Josh White for Sharecast.com.