Catenae Innovation cuts costs further after 'disappointing' results
By Josh White
Date: Tuesday 31 Mar 2020
(Sharecast News) - Digital media and technology company Catenae Innovation updated the market on its annual report, trading and the impact of the Covid-19 coronavirus pandemic on Tuesday, reporting that it would be unable to post its annual audited accounts for the year ended 30 September by the 31 March deadline under AIM rule 18.
The company said that, further to the guidance provided by AIM Regulation on 26 March, it had requested an additional period of up to three months to publish its accounts.
It said AIM Regulation had granted the extension, and thus it would publish its annual accounts for the 2019 financial year by 30 June.
Catenae said it had also applied for and been granted an extension to delay the filing of its audited annual accounts by Companies House until 30 June.
The firm said its primary trading activity was providing services to clients operating in the facilities management sector, along with customers, allied to football and rugby clubs, who offered local engagement services on behalf of local authorities.
It said all of its products used distributed ledger technology, which provides clients with audit trails proving that contracted services were fulfilled.
The company's service reportedly mitigates risk, as operative activities are geo-tagged and date and time stamped in an immutable form.
Given Catenae's recent corporate restructuring, unaudited accounts showed a loss for the year to 30 September of ?0.79m, narrowing from ?1.11m, on turnover of ?0.1m, down from ?0.16m.
Further to the announcements in December regarding trading performance and working capital requirements, the board conceded that both sets of results were "disappointing", and added that further cost-cutting measures had been implemented.
Catenae said it was closely monitoring the impact of the Covid-19 pandemic, adding that the wellbeing and safety of its staff was of primary importance.
It said its workforce worked remotely, and its technology product continued to be used effectively with customers and partners, contributing to its resilience in the current circumstances.
The firm had previously announced that Brian Thompson and John Farthing would be appointed as directors to the company, subject to regulatory approvals.
It said on Tuesday that it expected both of those appointments to be made soon.
"Following the corporate restructuring last year, the Board recognises that both of the results are disappointing," said interim chief executive officer Guy Meyer.
"However, we are pleased to report the new short term funding.
"It is also encouraging in current market conditions that the company shortly moves into the second year of a three-year contract with Charlton Athletic Community Trust."
Meyer said Catenae was continuing to innovate its products, so that following the easing of restrictions and less economic uncertainty, it would be in a better position to compete.
"The board also looks forward to Brian and John joining the board in the near future adding their considerable wealth of experience and expertise."
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