Catenae Innovation PLC renews focus on non-COVID opportunities in second half of

Catenae Innovations PLC () said it has entered the second half of its current financial year in a “stable financial position” and has renewed its focus on identifying non-COVID-19 related opportunities going forward.

In an outlook statement accompanying its interim results, the digital media and technology firm said it is evaluating prospects in the regulated critical infrastructure industries where its proof of work and proof of service capabilities are paramount; as well as in the local government, policing and social care sectors.

WATCH: Catenae Innovation snap up stake in ‘win win’ Hyperneph Software collaboration

The company also said that with its recent acquisition of Hyperneph and a renewed sales and marketing strategy in place, it is “confident” in its ability to provide its services to new audiences across a variety of new sectors.

In the financials for the half-year, Catenae reported a pre-tax loss of £586,798 compared to a £379,384 loss a year ago, with revenues rising to £12,308 from £4,521.

The firm also said it had ended the period with a net asset position of £1.04mln following a share placing in January which raised £1mln.

“Notwithstanding Catenae’s [joint venture] with BHA-Medical and its efforts to offer Onsite ID to organisations to securely record COVID-19 test and vaccine status and then pass this data onto PHE, as well as for users to be able to present their status via its GDPR compliant mobile app, short-notice changes to the UK Government’s pandemic strategy meant that commercial traction was impeded, and the Company did not generate material revenues in the period. The Board believes that the Company’s product set retains significant value and, with support from Nick Delacamp, our recently appointed Chief Commercial Officer, the Company has a healthy pipeline of non-COVID-19 related opportunities that will allow us to leverage our technology for use in other markets,” Catenae chief executive Guy Meyer said in a statement.

“Our acquisition of Hyperneph post period end also strengthens and expands the Group’s product offering, positioning us in good stead for the remainder of the year as we look to broaden our network and reach a wider audience. Catenae’s ongoing consultation with DCMS in the development of the Digital Identity and Trust Attributes Framework Policy reflects the Company’s standing in the sector. Our investment in software IP development also contributes to the future-proofing of our competitive product set offerings. We look forward to keeping the market updated on how these opportunities progress,” the CEO added.

In a separate announcement, the firm also delivered its results for the full year ended September 30, 2020, in which it reported a pre-tax loss of £769,186, narrowed from a £971,096 loss in the prior year, while revenues were down at £14,948 from £102,549 in 2019.

The company’s shares were 24.5% lower at 1p in early deals on Wednesday.