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Streamlined Catenae Innovation has a pipeline of opportunities

The tech firm also update on the progress of its Cov-ID app

Catenae Innovation PLC -

Catenae Innovation PLC (LON:CTEA) said it has over £1mln on its balance sheet with the "streamlined" business geared to take advantage of a "pipeline of opportunities".

The commentary was provided in the tech firm’s interim results statement, in which it was revealed it made a reduced loss of £364,013 in the six months ended March 31, 2020.

In that period, it renewed its contract with Southend United Community and Educational Trust for the OnSide product, Catenae's blockchain-driven management tool for sports organisations.

The tech firm also said it had a “pipeline of opportunities ahead to expand its network of clients”,  adding it was now in a “stable position and with a streamlined and resilient business model to capitalise on the opportunities that are presenting themselves”.

The coronavirus pandemic will present challenges, it explained, though it has also created a significant opportunity too in the form of the Cov-ID app.

A joint initiative by a consortium of companies led by Z/Yen Group, it has progressed rapidly through prototyping and a pilot launch, with the latter overseen by Newcastle Premier Health.

“The app should shortly be ready to be marketed for the benefit of businesses and organisations as Covid-19 restrictions begin to ease,” said interim chief executive Guy Meyer.

The firm has made significant headway since its corporate restructuring and implementation of a revised strategy, he added.

The business reset saw the exit of chairman and chief executive Tony Sanders as well as a reduction of the cost base.

The delayed 2019 results were also published earlier. They showed Catenae booked a net loss of  £825,230 for the year to September 30.

Quick facts: Catenae Innovation PLC

Price: 2.6 GBX

AIM:CTEA
Market: AIM
Market Cap: £5.96 m
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on 26/8/20

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