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.