Catenae Innovation PLC to publish full-year results by June

() said it will publish its full-year results by June after missing the previous deadline of March 31 because of the Coronavirus (COVID-19) pandemic.

Catenae has also received an extension to delay the filing of its audited annual accounts by Companies House until 30 June 2021.

WATCH: Catenae Innovation hope to play key role alongside UK Government in ‘democratising digital identity’

The firm said its net cash position was around £1.2mln as of Monday.

At the end of the financial year to September 30, the provider of digital media and technology swung to net assets of £502,426 from net liabilities of £727,077 the year before.

Loss for the year was broadly flat at £832,187 because no material revenues were generated during the period, as the company focussed on product development, pilot testing of prototypes and deploying fit for purpose products into various market sectors.

The revenues generated from legacy products were impacted by the COVID-19 situation, the AIM-listed firm added.

Chief executive Guy Meyer said in a release the board acknowledges the unprecedented challenges posed by COVID-19 during 2020. 

“The company responded with agility to the pandemic by diversifying its offering and creating an effective, fully GDPR-compliant blockchain-based platform to enable organisations and businesses to securely record employees’ and customers’ COVID-19 test results and vaccination status. Whilst receiving positive feedback, to date our platform has not generated any material revenues for the company due to high levels of uncertainty caused by government-imposed lockdowns to control the pandemic,” he said.

“Our ongoing participation in the UK Government’s development of a digital identity policy highlights our position as experts in the industry and the group’s commitment to staying at the forefront of these important discussions,” he added.

“With the appointment of Nick Delacamp as Chief Commercial Officer in December 2020, as well as our ongoing investment in marketing campaigns, we have a pipeline of opportunities across a range of sectors, and we look forward to keeping the market updated.”