Coda Octopus reports FY23 EPS 28c vs. 38c last year

Reports FY23 revenue $19.35M vs. $22.22M last year. CEO Annmarie Gayle commented: “I am pleased to report our annual results for FY2023. Although we have made progress in our strategic end markets in the FY2023, our financial performance was affected by external factors affecting our sectors of operation. The offshore renewable energy sector and underwater construction markets were affected by high interest rates, inflation, and supply chain issues, which slowed down the number of projects implemented in FY2023. As a result, there was weak demand for our Echoscope rental solutions in these markets and our rental revenues decreased by 31.4%, and outright sales in strategic markets such as Asia fell by 19.5%. In addition, our Engineering Services Business was affected by the ongoing war in Ukraine, which has resulted in customers’ priorities shifting to land-based applications at the expense of naval based applications. Despite navigating these headwinds in FY2023, management continued to invest in its strategy to accelerate growth and believes that it has made good progress on achieving some of its strategic goals around the company’s growth pillars, Echoscope PIPE and DAVD in FY2023.”