TIDMDVRG
RNS Number : 1360L
Deepverge PLC
11 January 2021
11 January 2021
DeepVerge PLC
("DeepVerge" or "the Company")
Trading Update
DeepVerge confirms maiden EBITDA profitable quarter
Unaudited 2020 revenue increases in excess of 300% to GBP4.4m
with 2021 guidance of GBP10m
New business structure offers significant opportunities for
growth
DeepVerge (LSE:DVRG.L), the environmental and life science AI
company, today announces a post-year end trading update and outlook
for 2021.
-- Unaudited 2020 revenues for the Company are GBP4.4m (2019: GBP1.017m - audited)
o Aggregate unaudited revenues increased to GBP6.1m, (includes
GBP1.7m relating to Modern Water in the pre-acquisition period to 9
November 2020)
o Strong sales in Q4 delivers first EBITDA profitable quarter
(excluding exceptional costs associated with the acquisition of
Modern Water)
-- GBP10 million revenue guidance for 2021
o In addition, several large projects, including two
multi-million pound opportunities due for decision in 2021 have the
potential to drive higher growth
-- GBP2.97m cash and debt available at year end (unaudited)
o GBP1.47m cash and cash equivalents at 31st December 2020
o GBP1.5m flexible loan facility available to be drawn
-- Completion of Modern Water acquisition in November 2020 has
allowed backlog of orders to be fulfilled
-- Acceleration of order books in last quarter from new Labskin Services
-- Significant increase in opportunities to grow through core
Environmental Health and Life sciences divisions:
o Personalised consumer skin microbiome profile service in Beta
test. Updates to follow
o MicrotoxPD equipment, integrated with AI and pathogen
detection systems being deployed in multiple jurisdictions with
data aggregated for real-time detection in wastewater growing
o Microtox BT breath test field trials continue across the EU.
Further updates will be provided later in this quarter
Gerard Brandon, CEO of DeepVerge, comments:
"Despite COVID19, DeepVerge has had yet another strong year of
300%+ revenue growth, topped off with our first profitable quarter.
The Group's business has evolved into two distinct but inter-linked
business divisions, Labskin's life science offering and, following
the acquisition of Modern Water in November 2020, a world leading
environmental health solution, underpinned by our AI as a service
expertise. The newly combined global footprint has extended
Labskin's reach into the US, China and Japan, directly next to many
of our largest clients. Group sales, including recurring revenues,
look set to continue strong growth as our order book of existing
and new clients expands across the US, Asia and Europe."
For further information please contact:
+44 (0) 7340 055
DeepVerge plc Gerard Brandon, CEO 648
SPARK Advisory Partners Limited Neil Baldwin/Andrew +44 (0) 113 370
(Nominated Adviser) Emmott 8974
Turner Pope Investments (TPI) +44 (0) 20 3657
Limited (Broker) Andy Thacker/Zoe Alexander 0050
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of
companies that develops and applies AI and IoT technology to
analytical instruments for the analysis and identification of
bacteria, virus and toxins. Utilising artificial intelligent data
analytics to scientifically prove the impact of skincare product
claims on skin microbiome for most of the top 20 global cosmetic
company clients and remotely detect and identify in real-time,
dangerous pathogens in wastewater treatment plants, drinking water,
rivers, lakes and reservoirs.
Labskin (Life Science Division)
Labskin have been pioneering the development of a laboratory
grown human skin platform for more than 13 years and is the only
commercially available lab-grown full thickness human skin model
that naturally mimic the skins' microbiome. With top 20 global
consumer health and skincare clients, thousands of industry tests,
the good and bad bacteria that naturally exists on human skin is
present on Labskin when testing skin care, cosmetics, health care,
drug delivery or wound care products. The Labskin test platform and
protocols help clients maintain an optimum real-world environment,
when testing their new ingredients and existing products, that
shows the positive or negative impact on skin's natural
microflora.
Modern Water (Environmental Health Division)
Modern Water is a pioneering and innovative technology
subsidiary, and over a 30 year period, with installations in more
than 60 countries, this division has built core expertise in the
development of analytical instruments and technology for monitoring
toxicity in water, soil, food and industry. The core systems use
bioluminescent bacteria to perform biosensor testing that detects
the presence of toxic substances.
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