Deepverge PLC 2022 Revenue Update (0134M)
January 09 2023 - 2:00AM
UK Regulatory
TIDMDVRG
RNS Number : 0134M
Deepverge PLC
09 January 2023
9 January 2023
DeepVerge PLC
("DeepVerge" or "the Company" or "the Group")
2022 Revenue Update
DeepVerge plc (AIM: DVRG), announces that t he Company's
unaudited revenues for 2022 were approximately GBP17.2m, slightly
below market expectations, although GBP18m would have been achieved
but for a significant element of recently signed contracts now
falling for delivery in the current year. This still represents a
significant increase year on year (2021 Revenue (audited) GBP9.3m,
2020 Revenue (audited) GBP4.4m) despite some delays into 2023 due
to supply chain issues. Licence revenues featured strongly as the
Group moves progressively from small and medium ticket equipment
sales to larger GBP1m+ data and AI focused sales through
partners.
For the past 24 months, Modern Water, a business unit of
DeepVerge, has been focused on building high-value solutions for
monitoring water and wastewater using advanced software and data
automation underpinned by its established equipment range.
In addition, the Company is moving its Labskin business deeper
into data and AI with the creation of Skin Trust Club, with its
focus on a personalised skincare platform for partners and building
a large skin microbiome database for its corporate customers.
These moves are in parallel with a refocusing of the business on
tier-one partnerships that sell and support DeepVerge solutions in
their core markets where they are dominant or major
participants.
This has led to significant contracts and order book with a wide
range of government institutions in multiple territories. These
include US Government agencies, IARPA, NOAA, and Georgia Port
Authority in the United States where DeepVerge is focusing Labskin,
Skin Trust Club and environmental microbiome sequencing efforts.
The Modern Water business is increasingly focused on the developing
world with business and multiple orders across the Middle East,
China, South and Central Asia and North Africa providing solutions
in markets that are under pressure from pollution and water
scarcity.
The accelerated Group restructuring announced on 22 November
2022 has created separate businesses with clear domain focus, with
the personnel and resources necessary to support the growth being
experienced and anticipated. The restructuring also brought certain
key logistical processes in-house, better to serve customers and
partners and to protect against worldwide supply chain shocks. As
well as focus, this restructuring is also expected to deliver
considerable cost savings in 2023 of up to GBP2m.
Dr Nigel Burton, interim CEO DeepVerge plc, commented:
"The Group's major achievements of 2022 were:
-- Intensifying the focus on bigger ticket, higher value, technology and data-based sales;
-- Gaining the confidence of partners and their customers to use our solutions;
-- Putting in place the personnel and resource structures needed
to support and develop this type of expanding business; and
-- Bedding in reference sites across the globe which showcase
the solutions we can deliver to customers.
These achievements, and the successful fund raise in November
2022, provide solid foundations for 2023. I'd like to thank our
shareholders, customers, partners and employees for their support
in 2022."
Nigel Burton, Interim +44 (0) 1904 40
DeepVerge plc CEO 4036
SPARK Advisory Partners Limited +44 (0) 113 370
(Nominated Adviser) Neil Baldwin 8974
----------------------- ----------------
Turner Pope Investments (TPI) Andy Thacker/James +44 (0) 20 3657
Limited (Broker) Pope 0050
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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.
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