Deepverge PLC (AIM:DVRG) Final Results for the year ended 31 December 2021

Revenue grew 107% to £9.3m

EBITDA losses fell by 98% to just £0.017m

DeepVerge (AIM: DVRG), is pleased to announce its audited financial results for the year ended 31 December 2021. The Company’s Annual Report is included at the end of this announcement and is available on the Company’s website at

Gerry Brandon, CEO of DeepVerge plc, commented:

“For the third year running, DeepVergehas delivered fantastic triple digit percentage growth. Revenues jumped by 107% to £9.3m and EBITDA losses fell by 98% to just £0.017m, bringing us ever closer to our first full year of profitability. The Company has truly transformed over those three years, and astute investment is now delivering significant revenues across two equally successful divisions, human health and environmental test services. The customer base has grown both in terms of number of customers and geographically, and we have delivered new and important services which will continue to drive the future growth of the business.

Labskin is thriving and 2021 saw the launch of the Skin Trust Club which has rapidly gained momentum and is firmly cemented as the new era of personalised skin care. Through Modern Water, we expanded our geographic reach and we have been actively involved in multiple government, regional and municipal city infrastructure trials to deliver real-time alerts for the identification of viruses, pathogens and forever chemicals. I could not be prouder of the hard work and commitment delivered by the DeepVerge team and 2022 Q1 sales have increased by 84% and this momentum of growth is expected to continue. ”

Financial Highlights:

· Total 2021 revenue up 107% to £9.3m (2020: £4.5m). Orders exceeded £10m but supply chain and COVID pushed some shipments into Q1 2022

· H2 2021 revenue growth tripled over the first half with strong sales of £6.0m leading to the Company’s first EBITDA profitable half year (excluding exceptional costs)

· EBITDA losses before exceptional items fell by 98% to £0.017m (2020: £0.859m)

· Gross margin increased to 57% (2020: 41%)

· Administration costs increased by 91% to £8.7m (2020: £4.6m) with full year of Modern Water

· Operating loss increased by 8% to £2.897m ( 2020: £ 2.718 m) includes intangible asset depreciation and amortisation of acquired businesses amounting to £3.2m (2021: £1.1m)

· Robust financial position following £10m Placing; £25m Mezzanine Loan facility

Operational Highlights (including post period events):

· Group Sales for 2022 Q1 are up 84% to £2.38m (Q1 2021: £1.29m)

· Labskin

– Revenues increased exponentially year-on-year, growing in excess of 10 times 2018 revenues

– Labskin laboratory expansion in US to support for Tier 1 skin care manufacturing clients

· Skin Trust Club

– Largest skin microbiome database in the world with expanding range of applications

– Over 20,000 members, 30,000 skin microbiota sampled and more than 50,000 consumer site visits per month

– Intense interest post US Launch resulted in unprecedented demand for Skin Trust Club test kits

– The marketplace service expanding rapidly with more than 300 products available from leading skin care companies

– Best New Disruptor Brand 2022 from the Pure Beauty Global Awards

· Modern Water

– Production orders up 39% worth £5m for Modern Water equipment

– £1.1m acquisition of Glanaco Engineering to reduce chain supply challenges

– Expanding collaboration with Microsaic Systems plc with Manufacturing services framework

– Engagement with multiple US cities for wastewater pathogen detection

– First UK Deployments of Microtox®PD Pathogen Detection Systems in UK Wastewater

– Modern Water sales to India £1.9m in 2021

– Multiple £1m+ installations bids for sites in the Middle East and South Asia.

– Framework agreement with Abingdon Health plc for Lateral Flow Tests to integrate with Modern Water optofluidic units to increase the volume of recurring consumable tests

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DeepVerge plc

Gerard Brandon, CEO

+44 (0) 7340 055 648

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