Interim Results for the period ended 30 April 2021.
Accelerated progress made in creating an independent market leader in the global EdTech space
Dev Clever (LSE: DEV) is pleased to announce its unaudited interim results for the six months ended 30 April 2021 (‘the Period”).
Financial Highlights:
· Revenue up 531% at £2.4m for the Period (H1 2020: £383k) and supported by significant contract wins in the Educate division.
· EBITDA loss of £162k (H1 2020: loss of £561k), which includes non-cash share-based expenses of £201k (H1 2020: £44k).
· Adjusted [1] loss after tax of £92k (H1 2020: loss of £551k).
· Cash position at period end of £9.7m (H1 2020: £472k). This is after further investment in intangible assets including the acquisition of intellectual property rights of £4.4m from Veative Labs Pte Limited (“Veative”) and further investment in the Launchyourcareer.com platform of £1.0m in advance of the India activation with the National Independent Schools Alliance (“NISA”). Current cash position £10.85m.
· Net proceeds from fundraising activity of £15.0m with further deferred cash proceeds of £1.9m received post period end.
· Loss per share of 0.06 pence (H1 2020: 0.15 pence); Adjusted1 loss per share 0.02 pence (H1 2020: 0.14 pence).
Key Highlights for the Interim Period:
· Comprehensive agreement with Veative regarding the:
– Acquisition of intellectual property of a dynamic SaaS based learning management platform and immersive learning content (including STEM content) to be utilised during the near-term roll-out of the Company’s existing partnership agreement with Veative and NISA.
– Acquisition of an exclusive one-year IP licencing agreement for additional immersive learning content for the Indian market with a call option to acquire both this IP and Veative’s global distributor agreements.
– Proposed acquisition of the entire share capital of Veative’s Indian subsidiary and development centre, subject to the publication of an FCA approved prospectus.
· Five-year exclusive partnership agreement with the NISA, India’s largest governing body for budget private educational institutions representing over 70,000 budget private schools, for Launchyourcareer.com to be utilised as the platform-of-choice to deliver a minimum standard of career guidance across NISA affiliated schools, attended by c.13 million students.
· Successful delivery of a material EdTech services contract.
Post Period End Highlights:
· Robust forward momentum across the business.
· Heads of terms agreed for the acquisition of The Inspirational Learning Group (TILG) to support delivery of a new National Career Challenge programme.
· Launchmycareer.com India:
– Incorporation of Launchmycareer Pvt Limited, a wholly-owned subsidiary of the Group.
– Successful development and deployment of the Group’s direct to consumer offer into Launchmycareer.com – which is now live across India – and joint marketing activities in collaboration with NISA have begun.
– First material contract win in India to implement the Company’s immersive careers guidance and STEM-based virtual reality educational library at schools under central and state governments in India.
· First government funded pilot of the platform at a state school of which there are 1.1m across the country.
· Agreement for a transformational tactical partnership with Aldebaron DMCC (“Aldebaron”) following the successful implementation of a material EdTech services contract earlier this year. Under the Aldebaron agreement Dev Clever will receive a guaranteed minimum revenue of US$50mn over the next four financial years, once implemented in full.
· I nitial 45-day project with The Common Service Centre in India for the Company’s immersive career guidance and learning platform to go live in 25 academy centres in early July 2021. Potential to extend the initial project and rollout to all 5,930 Common Service Centre Academies serving over 2.6m students with the opportunity to expand the service offering to the broader 350,000+ Common Service Centres and their users.
Chris Jeffries, Chief Executive Officer of Dev Clever, said:
“We continue to make material and incremental progress which is starting to be reflected in our financial performance. Our innovative Indian partnership and roll-out initiatives with Veative and NISA remain on track, and we have recently secured both local and national government contracts. The post period end project with The Common Service Centre further demonstrates the significant interest and confidence that our platform is receiving in India.
“With our substantially increased financial resources we can and will support accelerated investments in our people, proprietary content, technology, partnerships, M&A and infrastructure. This in turn should translate into additional growth already strongly underpinned by recent contract wins.
” I am particularly excited by the new partnerships with TILG and Aldebaron substantially extending our proposition and strengthening our entry into new markets whilst allowing us to swiftly expand our global user base. We look forward to providing shareholders with more insights and details shortly after the completion of the Veative and TILG acquisitions and the entering into of definitive agreements with Aldebaron”.
-ends-
Dev Clever Holdings plc
Christopher Jeffries
Chief Executive Officer and Executive Chairman
Nicholas Ydlibi
Chief Financial Officer
+44 (0) 1827 930 408
Ful update link https://www.investegate.co.uk/dev-clever-holdings–dev-/rns/half-year-report/202107050700070888E/
