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Deepverge PLC on track to deliver 2021 results as guided

The firm is to rollout its COVID-19 detection technology in various markets in the second half

Deepverge PLC () said it expects the business will continue to grow across all divisions during the remainder of 2021.

The firm added it is on track to deliver £10mln of revenue for the full year as previously guided.

WATCH: DeepVerge wastewater Covid-19 detection technology successfully completes trials

The life sciences group said SARS-CoV-2 and Coronavirus (COVID-19) testing has been underway between DeepVerge and Modern Water since the collaboration was announced a year ago.

The pair have now successfully detected SARS-CoV-2 in wastewater treatment plants with equipment installed and data continuing to transmit alerts on the identification of the virus, in real-time.

The AIM-listed firm will update the market on an extended rollout across multiple jurisdictions, expected in the second half this year.

In the year to December 2020, revenue rocketed 553% to £6.6mln, while strong sales in the fourth quarter delivered the company’s first earnings-positive quarter. Underlying losses for the full year fell by 37% to £668,000.

“Having grown from five full-time employees in August 2018 to 57 today, and an additional 60 to join over the next few months, the company continues to expand at a record rate with our first profitable underlying earnings (EBITDA) quarter in the fourth quarter, 2020,” said chief executive Gerry Brandon in a release.

“Despite a substantial increase in investment for new products, services and higher administration costs associated with the acquisition of in November 2020, comparable like-for-like annual EBITDA losses fell by 37% to just £668,000.”

Read More: Deepverge PLC on track to deliver 2021 results as guided

2021-07-01 01:39:00

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