The firm is to rollout its COVID-19 detection technology in various markets in the second half
The firm added it is on track to deliver £10mln of revenue for the full year as previously guided.
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