(Alliance News) - Shares in DeepVerge PLC were up on Wednesday as it announced potential restructuring plans due to "unprecedented demand" for its Labskin platform and Skin Trust Club.
Shares in the Dublin-based environmental and life science group were up 14% to 14.82 pence each in London on Wednesday afternoon.
DeepVerge comprises of two divisions, its health and life science arm and its environmental division. They were separated in June and now run independently of each other.
The health and life sciences division comprises of its Labskin platform and Skin Trust Club. Labskin is a microbiome-based skin testing product, whilst Skin Trust Club is a tracking platform which helps customers understand their skincare needs.
DeeVerge noted that its health and life science division has recently sparked interest and increased discussions with "major" skincare corporations, US drugstores and venture capital-backed companies, some of which are clients. As a result, the company said that it is now exploring a range of options to meet the "unprecedented" demand for Labskin services and the "accelerating" growth of Skin Trust Club.
DeepVerge said that 7,000 new members joined the Skin Trust Club last month. It added that it has already "outgrown" its 9,387 square foot laboratories in York and a further 924 square feet is currently being equipped to address the immediate demand in the UK for Skin Trust Club testing.
Further, back in June, DeepVerge reported that 2021 revenue for Labskin increased ten-fold on 2018 levels as it continued to grow "exponentially".
Chief Executive Officer Gerard Brandon comments: "Due to the pace of growth of the consumer facing Skin Trust Club business, which can be compared to a Silicon Valley SaaS type service, demand is far outstripping supply for the home skin-test kits and the growing list of Labskin services from skin care manufacturers seeking to join Skin Trust Club marketplace. The board believe it is necessary to explore options to maintain this level of growth within an expanded group structure."
By Sophie Rose; sophierose@alliancenews.com
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