6 Feb 2023 17:30
6 February 2023
DeepVerge PLC
("DeepVerge" or "the Company" or "the Group")
Significant contract win and Board change
DeepVerge (AIM: DVRG), the environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins, announces a significant contract win, change to the board and to the role undertaken by an existing director.
Significant contract win
Glanaco, a subsidiary of DeepVerge acquired in March 2022, has secured a €10m (circa £9.3m) order from an existing customer in Central Asia for the design, assembly and supply of multi-function mobile equipment for use by municipalities for applications including cleaning, decontaminating, de-icing, and salting streets and public areas, with relevant data generated by the bespoke software designed by the Company's subsidiary Rinocloud.
The order comprises a design licensed to the customer, the initial c£3.2m revenues for which were included in the £17.2m (unaudited) total for 2022 announced on 9 January 2023, and production of 100 units which are contracted to be delivered in 2023, starting in March 2023, with revenues of c£6.1m. The order for 100 units will be managed by Glanaco's plant in Cork, Ireland where all assembly and testing will be undertaken.
Board and Management changes
Fionan Murray has stepped down from the board with immediate effect to concentrate during his notice period on maximising the value of Skin Trust Club and Labskin Division, in line with the announcement on 20 July 2022 that the Company is exploring a range of options to meet the unprecedented demand for Labskin services and the accelerating growth of Skin Trust Club.
Dr Nigel Burton, interim CEO DeepVerge plc, commented:
"I'm pleased to be able to announce this contract, which is a significant contribution to the 2023 order book and revenues.
I'd like to thank Fin for his significant contribution to the development of the Company since the acquisition of Rinocloud in 2019. We wish him well in his future endeavours."
DeepVerge plc | Nigel Burton, Interim CEO | +44 (0) 7785 234447 |
SPARK Advisory Partners Limited (Nominated Adviser) | Neil Baldwin | +44 (0) 113 370 8974 |
Turner Pope Investments (TPI) Limited (Broker) | Andy Thacker/James Pope | +44 (0) 20 3657 0050 |
Market Abuse Regulation (MAR) Disclosure
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins; Utilising artificial intelligent data analytics to scientifically prove the impact of skincare product claims on skin.