Irish-founded DeepVerge looks to double its full-year revenues to £10m

DeepVerge, the Irish-founded, London-listed scientific research group, is forecasting full-year revenues of £10 million (€11.7 million) after seeing a 231 per cent rise in first-half turnover.

The company, which is headquartered in Cambridge, England, has a market cap of some £60 million. Founded and led by Gerard Brandon, it operates three divisions that cover environmental monitoring, life sciences and data/AI.

DeepVerge, formerly Integumen, employs more than 90 people and has more than 60 patents. In addition to a site in Fermoy, Co Cork, it has facilities in York, Delaware and Shanghai.

Listed on the Alternative Investment Market (AIM) in London, the company recently announced the creation of 60 highly skilled jobs at its scientific data management subsidiary Rinocloud in Fermoy.

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DeepVerge said revenues rose to £3.3 million for the first six months, as against £1 million for the same period a year earlier. However, a rapid expansion in demand for products and services, coupled with an increase in headcount, meant operational losses widened to £2.3 million from £936,000.

The higher operational costs were offset by an increase in gross profit on stronger revenues, delivering a smaller increase in ebitda loss to £697,000 versus £552,000 a year earlier.

Share placing

The company raised £10 million in a share placing in June to fund expansion.

DeepVerge said it expects to deliver full-year revenues of £10 million, up from £4.4 million in 2020.

“The company continues to expand across all divisions, meeting expectations and delivering another triple-digit percentage growth rate with record half-year revenues,” said Mr Brandon.

“Despite a substantial increase in investment in highly skilled staff for new products, services and higher administration costs associated with that growth, the group is in the strongest financial position ever with large order books, a strong balance sheet, and a year-on-year history of revenues heavily weighted in the second half over the first since 2018,” he added.