Deepverge PLC (AIM:DVRG), the environmental and life science group, said its Irish subsidiary, Glanaco, was awarded a £2.3mln four-year contract.
According to a statement, Glanaco will supply environmental cleaning and monitoring equipment to a customer within the EU, starting in the second half of 2023.
As well as that, Deepverge said it is closing its Labskin, Skin Trust Club and Rinocloud business units from 1 July as part of measures to improve its financial position.
Roughly 20 employees, both permanent and on contract positions, will lose their jobs as part of the downsizing.
DeepVerge also said it is exploring several financing options to improve its financial position, including raising equity, debt or trade finance, as well as the potential sale of one or more lines of its business.
Due to the group’s previous auditor, Jeffreys Henry, resigning on 24 March, there is a “significant risk” that there will not be enough time to complete an audit of the group’s financial year to 31 December 2022.
Results and annual reports may therefore not be published before 30 June 2023, meaning the shares would be suspended from trading on AIM on 3 July.