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DeepMatter reports first revenues in 2019, says social distancing underlines need for DigitalGlassware platform

DigitalGlassware is a cloud-based digital chemistry platform that allows chemists to share lab results and data

DeepMatter Group PLC - DeepMatter reports first revenues in 2019, says social distancing underlines need for DigitalGlassware platform

DeepMatter Group PLC (LON:DMTR) has reported its first year of revenues as it highlighted that social distancing measures during the coronavirus pandemic was accelerating the digitisation of laboratories and underlining the importance of its DigitalGlassware platform.

For the year ended 31 December, the AIM-listed firm reported revenues of £1.2mln from zero in the prior year, although losses from continuing operations widened to £3mln from £1.8mln.

The company said the revenue figure included first revenues from DigitalGlassware, a cloud-based digital chemistry platform that allows chemists to share lab results and data, as well as contributions from recently acquired group InfoChem.

Looking ahead, DeepMatter said that while uncertainty caused by coronavirus was likely to impact the length on contract discussions in the short-term, it said it was “evident” that the opportunity for its technology was “significant and long-term”.

“The change to working practices within laboratories caused by social distancing is highlighting the need to share scientific data both remotely and within the lab, accelerating the digitisation of the laboratory and underlining the value proposition of the DigitalGlassware platform”, the company said, adding that it was confident in its ability to weather current market conditions.

"With an established blue-chip customer base, proven technology, recurring revenues and growing market awareness, we believe we have the right structure to succeed and look to the long-term future with confidence", said DeepMatter chief executive Mark Warne.

Despite rising earlier in the morning, the shares turned downwards and were down 20.8% to 1.9p in mid-morning Friday.

--Updates share price--

Quick facts: DeepMatter Group PLC

Price: 1.75 GBX

AIM:DMTR
Market: AIM
Market Cap: £12.89 m
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