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Integumen says it is comfortable with £4mln revenue guidance as it prepares for rename to DeepVerge

In August, the group agreed a merger with Modern Water and it is set to rename to DeepVerge PLC

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Integumen and Modern Water have been using AI to create contamination test kits to look for possible coronavirus contamination in wastewater outlets from residential, hospital and other sewage

Integumen PLC (LON:SKIN), which will soon be renamed DeepVerge PLC, reported a positive first half and said it remains comfortable guiding for £4mln of full year revenue.

Achieving that target will see a significant ramp-up. The company generated some £1.004mln of revenue in the first six months of 2020, and it expected to bring in another £1mln in the third quarter and then the fourth.

The company reported a £611,000 gross profit for the first half, it made a £552,000 underlying loss (EBITDA before exceptional items), and net profit was marked at £925,000.

READ: Integumen agrees to buy Modern Water for £21mln

Integumen chief executive Gerard Brandon pointed out that the business continues to grow and evolve via collaboration and acquisition. Most recently, in August, the company agreed to a £21.25mln merger with Modern Water PLC (LON:MWG).

“Over the past two years, Integumen plc has transformed from a struggling health services business into a revenue-generating company focused on providing integrated environmental, skin and health specialties underpinned by scientific expertise and advanced by AI,” Brandon said in the results statement.

 “The addition of a digital artificial intelligence platform transformed Labskin into a cloud-based eco-system that validates skincare products and ingredients, remotely for clients, and has been the focus of the new strategy leading to multi-year, framework agreements with many global Top 10 skincare and healthcare companies.”

He added: “With much of the pharma industry delaying clinical trials, Integumen launched the world's first remote clinical skin trials platform. By harvesting the microbiome of a human volunteer's skin, transporting it to the Labskin laboratory to be transplanted onto laboratory-grown skin, it creates an exact replica of the human volunteer's skin microflora. 

“The platform allows trials to happen ethically and efficiently with all clinical and data storage protocols being followed and distantly controlled; and swabbing can be done under remote video/AI supervision in the human volunteer's home, enabling companies to restart their clinical programmes again.”

Brandon noted that the coronavirus (COVID-19) pandemic has driven significant growth of new business opportunities from its real-time water contamination detection and environment sector solutions.

It signed agreements with Modern Water PLC, Avacta Group PLC and Aptamer Group Limited for wastewater contamination detection services, which allow for immediate alerts to authorities to contain COVID-19 hotspots. 

“COVID-19 contamination detection in wastewater increasingly becomes an important tool in the fight against the disease,” Brandon added.

Quick facts: DeepVerge plc

Price: 31 GBX

AIM:DVRG
Market: AIM
Market Cap: £35.2 m
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