DeepVerge PLC (LON:DVRG) has confirmed its first profitable quarter as well as highlighting a 300% increase in revenues for 2020.
The AIM-listed environmental and life science artificial intelligence (AI) company said in a year-end trading update for 2020 that strong sales in the fourth quarter had delivered its first EBITDA profitable three-month period, while revenues for the whole year rose to £4.4mln from £1.02mln in 2019.
WATCH: DeepVerge hails early 'snowball' success of new R&D platform resulting in 'spectacular' Q4
DeepVerge also forecast revenues of £10mln for 2021, adding that “several large projects, including two multi-million pound opportunities due for decision [this year] have the potential to drive higher growth”.
The firm added that it has seen an “acceleration of order books” in the last quarter from its new Labskin Services business and that it is also seeing a “significant increase in opportunities” through its core environmental health and life sciences divisions.
"Despite COVID-19, DeepVerge has had yet another strong year of 300%+ revenue growth, topped off with our first profitable quarter. The Group's business has evolved into two distinct but inter-linked business divisions, Labskin's life science offering and, following the acquisition of Modern Water in November 2020, a world-leading environmental health solution, underpinned by our AI as a service expertise”, DeepVerge chief executive Gerard Brandon.
“The newly combined global footprint has extended Labskin's reach into the US, China and Japan, directly next to many of our largest clients. Group sales, including recurring revenues, look set to continue strong growth as our order book of existing and new clients expands across the US, Asia and Europe", he added.