DeepVerge PLC (AIM:DVRG, FRA:4RG) said revenues rose more than three-fold in its latest half-year but the diagnostic test specialist expects the second half to be even better.
“With H1 2021 growth secured, as in previous years, second-half revenues of DeepVerge are expected to be a multiple of H1,” said chief executive Gerry Brandon.
“Whilst we successfully launched Skin Trust Club, with the capacity to process up to 20,000 skincare home test kits per month and partnered with a Tier One global advertising agency in Q4, our overall revenue guidance remains at £10 million as it is too early to give an accurate prediction of its impact on the year-end number.”
Sales jumped 231% to £3.32mln in the six months to end June 2021, though investment in staff and stocks to meet orders also meant losses rose to £2.62mln from £955,000.
Brandon said the business was also ramping up production for subsidiary Modern Water's Microtox PD wastewater SARS-CoV-2 detection systems.
“Results of the Phase III field trials for real-time detection of pathogens in wastewater are recent but now form part of negotiations with China Resources. These continue to make progress,” he added.
DeepVerge announced today it also agreed a technical collaboration with Indian group Ion Exchange to develop membrane systems to test water for brine concentration and other pollutants.
The partnership will work together on three installation projects, two in India and one in Oman, using membrane (AMBC) technology with a combined value of US$1mln.
Brandon said: "The three installations and a state of the art reference centre with all Modern Water equipment available under one roof represents a major commitment to the AMBC technology platform and adds real-time monitoring of wastewater, highlighting the demand for these recycling innovations to counter the global water crisis in this rapidly growing market."