DeepVerge PLC saw its revenues more than double in 2021 as orders continued to grow, but said losses will exceed market forecasts due to supply chain delays and staff isolating with COVID-19.
In a trading statement, the environmental and life science artificial intelligence (AI) company said revenues totalled £9.33mln in the year to 31 December 2021, a rise of 108% on the previous year.
Orders exceeded £10mln last year, but supply chain delays and COVID-infected staff requiring isolation in the fourth quarter pushed some shipments and supplies into the first quarter of the current year, the company said.
In addition, Government National Infrastructure trial equipment with a value of £480,000 was installed prior to the year-end, but not included in 2021 revenues. DeepVerge said the project is ongoing and expected to complete late in the first quarter of 2022.
As a result of delays in the execution of orders, the estimated full-year EBITDA loss of £0.22mln (2020: £0.86mln) and pretax loss of £3.5mln (2020: £2.87mln) will exceed market expectations, the company said.
It noted that the second half of 2021 delivered its first profitable interim EBITDA on revenues of £6mln, up from £3.4mln.
Order books continue to grow across all divisions, it added.
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"DeepVerge has delivered another year of triple-digit percentage revenue growth, with higher margins and an increase in recurring revenues despite supply chain delays and reduced production staff due to COVID infection and isolation in Q4,” said chief executive Gerard Brandon.
“The group has the strongest balance sheet in its history and a solid foundation for continued strong growth through 2022."
DeepVerge also announced that its Skin Trust Club is launching video medical consultations and diagnostic service, Skin Trust Medical, which will be rolled out in the second quarter of 2022. Video consultants will include dermatologists, General Practitioners and clinical nursing personnel.