DeepVerge PLC almost doubled its first-half revenues, although full-year income is expected to be below current market expectations.
Revenue in the first six months grew to £6.47mln compared to £3.32mln for the same period last year.
According to a statement from the environmental and life science group, full-year sales are expected to be more than £18mln, which “is below current market expectations, leading to a smaller projected EBITDA figure, a modest reduction in gross margins and a slight increase in overheads”.
However, this is still nearly double last year’s revenue of £9.3mln, with growth attributed partly to second-half orders, which are up 128% and will exceed £8.8mln, DeepVerge said.
Its Modern Water division, which creates technology to monitor things like toxicity in water, had orders worth £6.5mln at the end of July, a rise of 116% compared with a month earlier.
Labskin and Skin Trust Club, its skin testing division, reported over £1mln in sales, with 27,000 club members.
“Although full year 2022 revenues might be lower than previously guided, sales and orders continue to rapidly expand across all divisions in the current macroeconomic and geopolitical environment,” said chief executive Gerard Brandon.