DeepVerge remains on track to meet £4m revenue guidance

Francesca Morgan
RNS Newswires
10:31, 1st December 2020

DeepVerge (LSE:DVRG.L) FOLLOW announced to investors this morning that its guidance of £4 million in revenues for the Company for the year ending 31 December 2020 remains on track.

The scientific research and AI-as-a-Service company said amalgamated revenues which include Modern Water, acquired on 9 November, 2020, are expected to be well above £4m.

Water supply firm, Modern Water, develops a technology that monitors contaminated water and decontaminates wastewater, with the aim of making recycling of water ‘more efficient.’

Six countries across the world have legislated that Modern Water monitoring test systems are written into their environmental protection legislation while it is in its final trials for its real-time contamination product, Microtox PD, to identify COVID-19 hotspots and other pathogens.

Shares in DeepVerge have increased by almost 25% in the past two weeks to open 4.48% higher this morning at 28p following the announcement.

DVRG price chart

The group also noted this morning that Gerry Brandon, DeepVerge’s Chief Executive Officer, will be presenting at an investor webinar being hosted jointly by Turner Pope Investments (TPI) Ltd and Vox Markets. The event will be held later today, December 1, 2020 at 2pm.

"The presentation will reiterate 2020 guidance, provide an update on sales, marketing, supply chain management of products and services under development for a post-COVID world and I look forward to the opportunities that are ahead for the enlarged Group,” said Brandon.

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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