2nd Aug 2023 11:57
(Alliance News) - DeepVerge PLC on Wednesday said its Chief Financial Officer Andrew Waters has resigned.
Waters joined the Dublin-based environmental and life sciences firm in February. His replacement will be appointed in due course, DeepVerge noted.
Interim Chief Executive Officer Nigel Burton commented: "I'd like to thank Andrew for his significant contribution since joining the company in February 2023. Under difficult circumstances he led the process of identifying and correcting the material mis-statements of revenues by previous management as announced on 17 April 2023 and subsequent efforts to support the board in providing information to potential buyers of parts of the business."
In April, DeepVerge said its revenue in 2022 is expected to be around 45% to 50% of the previously provided guidance figure.
It had previously stated it expected annual revenue of GBP17.2 million, but following a review of major contracts it said several revenue figures were incorrectly recognised "in excess of works completed."
DeepVerge said that the majority of the revenue shortfall in 2022 is now expected to be recognised in 2023.
Then, in June, the company had said it no longer had the funds to allow it to continue to trade. Consequently, it decided to no longer support the ongoing costs of its Labskin, Modern Water and Glanaco business units.
It had been looking to sell one or more of the units to raise sufficient funds. In July, the company said it has received approaches for the units, but they are all at an early stage and there is no certainty they will result in a sale.
Also, in July, DeepVerge said it has decided to issue all remaining staff with redundancy notices.
Shares in DeepVerge were suspended from trading on AIM on June 26, pending clarification of its financial position.
By Sophie Rose, Alliance News reporter
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