DeepVerge posts loss as expenses offset rising revenue

Wed, 15th Sep 2021

Life-sciences instruments group DeepVerge posted a deeper first-half loss after rising costs offset stronger sales. Pre-tax losses amounted to £2.6 million, compared to year-on-year losses of £1.0 million, even as revenue rose to £3.3 million, up from £1.0 million. DeepVerge applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins. 'The rapid expansion across the group in demand for products and services coupled with additional staff members, meant operational losses widened to £2.3 million,' the company said. Looking forward, it said it expected its revenue to be weighted to the second half. 'The company continues to expand across all divisions meeting expectations and delivering another triple-digit percentage growth rate with record half-year revenues,' chief executive Gerry Brandon said. 'Despite a substantial increase in investment in highly skilled staff for new products, services and higher administration costs associated with that growth, the group is in the strongest financial position ever with large orderbooks, a strong balance sheet, and a year-on-year history of revenues heavily weighted in H2 over H1 since 2018.' Story provided by StockMarketWire.com

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