23rd Nov 2022 09:57
(Alliance News) - DeepVerge PLC said on Tuesday it will restructure its environmental and life science divisions to meet the growth in demand and maximise its opportunities.
The Dublin-based environmental and life science firm said its Modern Water operations would focus primarily on Chinese, South Asian, European, Middle East and African markets, while Labskin and the Skin Trust Club will target the North American market.
It said it expected the restructuring to result in cost savings of up to GBP2 million per year, with incremental implementation costs not expected to exceed GBP200,000.
"This restructuring will enable the company to build on the unrealised value created within both business divisions in order to maximise shareholder value," said Chief Executive Officer Nigel Burton.
DeepVerge warned redundancies may be considered, although it would seek to minimise the effect of restructuring on its workforce.
It also confirmed it had transferred the requisite funds from a recent fundraising to Riverfort, settling all outstanding amounts under its loan facility.
DeepVerge shares were 2.4% lower at 2.00 pence each in London on Wednesday morning.
By Greg Rosenvinge; [email protected]
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