TIDMDVRG

RNS Number : 2189A

Deepverge PLC

22 September 2022

22(nd) September 2022

DeepVerge plc

("DeepVerge", the "Group" or "Company")

INTERIM RESULTS

H1 revenues grew by 94% to GBP6.44m (2021 H1: GBP3.32m) with expected full year revenues weighted to H2

DeepVerge (AIM: DVRG), the environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins , today announces its unaudited interim results for the six months ended 30 June 2022.

The Company grew H1 2022 revenues by 94% to GBP6.436m (H1 2021: GBP3.319m). Production orders of GBP5m for Modern Water equipment, announced on 11 March 2022, contributed to an increase in inventories at the end of H1, ready to be shipped and recognised in H2 2022.

The rapid expansion across the Group in demand for products and services coupled with additional staff members, meant administration costs increased, but operational losses fell to GBP2.139m (H1 2021: GBP2.311m). The reduction was due to an increase in gross profit of 4% (H1 2022 : 56.4%; H1 2021 52.4%) on higher revenues, delivering a significant decrease in adjusted EBITDA loss over the same period of 46.6% amounting to GBP0.372m (H1 2021: GBP0.697m).

Gerry Brandon, CEO of DeepVerge plc, commented:

"T he Company continues to expand across all divisions with record H1 half-year sales and expectations of GBP18m for the full year. Demand for Modern Water monitoring and membrane solutions grew, not least because of the impact of climate change and a severe global drought. Order values have moved from GBP50k to GBP100k equipment sales in 2020 to now include multiple GBP1m+ solutions in Middle East, North Africa, China and South Asia and the recent GBP2.4m project on the Savannah River in Georgia, USA. The Company has a substantial order book of GBP8.87m for H2 supply and expects to continue its year-on-year history of revenues weighted in H2 over H1 since 2018 ".

Highlights:

   --   H1 2022 revenue of GBP6.436m is an increase of 94% from H1 2021 (GBP3.319m); 
   --   Adjusted EBITDA loss reduced by 46.6% to GBP0.372m (H1 2021: GBP0.697m loss); 

-- Administration costs increased to GBP5.767m (2021: GBP4.211m) with increase in staff across all divisions;

   --   Operating loss was lower by 7.4% to GBP2.139m (H1 2021: GBP2.311m loss) after providing for: 

o Depreciation of GBP 0.313m (H1 2021: GBP0.193m);

o Amortisation of GBP1.442m (H1 2021: GBP1.360m);

o Exceptional costs of GBP0.012m (H1 2021: GBP0.061) ;

   --    Total Comprehensive Loss reduced by 26% to GBP1.975m (H1 2021: GBP2.669m loss); 
   --   Net Assets at 30 June 2022 GBP22.6m (H1 2021: GBP25.3m); 
   --   Finance available to the Group at period end: 

o Cash and cash equivalents of GBP1.18m;

o GBP4m debt of a GBP25m facility drawn;

   --    Glanaco acquisition for GBP1.068m. 

The Company's Interim Report is included at the end of this announcement and is available on the Company's website at www.deepverge.com.

 
 DeepVerge plc              Gerry Brandon, CEO            +44 (0) 7340 055 648 
 SPARK Advisory Partners 
  Limited 
  (Nominated Adviser)       Neil Baldwin/Andrew Emmott    +44 (0) 113 370 8974 
                           ----------------------------  --------------------- 
 Turner Pope Investments 
  (TPI) Limited (Broker)    Andy Thacker/James Pope       +44 (0) 20 3657 0050 
                           ----------------------------  --------------------- 
 

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation no 596/2014 which is part of English law by virtue of the European (withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

CHAIRMAN'S STATEMENT

Introduction

The DeepVerge environmental division is well positioned to address the challenges in water stressed areas on all continents in a drought that has been referred to as the worst in 500 years. Lower volumes of water in rivers, lakes and reservoirs lead to a higher concentration of water borne contaminants that require greater surveillance to ensure the health and safety of water consumers. The life science division has created many, what the Directors believe to be, "world first" developments that has added valuable contributions to skincare clients and opened doors to drug-store sales channels for personalised skincare testing.

Modern Water

The modernising and automation of water monitoring has led to increased demand for larger GBP1m+ size solution based installations, evident by the recent highlight of a network solution across Qatar ahead of the 2022 World Cup. The Company has expanded and recruited on three continents.

Award winning Modern Water equipment from Microtox LX (Laboratory) FX (Field) CTM (Continuous toxicity) and PD/BT (Pathogen/Breath Test) Microtrace heavy metal detection units are being upgraded with software and data analysis capability. Modern Water solutions are becoming the last mile test platform, integrating into existing industrial SCADA systems that monitor drinking and wastewater for contaminants. After the pandemic there is a need by governments and health authorities around the world to move from manual testing to automation and existing Modern Water clients, that include government and Tier 1 clients and we expect demand to continue to grow for large solution projects going forward.

Increased demand for wastewater contamination detection equipment with Modern Water Monitoring, All Membrane Brine Concentration (AMBC) units to recycle water and desalination membrane technology to recover water from the massive growth in construction of data centres has resulted in the recent upgrading carried out at our Delaware, US laboratories, York, UK laboratories and Cork production facility at Glanaco acquired earlier this year.

Labskin (Innovenn UK Limited)

The Labskin business unit has seen a fundamental change from its origin of a laboratory grown skin for research purposes to a gene-sequencing and data analysis service supporting marketing claims of some of the top skincare corporations around the world. As the pandemic ended, the Company was able to get back to physically attending conferences and its scientists are high profile guest speakers at events and conferences to build on this valuable service. More framework agreements have been signed and are contributing to increased sales.

Skin Trust Club

The launch of Skin Trust Club has created a platform that democratises consumer skincare home-testing. Since October 2021, sales of this home test and software service have gone from zero to more than GBP1m. For any start-up business, that is a phenomenal achievement and one that is expected to continue as the US market comes online.

Outlook

The Board recently announced the separation of the two business units in environmental health and life science and is exploring options on how to achieve the best return of value to shareholders. As previously notified, with GBP18 million in sales expected for the full financial year, the Board anticipates demand for products and services across the Group to continue well into 2023.

Ross Andrews

Chairman

22(nd) September 2022

Consolidated Statement of Comprehensive Income

For the 6 months ended 30 June 2022

 
                                             Unaudited   Unaudited 
                                              6 months    6 months        Audited 
                                                 ended       ended     Year ended 
                                               30 June     30 June    31 December 
                                                  2022        2021           2021 
                                     Notes     GBP'000     GBP'000        GBP'000 
----------------------------------  ------  ----------  ----------  ------------- 
 Revenue                                         6,436       3,319          9,297 
 Costs of sales                                (2,808)     (1,581)        (3,987) 
----------------------------------  ------  ----------  ----------  ------------- 
 Gross profit                                    3,628       1,738          5,310 
 Administrative Costs                          (5,767)     (4,211)        (8,732) 
 Other Operating Gain                    3           -         162            162 
 Operating loss                                (2,139)     (2,311)        (3,260) 
----------------------------------  ------  ----------  ----------  ------------- 
  Depreciation                                     313         193            272 
  Amortisation                                   1,442       1,360          2,944 
  Impairment of Investment                           -           -              - 
  Exceptional Items                      3          12          61             27 
 EBITDA before exceptional items                 (372)       (697)           (17) 
----------------------------------  ------  ----------  ----------  ------------- 
 Finance costs                                   (245)       (307)          (420) 
----------------------------------  ------  ----------  ----------  ------------- 
 (Loss) before income tax                      (2,384)     (2,618)        (3,680) 
 Taxation                                4         164         178          1,001 
----------------------------------  ------  ----------  ----------  ------------- 
 (Loss) for the period                         (2,220)     (2,440)        (2,679) 
----------------------------------  ------  ----------  ----------  ------------- 
 
 Other comprehensive income 
 Currency translation differences                  245       (229)          (218) 
----------------------------------  ------  ----------  ----------  ------------- 
 Total comprehensive loss for the 
  period                                       (1,975)     (2,669)        (2,897) 
----------------------------------  ------  ----------  ----------  ------------- 
 
 
 
 Loss per share attributable to 
  the equity holders of the Company       Notes 
  during the period                                      Pence         Pence         Pence 
 
 Basic and diluted loss per ordinary 
  share                                       5           1.0p          1.4p          1.3p 
 
 
 
 

Consolidated Statement of Financial Position

As at 30 June 2022

 
                                               Unaudited   Unaudited        Audited 
                                                   As at       As at          As at 
                                                 30 June     30 June    31 December 
                                                    2022        2021           2021 
                                       Notes     GBP'000     GBP'000        GBP'000 
------------------------------------  ------  ----------  ----------  ------------- 
 Assets 
 Non-current assets 
 Intangible assets                                19,335      18,959         18,130 
 Property, plant and equipment                     1,554         988            905 
 Leased assets                                       149           -              - 
 Right of use assets                               1,944       1,705          1,569 
 Other Investments                                   354         354            354 
------------------------------------  ------  ----------  ----------  ------------- 
 Total non-current assets                         23,336      22,006         20,958 
------------------------------------  ------  ----------  ----------  ------------- 
 
 Current assets 
 Inventories                                       3,193       1,953          1,712 
 Trade and other receivables                       7,035       2,219          6,786 
 Cash and cash equivalents                         1,184       7,589          1,847 
------------------------------------  ------  ----------  ----------  ------------- 
 Total current assets                             11,412      11,761         10,345 
------------------------------------  ------  ----------  ----------  ------------- 
 Total assets                                     34,748      33,767         31,303 
------------------------------------  ------  ----------  ----------  ------------- 
 
 Equity attributable to owners 
 Share capital                             7       2,434       2,429          2,429 
 Share premium account                            37,530      36,982         36,886 
 Retained loss                                  (22,956)    (20,609)       (20,736) 
 Foreign currency reserve                          (199)       (455)          (444) 
 Reverse acquisition reserve                     (4,043)     (2,843)        (4,043) 
 Capital redemption reserve                        9,519       9,519          9,519 
 Share based equity reserve                          312         277            151 
------------------------------------  ------  ----------  ----------  ------------- 
 Total equity                                     22,597      25,300         23,762 
------------------------------------  ------  ----------  ----------  ------------- 
 
 Liabilities 
 Non-current liabilities 
 Deferred tax liabilities                          2,424       2,870          2,434 
 Deferred revenue/government grants                   18          21             19 
 Lease Liabilities                                 1,469       1,334          1,174 
 Borrowings                                            -          83              - 
 Total non-current liabilities                     3,911       4,308          3,627 
------------------------------------  ------  ----------  ----------  ------------- 
 
 Current liabilities 
 Trade and other payables                          3,061       2,232          2,451 
 Deferred tax liabilities                            374         356            356 
 Lease liabilities                                   562         446            409 
 Borrowings                                        4,243       1,125            698 
 Total current liabilities                         8,240       4,159          3,914 
------------------------------------  ------  ----------  ----------  ------------- 
 Total liabilities                                12,151       8,467          7,541 
------------------------------------  ------  ----------  ----------  ------------- 
 Total equity and liabilities                     34,748      33,767         31,303 
------------------------------------  ------  ----------  ----------  ------------- 
 

Consolidated Statement of Cash Flows

For the 6 months ended 30 June 2022

 
                                                                            Unaudited         Unaudited        Audited 
                                                                       6 months ended    6 months ended     Year ended 
                                                                              30 June           30 June    31 December 
                                                                                 2022              2021           2021 
                                                              Notes           GBP'000           GBP'000        GBP'000 
 Cash Flow from operating activities 
---------------------------------------------------------  --------  ----------------  ----------------  ------------- 
 Cash used in operations                                          8           (1,346)           (2,829)        (4,642) 
 Taxation                                                                         (8)                 -           (35) 
 Interest paid                                                                  (245)             (307)          (420) 
 Net cash (used in) operating activities                                      (1,599)           (3,136)        (5,097) 
---------------------------------------------------------  --------  ----------------  ----------------  ------------- 
 
 Cash flow from investing activities 
 Acquisition of subsidiary net of cash balance                                  (173)                 -        - 
 Payments to acquire intangibles                                              (1,439)             (372)        (2,431) 
 Purchase of property, plant and equipment                                      (688)             (460)          (492) 
 Net cash (used in) investing activities                                      (2,300)             (832)        (2,923) 
---------------------------------------------------------  --------  ----------------  ----------------  ------------- 
 
 Cash flow from financing activities 
 Proceeds from issuance of ordinary shares                        7                 -            11,315         11,315 
 Proceeds from new loans                                                        4,000                 -              - 
 Capital element of finance lease                                               (236)             (168)        (1,865) 
 Repayments of borrowings                                                       (540)           (1,017)        (1,234) 
 Net cash generated by financing activities                                     3,224            10,130          8,216 
---------------------------------------------------------  --------  ----------------  ----------------  ------------- 
 
 Net increase / (decrease) in cash and cash equivalents                         (675)             6,162            196 
 Cash and cash equivalents at beginning of period                               1,847             1,441          1,441 
 Effects of exchange rate changes on cash and cash 
  equivalents                                                                      12              (14)            210 
 Cash and cash equivalents at end of period                                     1,184             7,589          1,847 
---------------------------------------------------------  --------  ----------------  ----------------  ------------- 
 
 

Consolidated Statement of Changes in Shareholders' Equity

 
                                                                                               Share           Non 
   Group                                               Foreign       Reverse       Capital     based   controlling 
                       Share      Share    Retained   currency   acquisition    redemption    equity     interests 
                     capital    premium    earnings    reserve       reserve       reserve   reserve                   Total 
                     GBP'000    GBP'000     GBP'000    GBP'000       GBP'000       GBP'000   GBP'000       GBP'000   GBP'000 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 At 1 January 
  2021                 2,380     25,069    (18,964)      (226)       (2,843)         9,519       197           789    15,921 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Changes in 
 equity for the 6 
 months 
 ended 30 June 
 2021 
 Loss for the 
  period                   -          -     (2,440)          -             -             -         -             -   (2,440) 
 Currency 
  translation 
  Differences              -          -           -      (229)             -             -         -             -     (229) 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Total 
  comprehensive 
  loss 
  for the period           -          -     (2,440)      (229)             -             -         -             -   (2,669) 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Transactions 
 with the owners 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Shares issued 
  during the 
  period                  49     12,480           -          -             -             -         -             -    12,529 
 Costs of Share 
  Issue                    -      (567)           -          -             -             -         -             -     (567) 
 Share 
  option-based 
  charge                   -          -           -          -             -             -        86                      86 
 Non-controlling 
  interests                -          -         789          -             -             -         -         (789)         - 
 Reserve transfer          -          -           6          -             -             -       (6)             -         - 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Total 
  contributions 
  by and 
  distributions 
  to owners               49     11,913         795          -             -             -        80         (789)    12,048 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 At 30 June 2021       2,429     36,982    (20,609)      (455)       (2,843)         9,519       277             -    25,300 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Changes in 
 equity for the 6 
 months 
 ended 31 
 December 2021 
 Loss for the 
  period                   -          -       (181)          -             -             -         -             -     (181) 
 Non-controlling 
 interests                 -          -           -          -             -             -         -             -         - 
 Currency 
  translation 
  Differences              -          -           -         11             -             -         -             -        11 
 Total 
  comprehensive 
  loss 
  for the period           -          -       (181)         11             -             -         -             -     (170) 
 Transactions 
 with the owners 
 Shares issued 
  during the 
  period                   -        751           -          -             -             -         -             -       751 
 Costs of Share 
  Issue                    -      (847)           -          -             -             -         -             -     (847) 
 Share 
  option-based 
  charge                   -          -           -          -             -             -      (72)             -      (72) 
 Investment in 
  subsidiary                                                         (1,200)                                         (1,200) 
 Reserve transfer          -          -          54          -             -             -      (54)             -         - 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Total 
  contributions 
  by and 
  distributions 
  to owners                -       (96)          54          -       (1,200)             -     (126)             -   (1,368) 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 At 31 December 
  2021                 2,429     36,886    (20,736)      (444)       (4,043)         9,519       151             -    23,762 
 Changes in 
 equity for the 6 
 months 
 ended 30 June 
 2022 
 Loss for the 
  period                   -          -     (2,220)          -             -             -         -             -   (2,220) 
 Currency 
  translation 
  Differences              -          -           -        245             -             -         -             -       245 
 Total 
  comprehensive 
  loss 
  for the period           -          -     (2,220)        245             -             -         -             -   (1,975) 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Transactions 
 with the owners 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Shares issued 
  during the 
  period                   5        644           -          -             -             -         -             -       649 
 Costs of Share 
 Issue                     -          -           -          -             -             -         -             -         - 
 Share 
  option-based 
  charge                   -          -           -          -             -             -       161                     161 
 Non-controlling 
 interests                 -          -           -          -             -             -         -             -         - 
 Share based 
 reserve transfer          -          -           -          -             -             -                       -         - 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 Total 
  contributions 
  by and 
  distributions 
  to owners                5        644           -          -             -             -       161             -       810 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 At 30 June 2022       2,434     37,530    (22,956)      (199)       (4,043)         9,519       312             -    22,597 
-----------------  ---------  ---------  ----------  ---------  ------------  ------------  --------  ------------  -------- 
 

Notes to the Financial Statements

For the 6 months ended 30 June 2022

1. General information

DeepVerge plc is a company incorporated in England and Wales. The Company is a public limited company admitted to trading on the AIM market of the London Stock Exchange on 5 April 2017. The address of the registered office is York Biotech Campus, Sand Hutton, York, North Yorkshire, YO41 1LZ.

The Company is an environmental and life science group whose principal activities is the development and application of AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins. Utilising artificial intelligent data analytics to scientifically prove the impact of skincare product claims on skin microbiome and the remote detection and identification in real-time, dangerous pathogens, such as SARS-CoV-2 in wastewater treatment plants, drinking water, rivers, lakes and reservoirs.

Skin Trust Club is a direct-to-consumer home test kit business from Labskin which has become core to the growth of the Labskin Division. The Skin Trust Club gives every skin care product consumer the opportunity to understand their unique skin microbiome, track their skin health, follow personalised skincare routines, and to make informed decisions about skincare and cosmetic products. The platform has evolved from 15 years of R&D of laboratory growing skin testing, helping people find skincare routines that fit their lifestyles, focusing on driving innovation and empowering people with the knowledge to know their skin.

The financial statements are presented in pounds sterling, the currency of the primary economic environment in which the Company's trading companies operate.

The registered number of the Company is 10205396.

2. Basis of preparation

The financial information in these interim results is that of the holding company and all of its subsidiaries (the Group). It has been prepared in accordance with the recognition and measurement requirements of UK adopted International Financial Reporting Standards (IFRSs), IFRS Interpretations Committee (IFRIC) and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated interim financial statements have been prepared under the historical cost convention.

The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended 31 December 2021, as amended by the UK adopted IFRSs, and which will form the basis of the 2022 financial statements except for a number of new and amended standards which have become effective since the beginning of the previous financial year. These new and amended standards are not expected to materially affect the Group.

The financial information presented herein does not constitute full statutory accounts under Section 434 of the Companies Act 2006 and was not subject to a formal review by the Group's Independent Auditors. The financial information in respect of the year ended 31 December 2021 has been extracted from the statutory accounts which have been delivered to the Registrar of Companies. The Group's Independent Auditor's report on those accounts was unqualified, did not include references to any matters to which the Auditor drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The financial information for the half years ended 30 June 2022 and 30 June 2021 is unaudited and the twelve months to 31 December 2021 is audited.

3. Exceptional items and other operating gain

Exceptional Items

Included within administrative expenses are exceptional items as shown below:

 
                                          Unaudited   Unaudited 
                                           6 months    6 months        Audited 
                                              ended       ended     Year ended 
                                            30 June     30 June    31 December 
                                               2022        2021           2021 
---------------------------------------  ----------  ----------  ------------- 
 Exceptional items include: 
 Transaction costs relating to raising 
  funds and business acquisitions and 
  disposals                                      12          61             27 
 Total exceptional items                         12          61             27 
---------------------------------------  ----------  ----------  ------------- 
 

Other Operating Gain

 
 Loan forgiveness of 2020 Payment Protection 
  Loan (Covid) for US subsidiary company             162     - 
  Modern Water Inc.                            - 
 Other Operating Gain                          -     162     - 
--------------------------------------------      ------  ---- 
 

4. Taxation

 
                                        Unaudited   Unaudited 
                                         6 months    6 months        Audited 
                                            ended       ended     Year ended 
                                          30 June     30 June    31 December 
                                             2022        2021           2021 
                                          GBP'000     GBP'000        GBP'000 
-------------------------------------  ----------  ----------  ------------- 
 Research and development tax credit            -           -            669 
 Deferred tax credit                          164         178            332 
-------------------------------------  ----------  ----------  ------------- 
                                              164         178          1,001 
-------------------------------------  ----------  ----------  ------------- 
 

5. Loss per share

(a) Basic

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

 
                                                Unaudited      Unaudited 
                                                 6 months       6 months        Audited 
                                                    ended          ended     Year ended 
                                                  30 June        30 June    31 December 
                                                     2022           2021           2021 
 Loss attributable to equity shareholders    GBP2,220,000   GBP2,440,000   GBP2,679,000 
 
 Weighted average number of 0.1p Ordinary 
  Shares in issue                             217,810,545    178,305,066    196,932,854 
 
 Basic loss per ordinary share                       1.0p           1.4p           1.3p 
 

(b) Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The options and warrants are anti-dilutive in view of the losses in the year. .

6. Dividends

There were no dividends paid or proposed by the Company.

7. Share capital

 
                                  Unaudited   Unaudited 
                                   6 months    6 months        Audited 
                                      ended       ended     Year ended 
                                    30 June     30 June    31 December 
                                       2022        2021           2021 
                                    GBP'000     GBP'000        GBP'000 
-------------------------------  ----------  ----------  ------------- 
 Ordinary shares of 0.1p each           220         215            215 
 Deferred shares of 0.99p each        2,214       2,214          2,214 
 Total                                2,434       2,429          2,429 
-------------------------------  ----------  ----------  ------------- 
 

As of 30 June 2022, the Company had an issued share capital of 219,706,378 ordinary shares of 0.1p each and 223,685,232 deferred shares of 0.99p each.

Ordinary shares issued during the period

Acquisition of Glanaco Limited

On 16 March 2022 Rinocloud Limited acquired 100% of the shareholding of the Irish registered engineering company Glanaco Limited for a total consideration of GBP1.068m comprising GBP0.420m in cash and GBP0.648m in shares. A total of 4,550,000 of DeepVerge plc 0.1p ordinary shares were issued with the share value attributable to the mid-market price on 14 March 2022.

 
                                              Transaction 
Date of Issue       Shares      No of shares   Share Price  Consideration 
                0.1p ordinary 
16 March 2022       shares       4,550,000       14.25p      GBP648,375 
 

8. Cash used in operations

 
                                      Unaudited   Unaudited 
                                       6 months    6 months        Audited 
                                          ended       ended     Year ended 
                                        30 June     30 June    31 December 
                                           2022        2021           2021 
                                        GBP'000     GBP'000        GBP'000 
-----------------------------------  ----------  ----------  ------------- 
 Loss for the year from continuing 
  activities                            (2,220)     (2,440)        (2,679) 
 
 Continuing operations 
  Adjustments for: 
 - Depreciation & Amortisation            1,755       1,553          3,216 
 - Net finance costs                        245         307            420 
 - Taxation                               (172)       (178)        (1,001) 
 - Foreign currency                          29       (229)             95 
 - Share option-based charge                161          86              - 
 Changes in working capital 
 - Inventories                          (1,513)       (652)          (363) 
 - Trade and other receivables            (547)       (803)        (5,070) 
 - Trade and other payables                 916       (473)            740 
 
 Net cash used in operations            (1,346)     (2,829)        (4,642) 
-----------------------------------  ----------  ----------  ------------- 
 

9. Post balance sheet events

No significant events have occurred since the period end.

10. Availability of announcement

A copy of this announcement is available from the Company's website, being www.deepverge.com.

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END

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