TIDMDVRG
RNS Number : 7769L
Deepverge PLC
15 September 2021
15(th) September 2021
DeepVerge plc
("DeepVerge", the "Group" or "Company")
INTERIM RESULTS
H1 revenues grew by 231% to GBP3.32m (2020 H1: GBP1m) 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 2021.
The Company grew H1 2021 revenues by 231% to GBP3.319m (H1 2020:
GBP1.004m). Production orders of GBP3.6m ($5m) for Modern Water
equipment, announced on 17 February , contributed to an increase in
inventories at the end of H1, ready to be shipped in H2 2021.
The rapid expansion across the Group in demand for products and
services coupled with additional staff members, meant operational
losses widened to GBP2.311m (H1 2020: GBP0.936m). The increased H1
operational costs was offset by an increase in gross profit on
higher revenues, delivering a smaller percentage increase in EBITDA
loss before exceptional items over the same period of just 26% to
GBP0.697m (H1 2020: GBP0.552m).
Gerry Brandon, CEO of DeepVerge plc, commented:
"T he Company continues to expand across all divisions meeting
expectations and delivering another triple digit percentage growth
rate with record H1 half-year revenues. 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
".
Highlights:
-- H1 2020 revenue GBP3.319m is an increase of 231% from H1 2020 (GBP1.004m);
-- EBITDA (loss) before exceptional items GBP0.697m (H1 2020: GBP0.552m);
-- Administration costs increased to GBP4.211m (2019: GBP1.547m)
with large increase in staff across all divisions and the
incorporation of the Modern Water business (acquired in November
2020);
-- Operating loss of GBP2.311m (H1 2020: GBP0. 936 m) after providing for:
o Depreciation of GBP 0.193m (H1 2020: GBP0.072m);
o Amortisation of GBP1.360m (H1 2020: GBP0.312m), increase due
to higher intangibles from acquisition;
o Exceptional costs of GBP0.061m (H1 2020: GBPnil) ;
-- Net Assets at 30 June 2021 GBP25.3m (H1 2020: GBP4.3m)
-- GBP10m Placing and Subscription completed in June 2021.
-- Finance available to the Group at period end in excess of GBP9m:
o Cash and cash equivalents of GBP7.59m
o Finance facility availability of GBP1.50m
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 Gerard J. 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
---------------------------- ---------------------
Mo PR Advisory Mo Noonan +44 (0) 7876 444 977
---------------------------- ---------------------
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
As we emerge from the global pandemic, the world is becoming
less fearful and is striving to grapple with the understanding that
COVID-19 is here to stay. With the increasing acceptance that it is
critical to understand and monitor water, the DeepVerge
environmental division is well positioned to play a crucial role in
the modernising and automation of how this and future pandemics are
to be managed. Even during lockdowns, the Company was expanding and
recruiting on three continents with orders increasing across all
divisions. Timely investment was made to deal with increased orders
of wastewater contamination detection equipment with Modern Water
Monitoring resulting in upgrades to our Delaware, US laboratories,
York, UK laboratories and in our new Cork, Ireland AI and
optofluidic engineering facilities.
Labskin (Innovenn UK Limited)
The Labskin business unit also expanded and remains fundamental
to the Company's growth strategy. New service offerings to clients
have maintained a high level of interest and the recent launch of
Skin Trust Club has added to the excitement in the market as well
as enthusiasm internally with the democratisation of consumer
skincare home-testing. Whilst we were unable to attend any
conferences physically, our scientists have continued to be high
profile guest speakers at virtual conferences, providing Labskin
business development teams the ability to meet clients virtually
and assist them to progress research projects through our digital
health platform. Framework agreements already signed continue to
contribute to increased sales.
Rinocloud Limited
The teams, led by Rinocloud AI and engineering team members,
have completed the phase-III testing of the real-time nano-photonic
microchips coated with Affirmers and Aptamers that bind to
SARS-CoV-2 virus in a number of wastewater treatment plants in
multiple countries, each detecting the virus with the use of AI in
sewage in real-time. The same technology is used to capture the
virus in the Microtox(R) BT breath test and testing continues in
parallel for single pathogens, such as SARS-CoV-2 and with
multiplex chipsets for a range of other viral and bacterial
infections.
STOER For Men - (STOER Ireland Limited)
STOER For Men skin products e-commerce division continues to be
used as a control for client testing within Labskin laboratories
and remains at break-even.
Wound pHase (LifeScienceHub Limited)
Labskin continues to work on development of wound care products
and extend the services to be provided to woundcare client
companies.
Outlook
With H1 2021 growth secured, as in previous years, second half
revenues of DeepVerge are expected to be a multiple of H1. Whilst
we successfully launched Skin Trust Club, with the capacity to
process up to 20,000 skincare home test kits per month and
partnered with a Tier One global advertising agency in Q4, our
overall revenue guidance remains at GBP10 million as it is too
early to give an accurate prediction of its impact on the year end
number. We are also ramping up production for Modern Water's
Microtox(R) PD wastewater SARS-CoV-2 detection systems, as
mentioned in the update presentation of 30 June, and expect to
update the market on installations later this year. Results of the
Phase III field trials for real-time detection of pathogens in
wastewater are recent but now form part of negotiations with China
Resources. These continue to make progress and we will update the
market in due course.
Ross Andrews
Chairman
15 September 2021
Consolidated Statement of Comprehensive Income
For the 6 months ended 30 June 2021
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
Notes GBP'000 GBP'000 GBP'000
---------------------------------- ------ ---------- ---------- -------------
Revenue 3,319 1,004 4,483
Costs of sales (1,581) (393) (2,639)
---------------------------------- ------ ---------- ---------- -------------
Gross profit 1,738 611 1,844
Administrative Costs (4,211) (1,547) (4,561)
Other Operating Gain 3 162 - -
Operating loss (2,311) (936) (2,717)
---------------------------------- ------ ---------- ---------- -------------
Depreciation 193 72 172
Amortisation 1,360 312 941
Impairment of Investment - - 354
Exceptional Items 3 61 - 391
EBITDA before exceptional items (697) (552) (859)
---------------------------------- ------ ---------- ---------- -------------
Finance costs (307) (19) (183)
---------------------------------- ------ ---------- ---------- -------------
(Loss) before income tax (2,618) (955) (2,900)
Taxation 4 178 30 182
---------------------------------- ------ ---------- ---------- -------------
(Loss) for the period (2,440) (925) (2,718)
---------------------------------- ------ ---------- ---------- -------------
Other comprehensive income
Currency translation differences (229) 67 33
---------------------------------- ------ ---------- ---------- -------------
Total comprehensive loss for the
period (2,669) (858) (2,685)
---------------------------------- ------ ---------- ---------- -------------
Loss per share attributable to the
equity holders of the Company during Notes
the period Pence Pence Pence
Basic and diluted loss per ordinary
share 5 1.4p 0.9p 2.1p
Consolidated Statement of Financial Position
As at 30 June 2021
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2021 2020 2020
Notes GBP'000 GBP'000 GBP'000
------------------------------------ ------ ---------- ---------- -------------
Assets
Non-current assets
Intangible assets 18,959 3,513 18,241
Property, plant and equipment 988 483 874
Right of use assets 1,705 450 569
Other Investments 354 708 354
------------------------------------ ------ ---------- ---------- -------------
Total non-current assets 22,006 5,154 20,038
------------------------------------ ------ ---------- ---------- -------------
Current assets
Inventories 1,953 79 1,347
Trade and other receivables 2,219 1,079 1,448
Cash and cash equivalents 7,589 255 1,441
------------------------------------ ------ ---------- ---------- -------------
Total current assets 11,761 1,413 4,236
------------------------------------ ------ ---------- ---------- -------------
Total assets 33,767 6,567 24,274
------------------------------------ ------ ---------- ---------- -------------
Equity attributable to owners
Share capital 7 2,429 2,322 2,380
Share premium account 36,982 11,838 25,069
Retained loss (20,609) (16,325) (18,964)
Foreign currency reserve (455) (192) (226)
Reverse acquisition reserve (2,843) (2,843) (2,843)
Capital redemption reserve 9,519 9,519 9,519
Share based equity reserve 277 6 197
------------------------------------ ------ ---------- ---------- -------------
Sub total 25,300 4,325 15,132
Non-controlling interests - - 789
Total equity 25,300 4,325 15,921
------------------------------------ ------ ---------- ---------- -------------
Liabilities
Non-current liabilities
Deferred tax liabilities 2,870 470 2,780
Deferred revenue/government grants 21 6 24
Lease Liabilities 1,334 355 358
Borrowings 83 121 583
Total non-current liabilities 4,308 952 3,745
------------------------------------ ------ ---------- ---------- -------------
Current liabilities
Trade and other payables 2,232 970 2,667
Deferred tax liabilities 356 61 328
Lease liabilities 446 105 264
Borrowings 1,125 154 1,349
Total current liabilities 4,159 1,290 4,608
------------------------------------ ------ ---------- ---------- -------------
Total liabilities 8,467 2,242 8,353
------------------------------------ ------ ---------- ---------- -------------
Total equity and liabilities 33,767 6,567 24,274
------------------------------------ ------ ---------- ---------- -------------
Consolidated Statement of Cash Flows
For the 6 months ended 30 June 2021
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2021 2020 2020
Notes GBP'000 GBP'000 GBP'000
Cash Flow from operating activities
--------------------------------------------------------- -------- ---------------- ---------------- -------------
Cash used in operations 8 (2,829) (772) (2,098)
Taxation - - 76
Interest paid (307) (12) (183)
Net cash used in operating activities (3,136) (784) (2,205)
--------------------------------------------------------- -------- ---------------- ---------------- -------------
Cash flow from investing activities
Acquisition of subsidiary net of cash balance - - 739
Payments to acquire intangibles (372) (72) (488)
Purchase of property, plant and equipment (460) (84) (296)
Government Grant - 7 -
Net cash used in investing activities (832) (149) (45)
--------------------------------------------------------- -------- ---------------- ---------------- -------------
Cash flow from financing activities
Proceeds from issuance of ordinary shares 7 11,315 95 1,328
Proceeds from new loans - - 1,500
Capital element of finance lease (168) (36) (125)
Repayments of borrowings (1,017) (64) (205)
Net cash generated / (used) by financing activities 10,130 (5) 2,498
--------------------------------------------------------- -------- ---------------- ---------------- -------------
Net increase / (decrease) in cash and cash equivalents 6,162 (938) 248
Cash and cash equivalents at beginning of period 1,441 1,193 1,193
Effects of exchange rate changes on cash and cash
equivalents (14) - -
Cash and cash equivalents at end of period 7,589 255 1,441
--------------------------------------------------------- -------- ---------------- ---------------- -------------
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
2020 2,322 11,743 (15,400) (259) (2,843) 9,519 6 - 5,088
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
Changes in
equity for the 6
months
ended 30 June
2020
Loss for the
period - - (925) - - - - - (925)
Currency
translation
differences - - - 67 - - - - 67
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
Total
comprehensive
loss
for the period - - (925) 67 - - - - (858)
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
Transactions
with the owners
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
Shares issued
during the
period - 95 - - - - - - 95
Costs of Share
Issue - - - - - - - - -
Share
option-based
charge - - - - - - - - -
Reserve transfer - - - - - - - - -
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
Total
contributions
by and
distributions
to owners - 95 - - - - - - 95
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
At 30 June 2020 2,322 11,838 (16,325) (192) (2,843) 9,519 6 - 4,325
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
Changes in
equity for the 6
months
ended 31
December 2020
Loss for the
period - - (1,793) - - - - - (1,793)
Non-controlling
interests - - (846) - - - - 789 (57)
Currency
translation
Differences - - - (34) - - - - (34)
Total
comprehensive
loss
for the period - - (2,639) (34) - - - 789 (1,884)
Transactions
with the owners
Shares issued
during the
period 58 13,231 - - - - - - 13,289
Costs of Share
Issue - - - - - - - - -
Share
option-based
charge - - - - - - 191 - 191
Reserve transfer - - - - - - - - -
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
Total
contributions
by and
distributions
to owners 58 13,231 - - - - 191 - 13,480
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
At 31 December
2020 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) -
Share based
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
----------------- --------- --------- ---------- --------- ------------ ------------ -------- ------------ --------
* On 15 January 2021 the Company acquired the remaining Modern Water plc shares.
Notes to the Financial Statements
For the 6 months ended 30 June 2021
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 principal activity of the Group is that of developing
technologies in the skin industry. The Group has a presence in the
UK, US China and Ireland.
The financial statements are presented in pounds sterling, the
currency of the primary economic environment in which the Group'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. It has been
prepared in accordance with the recognition and measurement
requirements of UK adopted International Financial Reporting
Standards (IFRSs). 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
2020 and which will form the basis of the 2021 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 auditors. The
financial information in respect of the year ended 31 December 2020
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 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 2021 and 30 June 2020 is unaudited and the twelve months to 31
December 2020 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
2021 2020 2020
--------------------------------------- ---------- ---------- -------------
Exceptional items include:
Transaction costs relating to raising
funds and business acquisitions and
disposals 61 - 391
Total exceptional items 61 - 391
--------------------------------------- ---------- ---------- -------------
Other Operating Gain
Loan Forgiveness of 2020 Payment Protection 162
Loan (Covid) for US subsidiary company - -
Modern Water Inc.
Other Operating Gain 162 - -
-------------------------------------------- ---- ---- ----
4. Taxation
Unaudited
Unaudited 6 months Audited
6 months ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
------------------------------------- ---------------- ---------- -------------
Research and development tax credit - - 77
Deferred tax credit 178 30 105
------------------------------------- ---------------- ---------- -------------
178 30 182
------------------------------------- ---------------- ---------- -------------
5. Loss per share
At a General Meeting of the Company on 15 September 2020 a share
consolidation was approved. With effect from 16 September 2020 all
ordinary shares of 0.01 pence each were consolidated into new
ordinary shares of 0.1 pence each, on a 10 for 1 basis.
The following table illustrates the basic loss for both 2021 and
2020 when converting a 10:1 consolidation for all 0.01 pence
ordinary shares in issue pre-15 September 2020 to 0.1 pence new
ordinary shares.
(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
2021 2020 2020
Loss attributable to equity shareholders GBP2,440,000 GBP925,000 GBP2,718,000
Weighted average number of 0.1p Ordinary
Shares in issue 178,305,066 107,339,112 128,715,344
Basic loss per ordinary share 1.4p 0.9p 2.1p
(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.
Details of warrants outstanding are given in note 7.
6. Dividends
There were no dividends paid or proposed by the Company.
7. Share capital
Unaudited
Unaudited 6 months Audited
6 months ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
------------------------------- ---------------- ---------- -------------
Ordinary shares of 0.1p each 215 108 166
Deferred shares of 0.99p each 2,214 2,214 2,214
Total 2,429 2,322 2,380
------------------------------- ---------------- ---------- -------------
As at 30 June 2021, the Company had an issued share capital of
215,138,276 ordinary shares of 0.1p each and 223,685,232 deferred
shares of 0.99p each.
Ordinary shares issued during the period
Compulsory Acquisition Modern Water plc ordinary shares under
sections 974-991 of the Companies Act 2006
Having obtained acceptances of 93.47% of Modern Water plc
shareholders to the offer to acquire the company in 2020, the
Company subsequently commenced compulsory acquisition proceedings
under sections 974-991 of the Companies Act 2006.
Price at Date
Date Type No of shares of Listing Consideration
Acquisition
15 January 2021 Shares 3,636,915 33p GBP1,200,182
On 15 January 2021 the Company allotted 3,636,915 ordinary 0.1p
shares in respect of the compulsory acquisition of all the
remaining Modern Water plc shares. The GBP1.2m consideration takes
the total cost of the 100% acquisition of shares to GBP13.3m.
Shares issued for cash consideration in 2021
Date Transaction No of shares Exercise Consideration
price
------------- ------------------ ------------- --------- ---------------
18 January Share Options 25,860 0.01p GBP 26
25 January Placing Warrants 535,714 20p GBP 107,143
1 February Placing Warrants 178,570 20p GBP 35,714
26 February Placing Warrants 1,230,738 20p GBP 246,148
26 February Broker Warrants 557,999 15p GBP 83,700
26 February Broker Warrants 814,285 14p GBP 114,000
5 March Placing Warrants 17,857 20p GBP 3,571
16 March Placing Warrants 188,071 20p GBP 37,614
23 March Placing Warrants 35,714 20p GBP 7,143
24 March Placing Warrants 78,570 20p GBP 15,714
7 April Share Options 18,102 0.01p GBP 18
13 April Placing Warrants 10,714 20p GBP 2,143
21 April Placing Warrants 221,285 20p GBP 44,257
21 April Broker Warrants 7,050,000 5p GBP 352,500
29 April Placing Warrants 942,857 20p GBP 188,571
30 April Placing Warrants 384,425 20p GBP 76,885
11 June Share Placing 21,086,888 30p GBP 6,326,066
25 June Share Placing 12,246,446 30p GBP 3,673,934
------------- ------------------ ------------- --------- ---------------
Sub Total 45,624,095 GBP 11,315,147
--------------------------------- ------------- --------- ---------------
Warrants
During the period a total of 12,696,785 warrants of 0.1p
ordinary shares, with exercise prices between 5p and 20p per share,
were either exercised or expired, with total warrants of 2,343,836
0.1 p shares outstanding at 30 June 2021.
Warrant holder Date granted Exercise Expiry date Ordinary Exercised/ Outstanding
price shares Expired at 30
of 0.1p in period June
each
Turner Pope Investments 5 April
(TPI) Ltd 2017 62.5p 5 April 2022 180,000 - 180,000
5 January 5 January
Placing subscribers 2018 15p 2023 173,334 - 173,334
5 January 5 January
Hybridan LLP 2018 15p 2023 100,000 - 100,000
Turner Pope Investments 5 January 5 January
(TPI) Ltd 2018 15p 2023 30,000 30,000 -
Placing subscribers 2 May 2019 20p 2 May 2021 4,274,501 4,274,501 -
Turner Pope Investments
(TPI) Ltd 2 May 2019 14p 2 May 2022 814,285 814,285 -
Turner Pope Investments 16 December 16 December
(TPI) Ltd 2019 15p 2022 527,999 527,999 -
15 September 15 September
YA II PN, Ltd 2020 25.7868p 2024 945,251 - 945,251
Riverfort Global
Opportunities PCC 15 September 15 September
Ltd 2020 25.7868p 2024 945,251 - 945,251
Turner Pope Investments 9 November 16 February
(TPI) Ltd 2020 5p 2023 7,050,000 7,050,000 -
----------- ----------- ------------
15,040,621 12,696,785 2,343,836
8. Cash used in operations
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
----------------------------------- ---------- ---------- -------------
Loss for the year from continuing
activities (2,440) (925) (2,718)
Continuing operations
Adjustments for:
- Depreciation & Amortisation 1,553 384 1,113
- Impairment of Investments - - 354
- Net finance costs 307 13 303
- Taxation (178) (30) (182)
- Foreign currency (229) 33 36
- Share option-based charge 86 - 191
Changes in working capital
- Inventories (652) 6 344
- Trade and other receivables (803) (530) (513)
- Trade and other payables (473) 277 (1,026)
Net cash used in operations (2,829) (772) (2,098)
----------------------------------- ---------- ---------- -------------
9. Post balance sheet events
No significant events 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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