TIDMDMTR
RNS Number : 2806A
DeepMatter Group PLC
01 June 2021
1 June 2021
DeepMatter Group Plc
("DeepMatter" or the "Company" or "Group")
Final results for the year ended 31 December 2020
DeepMatter Group Plc (AIM: DMTR), the AIM-quoted company
focusing on digitising chemistry, is pleased to announce its
audited financial results for the year ended 31 December 2020.
Financial Highlights
-- Revenues of GBP1.3m (2019: GBP1.2m)
-- Loss for the year GBP2.4m (2019: GBP3.0m)
-- Cash as at 31 December 2020 of GBP2.6m (31 December 2019: GBP2.6m)
-- Fundraise in July 2020 raising gross proceeds of GBP2.2m,
enabling further investment in the Group's sales and marketing to
support its long-term objectives
Operational Highlights
-- 50% of the world's Top 10 pharmaceutical organisations using DeepMatter products
-- 300% growth in the number of trials of DeepMatter products, 18% growth in user numbers
-- Growing awareness of the need to digitalise chemistry and
labs, driving increased market interest in the Group's offering
reflected in the announcement of a three-year contract with Thieme
Chemistry, an award-winning international medical and science
publisher and deployments of DigitalGlassware(R) within life
sciences companies and academic institutions
-- Productivity gains with DigitalGlassware(R) were demonstrated
by a study with o2h, with the average yield 50% greater and average
errors reduced by 80%
-- Strengthening of team through key hires at management and
Board level including a new Chief Financial Officer and new Chair,
providing an enhanced structure to capitalise on the growth
opportunity as the disruption to the pharma industry of COVID-19
reduces
Post-Period Highlights and Outlook
-- Expanded geographic reach into the US via a co-distribution
agreement with North American-based Elemental Machines
-- Demonstrated the monetising of our data with a multi-year,
data licensing agreement signed with the Life Science business of
Merck
-- The Group has made progress in the year in developing its
user base, particularly within Contract Research Organisations
('CRO'), Academic segments, and continues to see healthy growth in
its pipeline
-- The accelerating integration of science with technology
provides a positive long-term opportunity for DeepMatter and the
Board looks to the future with confidence
Mark Warne, CEO of DeepMatter, said: "I am pleased to report
that we achieved notable strategic successes and have entered 2021
in a strong position despite the uncertainty created in 2020 by the
impact of Covid-19. We will continue to build on the momentum of
the second half of 2020 in the current year with sales to the
pharmaceutical industry and scientific publishers, whilst targeting
the CRO and academic sectors who are proving to be the most
successful early adopters of our platform.
"We are encouraged by our growing base of committed recurring
revenues and an increased pipeline of opportunities. Our increased
sales and marketing capability is delivering results, and we have a
strengthened financial basis on which to grow. We therefore look
forward to the ongoing execution of our growth strategy."
For more information, please contact:
DeepMatter Group plc T: 0141 548 8156
Mark Warne, Chief Executive Officer
C anaccord Genuity Limited (Nominated T: 020 7523 8000
Advisor and Broker)
Bobbie Hilliam / Angelos Vlatakis
Alma PR T : 020 3405 0205
Caroline Forde / Harriet Jackson / Kieran deepmatter@almapr.co.uk
Breheny / Faye Calow
About DeepMatter Group plc
DeepMatter is building and commercialising the most powerful
data platforms, to enable scientists to easily perform and optimise
chemical reactions, by increasingly integrating chemistry with
technology. Ultimately this will allow the greater use of
artificial intelligence and reaching a point where chemicals can be
autonomously synthesised through robotics.
Visit: www.deepmatter.io and follow @deepmattergroup
Chair's Statement
I was delighted to be appointed Chair of the Board of this
exciting business in November 2020. With an innovative offering,
much needed by its industry, a growing roster of blue-chip
customers and a passion for great chemistry, I believe DeepMatter
has a significant opportunity ahead .
This has, of course, been a challenging year for all. However, I
am pleased to report that the Group made significant progress
towards its vision to digitise chemistry. Having successfully
completed the foundation development of the proprietary
DigitalGlassware(R) platform and integration of the InfoChem
offerings following its acquisition in 2019, the focus in 2020 was
on the commercialisation of the Group's technologies. This focus
delivered growth in user numbers, the development of strategic
partnerships and the first steps towards the monetising of the
Group's data collections.
Increasingly supportive market environment
While COVID-19 significantly disrupted the pharma industry, it
has also, as with many industries, shone a light on the need for
accelerated digitalisation. Typically, in scientific,
evidence-based industries, the collection, structuring and sharing
of data has taken place in siloed environments, leaving scientists
un-empowered to capitalise on the wealth of knowledge created in
economically important fields such as drug discovery and
development. Digital transformation in recent years had started to
lower data sharing barriers on a modest level, however the shift to
remote working and increased social distancing as a response to the
COVID-19 pandemic has accelerated the rate in which technology is
being incorporated into the day-to-day workings of a laboratory.
The possibilities to digitally impart knowledge and hands-on
experiences in the laboratory to another person, without the
requirement of physical proximity, is more attainable now that the
industry has been forced to adapt and experience it first-hand.
Throughout the year we have seen an increased awareness of the
benefits technology can lend to drug discovery and this trend will
only gain further traction in the coming years, providing a growing
opportunity for DeepMatter's product offerings and technology
platform .
A passion for great science
The passion of the team at DeepMatter is the driving force for
this business. Their commitment and genuine passion for improving
productivity and discovery of chemical reactions that contribute
towards the development of new medicines makes them a great team to
be a part of and resonates strongly with our customers. The team
swiftly adapted to working remotely in March 2020, continuing to
support our customers, develop our offerings, secure new customers
and forge new partnerships. On behalf of the Board I would like to
thank every single team member for their efforts during the year
.
Expansion of the Board's expertise
As well as my appointment in November 2020, the Board's
expertise was further expanded during the year with the appointment
of Fraser Benson, as Chief Financial Officer and post-period end,
the appointment of Mirko Walter as Non-Executive Director. Both
Fraser and Mirko bring a wealth of knowledge in their specific
fields, with Fraser having accounting experience and exposure to
fast-growing software businesses, whilst Mirko's experience in
sales and the scientific sector resonates with DeepMatter's
long-term strategic goal to commercialise the digitisation of
chemistry. Through this strengthening of the Board's expertise,
DeepMatter comprises an excellent mix of leadership skills and
experience to take the business to the next phase of growth.
Positive Outlook
The Group has a steady base of recurring revenues, a healthy
financial position and a clear strategy for growth. The long-term
opportunity for DeepMatter is extremely positive, with market
conditions indicating the integration of science with technology is
accelerating, with the potential to revolutionise the industry. The
Group has made progress in the year in developing its user base,
particularly within Contract Research Organisations and academic
segments, and continues to see healthy growth in its pipeline. The
Board therefore looks to the future with confidence.
Karen Bach
Non-Executive Chair
28(th) May 2021
Chief Executive's Statement
I am pleased to report the Group has made considerable strategic
and operational progress in the year against a challenging market
backdrop. Through a year of major disruption for all industries,
but notably for those engaged in laboratory sciences, we maintained
our close relationships across our industry and academic customers,
grew our user base and partnerships, paving the way for accelerated
future growth. Group revenue increased 10% to GBP1.3m (FY19:
GBP1.2m), and the careful management of our cost base resulted in a
narrowing of losses by 19% to GBP2.4m (FY19: GBP3.0m). We closed
the year with healthy cash balances of GBP2.6m.
Strategy: unlocking the power of data in the lab
Our core objective is to integrate chemistry with technology to
improve productivity and drug discovery for scientists in any
industry where chemicals are manufactured. Following the impact of
the Covid-19 pandemic, never has this been more relevant than now.
The digital laboratory is leading to a fundamental change in how
data is stored, retrieved, analysed and shared in the laboratory
environment. It involves integration, innovation, automation and
business intelligence and our cloud-based platform,
DigitalGlassware(R), is at the forefront of this change where we
have seen 50% increases in average yield and 80% reduction in
errors when using the platform.
Expanded platform for growth
At DeepMatter, we build and sell products that make it easier
for scientists to collect scientific data then structure and clean
this data allowing them to use it to gain valuable insights. The
Group has a range of software, Internet of Lab Things and data
products designed to help scientists to easily perform and optimise
chemical reactions, to improve productivity and discovery. These
products are sold on a recurring revenue model globally, to Pharma,
Biotech, Contract Research Organisations, Agri-Sciences and
Scientific Publishers. DeepMatter also owns chemical structure and
reaction databases plus data generated by the DigitalGlassware(R)
platform which it also sells to these organisations. Since 2018
DigitalGlassware(R) has collected 4.3 billion sensor readings,
capturing over 6.3 years of chemistry with over 700 individual
chemistry runs.
Owing to what we have experienced in 2020, the market
opportunity for integrating chemistry with technology has grown
immensely and the direction of travel for lab automation and the
digitisation of chemistry remains clear. As labs across the world
move away from outdated and inefficient processes, there is an
increasing recognition of the speed, efficiency, and lower costs
offered by the increased integration of innovative technology with
the life sciences, providing a supportive market environment for
DeepMatter.
During the year we have focused on acquiring more users,
expanding our sales and marketing capabilities, initiating both
technology and distribution partnerships and monetising our data.
With each trial of DigitalGlassware(R) we learn more regarding its
benefits and best methods of implementation and will continue to
refine these in the year ahead.
Growing our users
The Group grew revenue by securing more expert users of its
retrosynthesis software ICSYNTH, whilst engaging with new customers
for our DigitalGlassware(R) software. By the end of the year, 50%
of the world's Top 10 pharmaceutical organisations were trialing or
using DeepMatter products. The number of trials of Group products
increased by 300% and overall, the Group's user numbers grew by 18%
year-on-year.
Contracts secured in the year included a three-year contract
with Thieme Chemistry, which is part of the Thieme Group, an
award-winning international medical and science publisher, and a
deployment of DigitalGlassware(R) with Cancer Research UK Beatson
Institute Drug Discovery Unit.
As the pharma industry continues to seek the means to reduce
risk and increase flexibility in their cost-base, we see a growing
opportunity in the Contract Research Organisations (CRO's) segment,
to whom pharma outsource their research services. Data sharing
between these entities across the globe is paramount and the
ability of our cloud-based DigitalGlassware(R) platform to allow
chemists to share data in real-time, anywhere in the world means it
is ideally suited to meet these data sharing needs. We have
expanded our presence in this segment in the year and will continue
to do so.
Expanding our sales and marketing capabilities
As pharmaceutical companies begin to embed digitisation across
their R&D functions we have recently appointed a dedicated
Sales Lead for the Group, alongside our Group Marketing function
and are actively pursuing initiatives to increase our sales and
marketing footprints in the US, Europe and other geographies, such
as India and China as well as other sectors such as CRO's and
Agrisciences.
During 2020 we rebranded DeepMatter and brought InfoChem under
the DeepMatter brand umbrella whilst focusing on increasing our
social engagement and increasing our web traffic by 117%. With a
strengthened sales and marketing function, we now have the
resources to reach the top 100 global pharmaceutical companies and
beyond.
We continued to build relationships with Key Opinion Leaders in
the academic sector, that will ultimately create both marketing and
IP value in the medium term targeting the big digitisation units in
the UK with a focus on DigitalGlassware(R).
Initiating technology and distribution partnerships
To ensure the quality of the data within our platform, we
continue to expand the range of third-party integrations available
in DigitalGlassware(R), including hardware sensors, LC-MS and
Electronic Lab Notebooks and in 2020 we were delighted to announce
plans to interface our DigitalGlassware(R) platform with the Waters
Corporation UNIFI(TM) Scientific Information System, enhancing the
quality and accessibility of data for chemists worldwide.
As well as technology partnerships the success of our efforts to
expand our customer base and the userbase of DigitalGlassware(R)
through our network of partners can also be seen in the post-period
signing of a co-distribution and marketing agreement with Elemental
Machines, expanding our footprint in the US.
The value of DigitalGlassware(R)
DigitalGlassware(R) provides value in several ways: making
chemistry more reproduceable, cutting the costs of that chemistry,
increasing the ability to share data and increasing the ability to
interrogate data through AI and machine learning, thereby aiding
faster drug discovery.
During 2020 we conducted some chemistry with o2h Discovery at
their integrated drug discovery platform operating from a
state-of-the-art research centre in India, to show
DigitalGlassware's value, specifically around improving the
reproducibility of a reaction.
We took an industrially relevant reaction to show how the
integrated DigitalGlassware(R) platform defined the method in a
standardised, shareable format, then captured and analysed the data
allowing the reaction to be modified and optimised.
The two chief findings of this study were that the average
reaction yield was significantly increased, and the variability
greatly decreased, when using DigitalGlassware(R), compared with
traditional methods. Directly comparing the reaction runs using the
two methods, the average yield was 50% greater when using
DigitalGlassware(R), with the average errors reduced by 80%.
We are excited by this incredibly strong validation of the
platform and believe this data will be a powerful marketing tool
for us in 2021.
Increased Data collection and interrogation and monetization
Our Data Science team are now investigating the data captured
from the o2h trial and are using Machine Learning algorithms to
gain new insights in areas such as optimisation and yield
prediction. Ultimately, we are looking at monetising our aggregated
data and believe it will lead to novel IP.
In January 2021 we announced a data licensing agreement with the
Life Science business of Merck to provide proprietary chemical
structure and reaction data content to Merck's selected
application, a further example of the monetising of our data.
Supportive market environment
Covid-19 measures have prompted an increase in interest levels
in the ability to digitally collect and remotely share scientific
data. Automated chemistry has moved up the priority list for many
companies. Automated chemistry and digital data collection and
sharing, have the potential to transform our industry, not only
increasing productivity, but serving to ensure knowledge and
experience can be imparted to the next generation, under whatever
circumstances the 'next normal' looks like.
This Digital transformation was in train prior to the Covid-19
pandemic, nevertheless the ability to use digital technologies to
discover new (therapeutic) molecules and rapidly share data
cross-border is likely now considered prophetic.
We have also seen growing interest in the area of sustainable
chemistry, with organisations increasing their investment in this
area in order to identify means to reduce the impact on the
environment from chemical processes. This is a growing area of
opportunity for our platforms, to enable faster investigation and
closer collaboration across teams in this research.
Current Trading & Outlook
While revenue growth in the year under review was dampened by
the immediate impacts of the Covid-19 pandemic on our industry, we
achieved notable strategic successes and have entered 2021 in a
strong position. We will continue to build on the momentum of the
second half of 2020 in the current year, particularly targeting the
CRO and academic sectors who are proving to be the most successful
early adopters of our platform.
We have a growing base of committed recurring revenues and an
increased pipeline of opportunities. Our increased sales and
marketing capability is delivering results, and we have a
strengthened financial basis on which to grow. We therefore look
forward to the ongoing execution of our growth strategy.
Mark Warne
Chief Executive Officer
28(th) May 2021
Chief Financial Officer's review
The Group has produced a solid set of financial results,
delivering revenue growth and managing the cost base while
continuing to invest in our products and laying the foundations for
future growth. At the same time, we have continued to integrate the
InfoChem business, ensuring cross Group experience is shared and
that functional teams work to share knowledge and form a flexible
pool of resource.
Revenue
Revenue for the year of GBP1.3m (2019: GBP1.2m) represents
year-on-year growth of 10%. Growth is driven by DigitalGlassware
(R) from sales and paid trials. InfoChem revenue held up well,
posting revenue growth despite the COVID pandemic. The number of
new ICSYNTH paid evaluations in the second half of the year
indicates the pathway to future revenue growth.
Operating Performance
As a group, product R&D and building sales and marketing
capability have been two key areas of focus in 2020.
-- R&D costs of GBP1.6m in 2020 (2019: GBP1.8m) in addition
to which, GBP0.3m of ICSYNTH development was capitalised in the
year. This reflects the continued functionality enhancements being
added to DigitalGlassware(R) and the step change delivered to the
ICSYNTH product.
-- General and Administration expenses rose slightly to GBP2.0m
(2019: GBP1.9m) as sales and marketing saw investment as the Group
looked to build capability for the next stage of commercialisation
of DigitalGlassware (R) .
-- The Group has been reactive to the COVID 19 pandemic, making
use of Government employment schemes in both the UK and Germany for
a time and managing costs throughout the year.
Capitalised Software
In addition to further development of the DigitalGlassware (R)
platform, a significant enhancement was made to the ICSYNTH
product. The development work on ICSYNTH has been capitalised. A
total of GBP0.3m was capitalised which will be amortised over two
years.
Result
The Group incurred a total loss after tax for the year ended 31
December 2020 of GBP2.41 million compared to a loss of GBP2.98
million in the previous year.
Cash
The Group's overall cash position remained stable year-on-year.
This is the combination of the GBP2.2m gross fund raise in July
2020 offsetting the continued investment in product development and
operating costs.
Net Assets
The Group continues to benefit from a solid financial position
with net assets at 31 December 2020 of GBP8.90 million compared to
GBP9.08 million at 31 December 2019.
Financing Activities
The company raised gross proceeds of GBP2.2m after placing
shares at a price 1.5p in July 2020. The successful placing showed
that a mix of new and existing investors were willing to back the
next phase of the group's development, funding the move from
R&D stage towards commercialisation.
The Consolidated Financial Statements have been prepared for the
year to 31 December 2020.
Key Group financial performance indicators are set out
below:
31 December 2020 31 December 2019
--------------------------------------------------------- ----------------- -----------------
Net assets (GBP million) 8.90 9.08
Net asset value per share (pence) 0.96 1.23
Total loss after tax (GBP million) (2.41) (2.98)
Basic loss per share from continuing operations (pence) (0.30) (0.43)
Cash and short-term deposits with banks (GBP million) 2.61 2.61
--------------------------------------------------------- ----------------- -----------------
Fraser Benson
Chief Financial Officer
28(th) May 2021
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2020
Year to 31 December 2020 Year to 31 December 2019
GBP'000 GBP'000
----------------------------------------------------------- ------------------------- -------------------------
Continuing operations
Revenue from contracts with customers 1,319 1,196
Cost of providing services (433) (667)
----------------------------------------------------------- ------------------------- -------------------------
Gross profit 886 529
----------------------------------------------------------- ------------------------- -------------------------
Research and development costs (1,596) (1,787)
Share based payments (167) (278)
Administrative costs (1,980) (1,850)
Other income 187 -
----------------------------------------------------------- ------------------------- -------------------------
Operating loss (2,670) (3,386)
Finance income - net 13 23
----------------------------------------------------------- ------------------------- -------------------------
Loss before tax (2,657) (3,363)
Taxation 244 346
----------------------------------------------------------- ------------------------- -------------------------
Loss from continuing operations (2,413) (3,017)
Discontinued operations
Profit from discontinued operations - 22
Profit on disposal of discontinued operations - 14
----------------------------------------------------------- ------------------------- -------------------------
Net result from discontinued operations - 36
----------------------------------------------------------- ------------------------- -------------------------
Loss for the year (2,413) (2,981)
Other comprehensive income
Amounts which may be reclassified to profit or loss
Currency translation differences on foreign operation 53 7
Total comprehensive loss for the year attributable to:
The Company's equity shareholders (2,360) (2,974)
Loss per share attributable to the equity holders of the Company:
Basic and diluted loss per share from continuing
operations (pence) (0.30) (0.43)
----------------------------------------------------------- ------------------------- -------------------------
Consolidated Statement of Financial Position
As at 31 December 2020
At 31 December 2020 At 31 December 2019
GBP'000 GBP'000
---------------------------------------------------------- ---- -------------------- --------------------
Assets
Non-current assets
Intangible assets and goodwill 6,517 6,633
Investments 3 3
Plant and equipment 25 41
Right-of-use assets 61 182
6,606 6,859
--------------------------------------------------------------- -------------------- --------------------
Current assets
Trade and other receivables 454 432
Income tax asset 214 172
Cash and cash equivalents 2,606 2,607
3,274 3,211
--------------------------------------------------------------- -------------------- --------------------
Liabilities
Current liabilities
Trade and other payables (598) (464)
Lease liabilities (64) (123)
---------------------------------------------------------------- -------------------- --------------------
(662) (587)
--------------------------------------------------------------- -------------------- --------------------
Net current assets 2,612 2,624
---------------------------------------------------------------- -------------------- --------------------
Non-current liabilities
Lease liabilities - (61)
Deferred tax (318) (341)
---------------------------------------------------------------- -------------------- --------------------
Total non-current liabilities (318) (402)
---------------------------------------------------------------- -------------------- --------------------
Total net assets 8,900 9,081
---------------------------------------------------------------- -------------------- --------------------
Shareholders' equity
Called up share capital 92 74
Share premium 10,200 7,136
Merger reserve 5,971 5,971
Shares to be issued reserve 204 1,274
Foreign currency translation reserve 60 7
Retained deficit (7,627) (5,381)
---------------------------------------------------------------- -------------------- --------------------
Total equity attributable to shareholders of the Company 8,900 9,081
---------------------------------------------------------------- -------------------- --------------------
The financial statements were approved by the Board of Directors
on 28 May 2021 and were signed on its behalf by:
Fraser Benson
Chief Financial Officer
Company Number: 05845469
Consolidated Statement of Changes in Equity
For the year ended 31 December 2020
Foreign
Shares to currency
Share Share Merger Retained be issued translation
capital premium reserve deficit reserve reserve Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------------- ------------- ------------- ------------ ------------ ------------ -------------
Balance at 31
December 2018 55 3,287 5,334 (2,678) 204 - 6,202
---------------- ------------- ------------- ------------- ------------ ------------ ------------ -------------
Loss for the
year to 31
December 2019 - - - (2,981) - - (2,981)
Currency
translation
differences - - - - - 7 7
---------------- ------------- ------------- ------------- ------------ ------------ ------------ -------------
Total
comprehensive
loss for the
year to 31
December 2019 - - - (2,981) - 7 (2,974)
---------------- ------------- ------------- ------------- ------------ ------------ ------------ -------------
Transactions
with owners:
Issue of shares
for cash 16 3,849 - - - - 3,865
Shares to be
issued and
issuable on
acquisition of
subsidiary 3 - 637 - 1,070 - 1,710
Share based
payment charge - - - 278 - - 278
Balance at 31
December 2019 74 7,136 5,971 (5,381) 1,274 7 9,081
---------------- ------------- ------------- ------------- ------------ ------------ ------------ -------------
Loss for the
year to 31
December 2020 - - - (2,413) - - (2,413)
Currency
translation
differences - - - - - 53 53
---------------- ------------- ------------- ------------- ------------ ------------ ------------ -------------
Total
comprehensive
loss for the
year to 31
December 2020 - - - (2,413) - 53 (2,360)
---------------- ------------- ------------- ------------- ------------ ------------ ------------ -------------
Transactions
with owners:
Issue of shares
for cash 14 1,998 - - - - 2,012
Deferred
consideration
shares issued 4 1,066 - - (1,070) - -
Share based
payment charge - - - 167 - - 167
Balance at 31
December 2020 92 10,200 5,971 (7,627) 204 60 8,900
---------------- ------------- ------------- ------------- ------------ ------------ ------------ -------------
Consolidated Statement of Cash Flows
For the year ended 31 December 2020
Year to 31 December 2020 Year to 31 December 2019
GBP'000 GBP'000
-------------------------------------------------------------- ------------------------- -------------------------
Cash flows from operating activities
Operating loss from continuing operations (2,670) (3,386)
Operating profit from discontinued operations - 29
Depreciation and amortisation charges 580 558
Share based payments charge 167 278
Operating cash outflows before movement in working capital (1,923) (2,521)
Decrease in inventories - 74
(Increase) in trade and other receivables (22) (51)
Increase /(decrease) in trade and other payables 134 (247)
-------------------------------------------------------------- ------------------------- -------------------------
Cash used in operations (1,811) (2,745)
Interest received 17 28
-------------------------------------------------------------- ------------------------- -------------------------
Net cash used in operating activities (1,794) (2,717)
-------------------------------------------------------------- ------------------------- -------------------------
Cash flows from investing activities
Purchases of property, plant and equipment (6) (12)
Capitalisation of intangible assets (277) -
Cash and bank in subsidiary at acquisition net of cash
payment - 265
-------------------------------------------------------------- ------------------------- -------------------------
Net cash (used in) / generated by investing activities (283) 253
-------------------------------------------------------------- ------------------------- -------------------------
Cash flows from financing activities
Proceeds from the issue of share capital 2,151 4,005
Transaction costs arising from issue of share capital (138) (140)
Payment of lease liabilities (129) (107)
Taxation received 172 289
-------------------------------------------------------------- ------------------------- -------------------------
Net cash generated by financing activities 2,056 4,047
-------------------------------------------------------------- ------------------------- -------------------------
Net increase in cash and cash equivalents (21) 1,583
Cash and cash equivalents at beginning of year 2,607 1,086
Effects of exchange rate changes on cash and cash equivalents 20 (62)
------------------------- -------------------------
Cash and cash equivalents at end of year 2,606 2,607
-------------------------------------------------------------- ------------------------- -------------------------
Notes to the Consolidated Financial Statements
For the year ended 31 December 2020
A full copy of the Company's 2020 Annual Report is now available
on the Company's website at www.deepmatter.io under the Investor
Relations/Annual & Interim Reports section and will shortly be
posted to shareholders. This contains on page 68, a Notice of the
Annual General Meeting, to be held at St Brandon's House, 29 Great
George Street, Bristol, BS1 5QT at 13:00 p.m. on Thursday 24 June
2021.
The health of the Company's shareholders and its employees is of
paramount importance. Due to the COVID-19 crisis, shareholders are
required to follow the latest Government guidance in respect of
public gatherings and therefore are instructed that they should not
attend the AGM in person but instead submit their votes by proxy,
with all votes to be routinely dealt with by way of a poll.
Shareholders may ask questions in advance of the meeting by
emailing AGM@deepmatter.io , with responses to be set out on the
Company's investor website at www.deepmatter.io following the
publication of the results of the AGM. Questions must be received
no later than 13.00 p.m. on Tuesday 22 June 2021.
The Board of Directors approved this announcement on 28 May
2021. Whilst the financial information included in this preliminary
announcement has been prepared in accordance with international
accounting standards in conformity with the requirements of the
Companies Act 2006 ('IFRS'), this announcement does not itself
contain sufficient information to comply with all the disclosure
requirements of IFRS and does not constitute statutory accounts of
the Company for the years ended 31 December 2020 or 31 December
2019.
The financial information has been extracted from the statutory
accounts of the Company for the years ended 31 December 2020 and 31
December 2019. The auditor, Nexia Smith & Williamson, has
reported on the statutory accounts for the years ended 31 December
2020 and 2019; the reports were unqualified and did not contain a
statement under either section 498(2) or 498(3) of the Companies
Act 2006. In their report on the statutory accounts for the year
ended 31 December 2020 and 2019, the auditor drew attention to the
disclosures concerning going concern and the existence of a
material uncertainty, the valuation of goodwill, intangible assets
and investment in the subsidiaries including intercompany
receivables.
The statutory accounts for the year ended 31 December 2019 have
been delivered to the Registrar of Companies, and those for the
year ended 31 December 2020 will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
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END
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