Regulatory News

Final results for the year ended 31 December 2019

29 May 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 2019. 

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Financial Highlights

  • First year revenues of £1.2m (2018: nil), including first revenues for DigitalGlassware™ and income following the acquisition of InfoChem GmbH (“InfoChem”)
  • Loss from continuing operations after tax of £3.02m (2018: loss of £1.81m)
  • Cash as at 31 December 2019 of £2.6m (31 December 2018: £1.1m)
  • Net assets as at 31 December 2019 of £9.10m (31 December 2018: £6.20 million)

Operational Highlights

  • Successful completion of DigitalGlassware™ Pioneer Programme and conversion of first pioneer to revenue generating contract
  • Growing market validation and awareness, including collaboration with AstraZeneca, and post period end, with the Institute of Process Research and Development (iPRD) at the University of Leeds, the University of Nottingham’s School of Chemistry and the Drug Discovery Unit of the Cancer Research UK Beatson Institute
  • Strengthened management team with the appointment of new Financial Director, Chief Operating Officer & Marketing lead

COVID-19 & Outlook

  • The Board has taken early measures to minimise discretionary spend, reduce overheads and protect the business during this period of uncertainty
  • The change to working practices within laboratories caused by social distancing is highlighting the need to share scientific data both remotely and within the lab, accelerating the digitisation of the laboratory and underlining the value proposition of the DigitalGlassware™ platform
  • The Company’s pipeline of revenue remains strong and the impact of the virus on customer working practices has increased interest in our DigitalGlassware™ platform and other products

Mark Warne, CEO of DeepMatter, said: “I am pleased with the progress that the Group made during 2019, delivering the first revenues for DigitalGlassware™ and executing on all the strategic objectives for the year. The integration of InfoChem is now successfully complete, with the acquisition contributing to the Group’s overall revenues, while adding technological capabilities and customers.

“I cannot speak highly enough of our employees who, following the year end, have risen to the challenge and uncertainty created by the COVID-19 pandemic, including serving our customers professionally via remote working and enabling the Company to act to safeguard the business, ensuring tight control of costs and hence preserving our resources.

“As a business we continue to capitalise on the established sales pipeline, but as our customer base adapts its working practices within laboratories as a result of social distancing practices, we see increased interest in the need to share scientific data both remotely and within the lab, accelerating the digitisation of the laboratory and underlining the value proposition of the DigitalGlassware™ platform.

“With an established blue-chip customer base, proven technology, recurring revenues and growing market awareness, we believe we have the right structure to succeed and look to the long-term future with confidence.”

For more information, please contact:

DeepMatter Group plc T: 0141 548 8156
Mark Warne, Chief Executive Officer
Canaccord Genuity Limited (Nominated Advisor and Broker) T: 020 7523 8000
Bobbie Hilliam / Angelos Vlatakis

Alma PR T: 020 3405 0205
Caroline Forde / Susie Hudson / Harriet Jackson
[email protected]

 

About DeepMatter Group plc 

DeepMatter’s long term strategy is to integrate chemistry with technology, thereby enabling a greater use of artificial intelligence and reaching a point where chemicals can be autonomously synthesised through robotics. In the near term this involves the provision of an integrated software, hardware and artificial intelligence enabled platform, DigitalGlassware™, to scientists across research and process development sectors. 

The DigitalGlassware™ platform allows chemistry experiments to be accurately and systematically recorded, coded and entered into a shared data cloud. The platform is designed to enable chemists to work together effectively; sharing the details of their experiments from anywhere and in real-time, so that work is not needlessly duplicated, time and money wasted, and ultimately so new discoveries may be made faster. 

Visit: www.deepmatter.io and follow @deepmattergroup