The Deepverge PLC (LON: DVRG) share price rose 19.1% after appointing Andrew Waters as its new Chief Financial Officer (CFO); Andrew will also serve as a Director of the Company. The positive reaction from investors was also attributed to a contract win reported by the firm.
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Deepverge issued another statement highlighting a recent contract win by one of its subsidiaries known as Glanaco, which just secured a €10 million (£9.3m) contract from an existing customer based in Central Asia. The contract is for the design, assembly and supply of multi-function mobile equipment for use by municipalities.
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Investors cheered the significant contract win, given that Deepverge acquired Glanaco in March 2022. This is a significant win for the company as the contract includes fees for a specific design licensed to the customer and will generate immediate revenues worth £3.2 million.
Deepverge also announced the departure of Fionan Murray, who immediately stepped down from his board position to pursue other opportunities. Murray will continue working to maximise the value of the Skin Trust Club and Labskin as he serves his notice period.
A lot is happening at Deepverge. Still, most of it is suitable for the company, as evidenced by the significant contract win and the appointment of a substantive CFO.
The Glanaco contract will see the company design, assemble, and supply multi-function mobile equipment for use by municipals for cleaning, de-icing, decontaminating and salting streets and other public spaces.
The contract also involves the generation of accurate data by the bespoke software developed by Deepverge’s subsidiary Rhinocloud. The contract is a testament to the effectiveness of Deepverge’s acquisition strategy that saw it acquire Rhinocloud in 2019.
Dr Nigel Burton, DeepVerge plc’s interim CEO, commented: “I'm pleased to welcome Andrew to the Board. In October 2022, we committed to strengthening the Board, including recruiting a new Group CFO and are pleased to have made this appointment in just over three months. As we seek to grow the Company through organic growth, joint ventures and collaborations, Andrew is a welcome addition to the Board with his relevant international financial and commercial experience.”
*This is not investment advice.
The Deepverge share price chart.
The Deepverge share price rallied 19.14% to trade at 2.085p, from Monday’s closing price of 1.750p.
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