Dev Clever Holdings PLC Trading update and new contract (5461Y)

TIDMDEV

RNS Number : 5461Y

Dev Clever Holdings PLC

10 September 2020

Dev Clever Holdings plc

("Dev Clever" or "the Company")

Trading Update

US $1.2million contract with clear acceleration in forward momentum

Dev Clever (LSE: DEV), the developer of careers guidance and development platforms, is pleased to confirm that trading for the financial year ending 31 October 2020 is in line with management expectations and the Company is benefitting from an acceleration in forward momentum over the past several months. Dev Clever is also pleased to announce today a materially significant contract win.

Trading update

Dev Clever is making continued progress in line with its stated strategy. The partnership agreements with Lenovo Group Limited ("Lenovo") and Veative Labs Pte. Ltd. ("Veative"), which enable the combination and central marketing of each business' complementary products, are starting to attract significant interest from both existing and potential customers. Alongside engaging students in their personal discovery, the combined products provide insightful and vital data to support educators. For example, the platform has the ability to predict future content requirements and can concurrently function as an enhanced recruitment tool for employers.

Other recent highlights include actively working on further important geographical extensions with its partners and the recent completion of the first GBP2.0 million (GBP1.90 million net after cost) equity tranche out of a potential GBP10.0 million at 10 pence per share.

The combination of the new equity funding and increasing business momentum will enable the Company to pro-actively pursue a select number of complementary and value accretive opportunities.

Contract win

The Company has recently secured its largest commercial contract, worth US$1.2m, to undertake two COVID-19 careers impact assessments: one in the US in September 2020; and a further assessment in India planned for October 2020.

Dev Clever will work closely with its partners, Lenovo and Veative, to generate careers tracking data in line with the regions data protection policies from a targeted 1,000 schools and colleges in each territory. This will enable the impact assessments to build up bigger picture themes and trends relating to the impact of COVID-19 on career prospects, which can then be utilised by various stakeholders - including students, schools and colleges, and industry and service suppliers - to generate meaningful and bespoke follow-up initiatives.

Additionally, the process of contributing to an impact assessment will give educators the opportunity to offer a better resource to pro-actively reach out and support students in building their careers profiles. Educators will have full visibility over students' information generated by the assessment and therefore the ability to recognise how they can further support them to achieve their ambitions.

   Ch ris J effries, CE O   De v C lever, said: 

"We have gone through an unprecedented series of events this year with the onset of COVID-19 and yet our business and its underlying growth dynamics are starting to come to fruition. The key pillars and platform foundations of Dev Clever have been materially strengthened throughout the last year and I am confident that in the period ahead we can establish ourselves as a profitable and innovative emerging market leader in the global EdTech space".

-ends-

 
Dev Clever Holdings plc 
 Christopher Jeffries 
 Chief Executive Officer and 
 Executive Chairman 
 
 Nicholas Ydlibi 
 Chief Financial Officer               [phone] 
 
Novum Securities Limited - Financial 
 Adviser and Joint Broker 
 David Coffman / Colin Rowbury         [phone] 
 
Pello Capital - Joint Broker 
 Daniel Gee                            [phone] 
 
Buchanan Communications 
 Richard Oldworth / Chris Lane         [phone] 
 

Notes to Editors

Dev Clever Holdings plc, together with its wholly owned subsidiary DevClever Limited, is a software and technology group based in Tamworth, United Kingdom, specialising in the use of lightweight integrations of cloud-based VR and gamification technologies to deliver rich customer engagement experiences across both the education and commercial sectors. In January 2019, Dev Clever listed on the Standard List of the London Stock Exchange. The Group's core focus is the development and commercialisation of its core platforms:

Educate Division:

Careers guidance and recruitment solution that offers secondary schools, colleges, universities, apprenticeship providers and employers with a range of digital products to more efficiently recruit and develop applicants and skills within their institutions and organisations.

Agency Services:

The Company's agency services division provides customers from the retail, brand and hospitality sectors with bespoke application and customisation of the Group's proprietary cloud-based products in order to increase consumer engagement, transactional efficiencies and enhance customer experience within their venues, our products include:

Engage: a proprietary cloud-based gamification solution that offers brands and retailers a range of products to drive higher levels of consumer engagement via the use of digitally redeemable incentives at the same time as fully controlling spend.

PubPal: a proprietary, cloud based mobile, contactless ordering and payment product developed to support the independent hospitality sector. Offered as a Software-as-a-Service ("SaaS") platform, PubPal is a stand-alone product that provides venue operators with a light touch mobile ordering system that doesn't require customers to download a mobile app. PubPal is an easy to implement solution that requires no upfront cost or the need for operators to have compatible Electronic Point of Sale software.

Experience: a multi-user virtual reality (VR) framework and augmented reality framework that enables customers of our Engage and Educate channels to extend their customer and student experiences through VR.

For further information, please visit www.devcleverholdingsplc.com

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September 10, 2020 02:00 ET (06:00 GMT)