TIDMDEV
RNS Number : 8013T
Dev Clever Holdings PLC
29 November 2021
For Immediate release 29 November 2021
Dev Clever Holdings plc
("Dev Clever", the "Company" or the "Group")
FULL-YEAR TRADING UPDATE
Significant progress made, well positioned for further material
growth in 2022 led by operations in India
Dev Clever, a leading developer of online and immersive career
guidance and development platforms, is pleased to provide the
following trading update for the financial year ended 31 October
2021 ("FY21").
Summary of Trading for period ended 31 October 2021
The Company made significant progress in FY21 with revenue
expected to be circa GBP7.4m, an increase in the region of 500%, on
the previous financial year (FY20: GBP1.2m). This figure includes
an initial recognised amount of GBP3.6m for the first phase of the
Company's innovative partnership collaboration with Aldebaron DMCC.
Adjusted EBITDA is expected to be materially ahead of management's
expectation. The Company ended the year with net cash of
GBP7.5m.
Summary of operational progress
During FY21, Dev Clever made substantial operational progress
with its bespoke partnership model and relationship agreements with
Veative Laboratories, the National Independent Schools Alliance
("NISA"), Aldebaron DMCC and the CSC Academy in India ("CSC
Academy"), as well as building on its existing market positions in
the UK and US.
India
In India, Dev Clever made progress in line with its agreements
with NISA and CSC Academy, and the roll-out of the Company's
capabilities to NISA-affiliated Budget Private Schools is presently
ahead of schedule. As at 26 November 2021, over 1,000 Budget
Private Schools comprising c.500,000 pupils had Dev Clever
capabilities in operational use, this being 25% greater than the
original internal partnership forecast. Non-NISA-affiliated schools
have also begun to approach Dev Clever directly, significantly
widening the pool of opportunity from the c.70,000 NISA-affiliated
Budget Private Schools to the wider Budget Private School ecosystem
of c.300,000 schools that exist in addition to the 1.1m public
sector schools. The Company will continue to on-board users in a
controlled manner.
As previously announced, the Group's partnership with the
government-backed CSC Academy will progress to Phase Two in
calendar Q1 2022, further underlying its initial success. Dev
Clever's proprietary immersive career guidance and learning
platform will be rolled out to all CSC Academy centres across
India, covering 2.6m students. Dev Clever will receive a one-off
on-boarding fee and an annual SaaS-based subscription fee for each
student, to be paid directly by the CSC Academy on behalf of the
student. As a result of the success to date, the Company has now
commenced initial conversations with other regional government
departments in the country.
UK
Dev Clever completed the successful acquisition of The
Inspirational Learning Group ("TILG") in July 2021, enabling it to
adopt and rebrand its physical programme The National Enterprise
Challenge ("TNEC") to The National Career Challenge ("TNCC") and
allow employers to gain exposure to young people and promote the
skills needed to fulfil their future workforce requirements. More
than 300 schools representing over 50,000 students in the UK are
already confirmed to participate in TNCC, with those schools also
signing up to the adopt the Company's Launchmycareer.com platform.
TNCC officially launched on the 4 October at an event hosted at
Thorpe Park and has already secured sponsorship and participation
from organisations and employers including PWC, NatWest, Santander,
Merlin Entertainments, Air Products and Tesco.
The Group will be replicating the success of TNCC globally in
partnership with Aldebaron, alongside its passion driven social
platform client, to provide employers with the ability to connect
with school children around the world and engage them through
content, interactive work experiences and challenges to promote
future employment and inspire them to develop the skills that
employers require. The rollout of TNCC remains on track for launch
in India for calendar H1 2022. The Company anticipates that this
will further accelerate market and student penetration in India and
drive a move into other territories around the world.
Dubai
To facilitate the growth of the Company's international
operations and support the Aldebaron roll-out into emerging
markets, Dev Clever has opened an office in Dubai. With over 80% of
Fortune 500 companies (including all of the top ten[1]) having
operations in the United Arab Emirates, this new office will serve
Dev Clever as both its employer marketing and global distribution
hub. The Company is intending to showcase some of the initial user
propositions that have been developed and tested in FY21 at an
employer event, The Future World of Work, in the early part of
2022. The event will encourage employers to join the platform and
give young people throughout the world insight into workforce
requirements and jobs of the future.
North America
Our North American progress has been slower than expected as a
direct result of COVID-19, due to school closures and other
associated restrictions. However, the Company is beginning to see
an uplift in orders following the relaxation in restrictions and is
currently working with Lenovo and its partners to accelerate the
rollout of its platforms, including those that are pre-installed on
Lenovo VR Classroom devices.
Update on Veative Acquisition
The Company confirmed, as announced on the 28 October 2021, that
the detailed due diligence process in respect of the acquisition of
Veative Labs Private Ltd ("VLPL") was completed and the share
purchase agreement exchanged. Completion of the VLPL acquisition
remains subject to the publication of a prospectus which is in the
process of being approved by the FCA.
Corporate Websites
The Company is also pleased to announce that it has launched its
updated websites www.devcleverholdingsplc.com and
www.devclever.co.uk to better showcase its current operations,
operational developments and focus on the global EdTech
markets.
Chris Jeffries, CEO of Dev Clever, said:
"The Group has grown significantly over the last two years, from
a solid UK base to a meaningful international hub for innovative
e-learning and progressive career development. We are doubling down
on our platform, content, people, partner and infrastructure
investments to support the scaling of our proprietary EdTech
platform globally. The demand for our education services, which are
now being offered in person and virtually, emphasised by the
pandemic, is clear to see and our focus remains on ensuring we take
advantage of the huge opportunity ahead of us."
-ends-
For further information please contact:
Dev Clever Holdings plc
Christopher Jeffries
Chief Executive Officer and Executive
Chairman
Nicholas Ydlibi
Chief Financial Officer +44 (0) 1827 930 408
Novum Securities Limited - Financial Adviser and Broker
David Coffman / Colin Rowbury +44 (0) 20 7399 9400
Buchanan Communications
Richard Oldworth / Chris Lane +44 (0) 207 466 5100
Notes to Editors:
About Dev Clever
Dev Clever Holdings plc, together with its wholly owned
subsidiaries, 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 (its primary focus) and Agency Services (its secondary
focus).
Educate Division:
Through Educate, Dev Clever aims to reduce the global skills
shortage by delivering an enhanced careers guidance service via its
online platform, Launchmycareer.com, and virtual reality software
(Victar VR). The business has established a global partnership with
Lenovo to roll out its service worldwide, with offerings already on
the market in the UK, US, and Canada. Dev Clever is also focused on
the Indian market and has partnered with its National Independent
Schools Alliance (NISA) and content provider Veative to provide a
comprehensive service offering within Indian budget private
schools. Through this, the business has been developing and has
launched a direct-to-consumer offering in India.
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
to incentivise consumer participation, increase engagement, improve
transactional efficiencies, and enhance the user experience. The
wealth of experience gained having successfully provided hundreds
of digital consumer and employee incentive experiences for global
brands, businesses, and educators via the Company's proprietary
platform, Engage, is now focused on enabling employers to better
engage with existing employees to up-skill them and to identify
their future workforce via the Launchmycareer.com platform. The
division is being re-branded to Launchmycareer.com Professional
Services.
For further information, please visit
www.devcleverholdingsplc.com
[1] source
https://www.pwc.de/de/internationale-maerkte/assets/doing-business-in-the-uae.pdf
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