Tamworth-based edtech company Dev Clever Holdings has revealed a loss before tax of £2.54 million, but with total revenue up 486% to £7.36 million.
Dev Clever offers an SaaS-based platform for careers education for young people. It works with various employers, who may face “competitive recruitment challenges”. Partners listed on its website include the West Midlands Combined Authority, Lenovo, and NISA and CSC Academy in India.
The firm’s financial results for the year ended 31 October 2021 are a mixed bag. (A bit like teaching young people – some are keen to learn, others are just annoying.)
Its loss before tax has worsened, compared to £1.06 million in 2020. But revenue was very healthy compared to the figure of £1.25 million in 2020, “reflecting revenue arising from the Aldebaron agreement”.
Last month, Dev Clever said it had terminated the Aldebaron agreement. There had been plans for a joint venture.
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Chris Jeffries, Joint CEO of Dev Clever, explains: “Whilst the termination of the partnership with Aldebaron has impacted upon our short-term cash flows, this is outweighed by the benefit of the distribution rights for the Asian territories being returned to the group.”
Elsewhere, Dev Clever revealed adjusted EBITDA profit was £1.3 million (2020: loss £790,000). Its cash position stood at £7.51 million (2020: £1.03 million) at period end, with external debt, excluding capitalised leases of £400,000 (2020: £300,000).
Jeffries notes: “With material agreements now in place in India, China, the UK and the US, attention has now turned to onboarding customers. The group’s immediate focus remains on India and China, where contracts are already in place to enable Dev Clever to engage with over 15 million students.”
Along with its financial results announced today (22 August), the edtech firm says it has got a $30 million (£25 million) funding facility courtesy of RiverFort.
The edtech’s trading was suspended at the start of 2022 when it completed a reverse takeover with the acquisition of Veative’s Indian subsidiary for £6.5 million.
Dev Clever is looking for re-admission to the London Stock Exchange. This is contingent on the publication of a prospectus and FCA approval of eligibility. The firm says “work towards this continues to progress”.
