Dev Clever Holdings PLC (LON: DEV) share price rose 3.97% after releasing a trading update for its 2021 financial year ended 31 October 2021. The EdTech company revealed that it expects to book revenues worth £7.4 million, an over 600% increase to last year’s £1.2 million.
The online and immersive career guidance platforms developer revealed that it had made significant progress in the past year and is well-positioned to grow much further in the 2022 financial year.
Dev Clever clarified that it ended the year with £7.5 million in cash, a significant achievement since it is greater than its actual revenues.
The EdTech company revealed that it had made significant progress in rolling out its capabilities within India’s National Independent Schools Alliance (NISA) affiliated schools.
It appears the company’s impressive performance during the past year was lost on most investors, given the minor movement in its stock price.
Dev Clever is also progressing its collaboration with the government-backed CSC Academy, which will progress into phase 2 in calendar Q1 2022. The company is set to receive a one-off onboarding fee and an annual subscription fee per student.
Its partnership with Aldebaron in Dubai will support its expansion into emerging markets, with the Dubai office acting as a global distribution centre.
Dev Clever also completed the due diligence on Veative Labs Private Ltd and has signed the share purchase agreement.
Chris Jeffries, Dev Clever’s CEO, 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.”
Adding:
“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.”
Dev Clever’s share price has risen 105.9% since January, and many think that the edTech company’s share price is significantly undervalued compared to other EdTech companies.
Long term investors may find the company’s current prices attractive given its prospects.
*This is not investment advice. Always do your due diligence before making investment decisions.
Dev Clever share price.
Dev Clever share price rose 3.97% to trade at 33.01p, rising from Friday’s closing price of 31.75p.
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