Dev Clever Holdings PLC on Monday announced a new funding facility and posted its annual financial report, showing its loss widened substantially due to skyrocketing costs.

Pretax loss in the year to October 31 widened to £2.5 million from £1.1 million a year prior. Revenue leapt to £7.4 million from £1.3 million, the Staffordshire-based software developer for immersive learning and career guidance said.

Administrative expenses, however, ballooned to £7.0 million from £1.7 million.

‘The progress made during the course of financial year 2021 was significant, and this has continued at pace during the current financial year,’ Dev Clever said, highlighting its entry into the Chinese market and incorporation in Dubai.

‘Financial year 2021 has been another year of significant progress and, with minimal debt in the business, the group now has the infrastructure, product offering and partnerships in place to drive considerable further growth. The global pandemic has focused attention on the education sector and the group’s innovative software as a service-based platform has attracted increased interest from educational institutions across public and private sectors,’ Executive Chair Chris Jeffries stated.

‘The company remains absolutely focused on gaining market share and making the most of the opportunities available to it,’ he added.

Meanwhile, the software developer announced a three-year unsecured funding facility with RiverFort Global Opportunities PCC Ltd worth $30 million to allow Dev Clever to pursue growth opportunities ‘with sustained confidence’. The initial advance will be $5.0 million.

It carries a 10% interest rate and a 1% implementation fee.

The facility is dependent upon Dev Clever’s re-admission of shares to the London Main Market. The firm expects re-admission to occur before the end of January 2023.

‘The company and its advisers continue to work on a prospectus to enable re-admission to take place, subject to UK Financial Conduct Authority approval, as soon as possible.’

In December 2021, Dev Clever requested share suspension until the CFA approves the eligibility of the enlarged group as a result of the reverse takeover of Veative Labs Private Ltd, a wholly owned Indian subsidiary of virtual reality-learning-focused firm Veative Labs.

Riverfort will be able to convert outstanding balance of the facility into new shares and will receive share warrants, Dev Clever explained.

Dev Clever shares are currently suspended.

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