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(Alliance News) - Insig AI PLC on Monday said its full-year revenue rose but its loss widened on an impairment charge.
The London-based data science and machine learning firm reported an increase in revenue to GBP2.1 million in the year that ended March 31, from GBP1.7 million in the year prior. The company noted that its core Insig AI business delivered 85% growth in revenue to GBP700,000.
Insig AI said pretax loss was GBP21.4 million, widening from a GBP3.2 million loss a year ago. The company said the pretax loss included an impairment charge of GBP16.6 million, compared to no impairment costs a year ago.
Looking ahead, Insig said it expects further sales growth in its Insig AI business, as well as operating profitability in financial 2024.
Chair Richard Bernstein said: "We have spent the last two years developing what we believe is a world class corporate disclosure database with over 130 million machine readable sentences. The work that we are now doing with the FCA and several other international regulators demonstrates the value of this core asset.
"In the coming months, through partnerships, distribution agreements and direct selling, we expect to monetise this offering to market participants for whom transparency of disclosures matters."
Insig AI shares rose 2.3% to 15.60 pence each on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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