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Trading Update, Board Changes & Notice of AGM

31 Jul 2018 07:00

RNS Number : 2250W
Albert Technologies Ltd
31 July 2018
 

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

31 July 2018

Albert Technologies Ltd.

("Albert Technologies" or the "Company")

Trading update, Board changes and Notice of AGM

Albert Technologies (AIM: ALB), a global software company and creator of Albert, the first-ever fully autonomous artificial intelligence marketing platform, today provides a trading update for the six months ended 30 June 2018.

The Board is pleased to report that the Company continues to execute its stated growth strategy, with revenue for the period expected to be approximately $1.9 million, representing an increase of more than 4x on the corresponding period last year. Unaudited adjusted EBITDA loss1 for the first half of 2018 is expected to be approximately $6.4 million. Following a successful oversubscribed placing in May 2018, the cash balance as at 30 June 2018 is expected to be approximately $22.0 million.

1 Excluding share-based compensation expenses of $0.3 million.

Business Highlights

This performance has been driven by continued investment in sales and marketing with an emphasis on targeting large enterprises. Our most recent contract wins during the period, include an agreement with one of the largest US retailing chains, as well as with one of the largest telecommunications companies in Australia (the latter was signed through our Australian partnership). Both companies will begin pilots during the third quarter which, if successful, will transform into commercial agreements.

In parallel we continue to execute our "land and expand" strategy. During the first half of 2018 we successfully grew our business with some of our existing global customers. This included an extension of a pilot with an international consumer goods company (announced in April 2018), into additional territories and brands, and the expansion of our pilot project with one of the world's biggest insurance companies, initially announced in March, into additional geographies.

Outlook

Based on the performance in the period and the outlook for the second half, the Board is pleased to report it expects the financial results for the full year to be in line with expectations.

Board changes

As recently announced, the Board has been informed by John Allwood of his intention to retire from the Board at the next Annual General Meeting of the Company ("AGM"), having served as an Independent Non-Executive Chairman of the Board since its admission to trading on AIM in June 2015. We are pleased to announce the proposed appointment at the AGM of Lisa Gordon, who has served as Independent Non-Executive Director for the past three years, as the new Chairman of the Board.

In addition, we continue to broaden the experience of the Board. As previously announced, it is intended to appoint Rob Norman as an Independent Non-Executive Director at the AGM. Rob has been acting as an Advisor to the Board for the last 3 months and brings with him a wealth of media agency experience, having served at WPP's GroupM as Global Chief Digital Officer and, before that, Chief Executive of GroupM (North America). In addition to the appointment of Rob, we are seeking shareholder approval to appoint Meir Moshe as an Independent Non-Executive Director and an External Director of the Company (under Israeli Company Law). Meir qualified as an accountant with EY and has served as CFO of Israeli/global publicly traded companies throughout his career, including 16 years as CFO at NASDAQ-listed Radware Corp. Meir carries significant experience as a senior executive and financial expert, with a proven record in the High-Tech industry. Meir will replace Ofir Gomeh who served in this role for the past three years and will step down from his role as Independent Non-Executive Director at the AGM.

The Board would like to take this opportunity to thank John and Ofir for their contribution and commitment to the Company over the last three years and to wish them well in the future.

Notice of AGM

We hereby announce we will be holding our AGM at 11.00 a.m. (London time) / 13.00 p.m. (Tel Aviv time) on 6 September 2018 at the offices of Bryan Cave Leighton Paisner LLP, Adelaide House, London Bridge, London EC4R 9HA, United Kingdom.

The Notice of Annual General Meeting, Form of Proxy and/or Form of Direction have been sent to shareholders and will shortly be available to download from the Company's website at https://albert.ai/.

AIM Rules Disclosures

Save for the information above and below, there are no further disclosures to be made in accordance with Rule 17, Schedule 2(g) of the AIM Rules for Companies in respect of the appointment of Robert Norman.

Full name: Robert David Norman

Age: 58

Robert Norman is, or has during the last 5 years, been, a director of the following companies:

Current

Past 5 years

Playbuzz Ltd

BBC Global News Limited

comScore, Inc.

2Sixty Technologies Limited

Inspo LLC

Essence Group Limited

Wild Tangent Inc.

Essence Global Limited

Unified Enterprises Corp.

Xasis LLC

Globant S.A.

Mr. Norman was a director of Netpoll Limited, The Internet Research Company Limited, The Bloxham Group (Holdings) Limited, Multimedia Marketing Group (Europe) Limited and Mediatude Limited at the time they were dissolved. All of these companies were part of the WPP group of companies following the merger with Tempus Group Plc.

Save for the information above and below, there are no further disclosures to be made in accordance with Rule 17, Schedule 2(g) of the AIM Rules for Companies in respect of the appointment of Meir Moshe.

Full name: Meir Moshe

Age: 64

Meir Moshe is, or has during the last 5 years, been, a director of the following companies:

Current

Past 5 years

nil

Ability Inc.

 

For further information, please visit https://albert.ai/ or contact:

 

Albert Technologies Ltd

Or Shani, Chief Executive Officer

Yoram Freund, Chief Financial Officer

 

Tel: +972 3537 7137

Cantor Fitzgerald Europe

Marc Milmo

Catherine Leftley

 

+44 (0)20 7894 7000

 

 

About Albert Technologies

 

Founded in 2010, Albert Technologies Ltd. (AIM: ALB.L), a global software company, is the creator of Albert - the first-ever fully autonomous artificial intelligence marketing platform, driving digital marketing campaigns from start to finish for some of the world's leading brands. Albert's mission is to liberate businesses from the complexities of digital marketing - not just by replicating their existing efforts, but by executing them at a pace and scale not previously possible. Albert serves as a highly intelligent and sophisticated member of brands' marketing teams, wading through massive amounts of data, converting this data into insights, and autonomously acting on these insights, across channels, devices and formats, in real time. This eliminates the manual and time-consuming tasks that currently limit the effectiveness and results of modern digital advertising and marketing. Brands such as The Big Red Group, Gallery Furniture and Dole Asia, and global advertising agencies, credit Albert with significantly increased sales, an accelerated path to revenue, the ability to make more informed investment decisions, and reduced operational costs.

The Company's core focus is its SaaS Sales Channel, which offers its artificial intelligence-based software, Albert, to brands using a SaaS model. Albert Technologies Ltd. listed in 2015 to accelerate both investment into and commercialisation of Albert.

The Company and its management received 18 awards in 2017, including being named as Gartner Cool Vendors in Advertising, an International Stevie Award for "Best New Product of the Year," the "Market Disruptor" Award from the Masters of Marketing, and being named "AI Application of the Year" by the Global Annual Achievement Awards for AI. Albert CEO, Or Shani, was recognized as Innovator of the Year (bronze) in the International Stevie Awards and was chosen for the DMN 40 Under 40 List.

About Albert

Albert replaces the human campaign manager in managing brands' online advertising campaigns. A brand provides Albert with access to its Google, Facebook, Bing, Twitter and other online marketing channels. When a brand manager wishes to launch a new online advertising campaign, all that is needed is to simply log into Albert and deploy that new campaign, which is usually no more than a 15-minute task.

Albert autonomously creates hundreds of micro campaigns across all relevant online marketing channels (Google, Facebook, Bing, Twitter, Instagram, Display, Email, etc.), then reviews these hundreds of micro campaigns every few minutes and optimises each of them as needed. Albert works in very much the same way that a human campaign manager would, making correlation and cost/benefit-based decisions.

Where an experienced campaign manager could possibly make circa 100 decisions per day, Albert can make thousands per minute. Albert's ability to launch hundreds of micro strategies and review and amend them all every few minutes typically brings about a significant increase in ROI. In addition, all learnings from the decisions made remain in-house, and the brand has full and instant transparency and can easily scale up marketing activities through larger budgets or applications to new brands and new geographies, without hiring new expert campaign managers.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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