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Albert Technologies' sales rise as advertisers warm to AI

Sales rose 170% to US$4.6mln from US$1.7mln with more advertisers trialling the Albert platform this year

AI
Adding new enterprise clients is the aim for 2019

Albert Technologies Ltd’s (LON:ALB) revenues jumped sharply in 2018 as the use of its automated advertising technology gathered momentum.

Sales rose 170% to US$4.6mln from US$1.7mln though heavy spending on developing the Albert platform meant another hefty loss.

Or Shani, chief executive, said the performance data from early client campaigns had demonstrated how Artificial Intelligence improves results and highlights trends overlooked by human analysis. 

Wider deficit

The deficit widened to US$12.6mln from US$11.6mln as increased spending on R&D, sales and marketing offset the higher turnover.

“Progress in 2019 will be determined by our success in securing new enterprise clients and our strategy is geared towards achieving that aim,” Shani added. 

“Pleasingly, we start 2019 with a dozen active enterprise clients and an additional dozen in the current pipeline, in various stages of discussion.”

Cash at the year-end was US$15.4mln.

Quick facts: Albert Technologies Ltd

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LSE:ALB
Market: LSE
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