Insig AI loss narrows amid lower impairments; excited by prospects
Insig AI PLC on Friday said it is excited by prospects of its existing business and the potential of what it could deliver at scale by investing in new capital, as annual loss narrowed.
The London-based data science and machine learning firm said pretax loss narrowed to £6.1 million in the financial year ended March 31 from £17.7 million a year prior.
Revenue climbed 43% to £529,509 from £369,860, while administrative costs decreased to £2.0 million from £2.6 million. Impairments came in sharply lower at £4.4 million from £15.3 million.
Chief Executive Richard Bernstein said: ‘I remain excited by the prospects of our existing business, but equally with the potential of what we could deliver at scale by investing new capital in exciting and rapidly evolving markets, in areas which the board and I believe to be a natural evolution for Insig AI.’
Insig AI shares fell 22% to 18.70 pence each on Friday morning in London.
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