Albert Technologies Loss Widens On Higher Research & Development Costs

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LONDON (Alliance News) - Israel-based software firm Albert Technologies Ltd on Monday said revenue for 2017 increased significantly, though loss widened, as it made progress on the artificial intelligence marketing platform 'Albert'.

Revenue from continuing operations for 2017 jumped to USD1.7 million from just USD230,000 in 2016, while pretax loss widened to USD11.6 million from USD9.3 million, on the back of increased research and development and marketing costs.

Monthly recurring revenue, the company said, rose to USD300,000 in December 2017 from just USD3,000 in the same month a year earlier.

Albert, its AI marketing platform, replaces a human campaign manager in managing a brand's online advertising campaign, the company said.

During 2017, Albert Technologies registered a 2.5 times increase in paying customers for its platform. It agreed a 12-month rolling contract with a "leading global" nutrition firm, and entered into a strategic partnership for Australia and New Zealand.

Trading in 2018 has begun well, meeting expectations, and a number of pilot projects have been agreed since the start of the year with major global companies, the company said.

Albert Technologies announced alongside its results on Monday a 12-month contract with what it said is one of the top 25 advertising firms in North America, after a trial in the second half of 2017. This contract, it said, will generate a minimum of USD300,000 a year of software-as-a-service fees.

Chief Executive Or Shani said: "2017 was an important year of transition for Albert Technologies. Albert - our unique proprietary technology benefiting from seven years of R&D - is gaining industry recognition for its transformative ability to drive performance and efficiencies throughout the marketing chain. During 2017 we signed important contracts with global brands and agencies and we have started 2018 with a strong pipeline of new business activity."

"Our focus for 2018 is on increasing both our client roster and revenues per existing customer as we mature and move towards larger clients and increased activity, consistent with our 'land and expand' strategy," Shani added.

Shares were down 1.8% on Monday at 40.75 pence each.

By George Collard; [email protected]om

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