Albert Technologies sees continued momentum

Albert Technologies said it ended the 2017 financial year with a refocused business following the cessation of its indirect business and continued momentum in its SaaS business generated by its proprietary AI technology, Albert. An update said: 'During 2017 we have succeeded in growing our SaaS business significantly through both doubling the number of our customers and delivering a three-fold increase in average monthly revenue per customer.

'As announced on 5 December 2017, we expect SaaS revenues of at least US$1.7m for the year ended 31 December 2017, having achieved an annualised run-rate of over US$3m in the final quarter of 2017.

'The cash balance as at 31 December 2017 is expected to be approximately US$11m.' The board will be hosting a capital markets dinner on 10 Jan for analysts and institutional investors.

The dinner will take place in London and will focus on 'AI and the Advertising Industry - Change and Opportunity' and will include a presentation by Forrester Research.

At 9:41am: (LON:ALB) Albert Technologies Ltd Ord Nis0.01 Di share price was +0.5p at 27.5p