Albert Technologies' revenues fell to $4.4m in the six months to the end of June and adjusted losses before interest, tax, depreciation and amortisation rose to $6.2m from 2.7m.

The group said the results reflected continuing challenges in indirect sales and performance sales channels, combined with rapid revenue growth in software-as-a-service.

It said SaaS revenues represented 10% of the total and SaaS gross profit represented 45% of total gross profit.

Chief executive Or Shani said: 'The first half of 2017 marked an important transition for Albert Technologies.

'The rollout of Albert 2.0 - our AI-based market platform - was highly successful and has delivered significant contract wins and partnerships.

'This reflects the long-term structural demand for the automated, efficient marketing solutions we offer.

'As expected, our Indirect and Performance Sales businesses continued to be impacted by market challenges and showed weak results in the first half of the year.

'Our strategic focus is on developing the high-quality earnings SaaS platform and therefore, the Board is currently reviewing the quality of earnings, as well as the prospects of the Indirect and Performance Sales businesses.

'We have developed AI-based marketing technology which is attracting growing market recognition and we continue to develop Albert's customer base with an increasing number of SaaS pilots now underway with leading global brands.

'We therefore expect to further expand Albert's customer base during the remainder of the financial year and the Board is focused on delivering growth and building shareholder value.'




At 8:18am: (LON:ALB) Albert Technologies Ltd Ord Nis0.01 Di share price was -4.5p at 20p