Albert Technologies reported a wider operating loss of £11.38m in 2017 compared to £8.35m the previous year amid an increase in resources invested in its US operations and a ramp up in sales and marketing and R&D spend.

R&D expenses jumped to £5.6m from £3.5m while sales and marketing grew to £5.4m from £3.9m. The higher sales and marketing investment, however, led to a 250% increase in the customer base, boosting revenue 800% to £1.7m from £0.2m the previous year.

Adjusted EBITDA (earnings) loss from continuing operations was $11.4m, wider than the $8.4m in 2016.

The company said trading in 2018 has begun positively and in line with expectations.

Or Shani, Chief Executive Officer of Albert Technologies, said: '2017 was an important year of transition for Albert Technologies. Albert - our unique proprietary technology benefitting from 7 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.'

'AI plays a critical role in delivering peak performance, higher returns on marketing spend, and ground-breaking efficiencies. Albert is a recognized industry leader in AI at a time when utilizing the very best marketing technologies for global brands and agencies is more essential than ever. We continue to invest in the development and enhancement of Albert to ensure the platform retains its market leadership position and delivers an optimal customer experience from onboarding through to successful delivery of marketing ROI.'

'We look forward to further demonstrating the value of Albert to customers and shareholders during 2018.'








At 8:40am: (LON:ALB) Albert Technologies Ltd Ord Nis0.01 Di share price was -1p at 40.5p