Business
Final Results, Posting of Report and Notice of AGM
Final Results, Posting of Report and Notice of AGM.
About this update from Insig Ai Plc
[{"type":"text","content":"\n\n14 August 2023\n Insig AI plc\n(\"Insig AI\" or the \"Company\")\nFinal results for the year ended 31 March 2023\nand\nPosting of the Annual Report and Accounts and Notice of Annual General Meeting\n \nInsig AI plc (AIM:INSG), the data science and machine learning solutions company and its subsidiaries (the \"Group\") is pleased to announce its results for the year ended 31 March 2023.\nThe Group's Annual Report & Accounts, along with the Company's Notice of Annual General Meeting (\"AGM\") will be posted to shareholders on Tuesday 15 August and will be available shortly on the Group's website: www.insg.ai/investor-relations/. The AGM will be held at The Washington Mayfair Hotel, 5 Curzon Street, London, W1J 5HE on 15 September 2023 at 12:00 p.m.\nHighlights\n· Revenue increase of 22% year on year to £2.1 million\n· Significantly lower operating costs for Insig AI business implemented during the year\n· Loss for the year after income tax of £18.5 million, which includes an impairment charge of £16.6 million\n· Cash consumed by operating activities of £1.0 million against £2.2 million for the previous year\n· Insig AI to provide data and software platforms to the FCA's 2023 TechSprint, known as the Global Financial Innovation Network's (GFIN) Greenwashing TechSprint\n· Completion of equity fundraise post year end for £0.9 million\n· Forecast that the Insig AI business will continue to achieve increases in revenue in the current and following financial year and for operational profitability in the current year and beyond\nRichard Bernstein, Executive Chairman commented: \"We have spent the last two years developing what we believe is a world class corporate disclosure database with over 130 million machine readable sentences. The work that we are now doing with the FCA and several other international regulators demonstrates the value of this core asset. In the coming months, through partnerships, distribution agreements and direct selling, we expect to monetise this offering to market participants for whom transparency of disclosures matters. Alongside deploying our gener...