REG - Insig AI Plc - Contract win, trading update and Board changes

Insig AiAnnouncement

25/04/2022 07:00

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RNS Number : 1287J  Insig AI Plc  25 April 2022

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25 April 2022

Insig AI plc

("Insig AI" or the "Company")

 

Contract win, trading update and Board positional changes

 

Insig AI plc (AIM:INSG), the data science and machine learning solutions
company serving the asset management industry, is pleased to announce a new
contract win, trading update, and the appointment of Colm McVeigh as Chief
Executive Officer. This will allow the Company's founder (and current Chief
Executive Officer), Steve Cracknell to focus on product development,
technology solutions and client engagement as Chief Product Officer and a
director of the Company.

 

Contract win

The Company is pleased to announce that a London based alternative investment
manager with in excess of $1 billion of assets under management has signed a
development contract to deliver a centralised cloud-based data infrastructure.
 Leveraging Insig AI's proprietary data platform and tools will enable the
client to take advantage of the speed and scale cloud computing offers while
underpinning its longer-term machine learning strategy.

 

The contract value is £145,000 and is expected to be completed by 30 June
2022. Together with a number of smaller contracts billed this month, this
contract underpins managements' revenue forecast for the current quarter.

 

Trading update

On 21 March 2022, the Company announced that (unaudited) Group revenues for
the year to 31 March 2022 were expected to be not less than £1.8m, comprising
approximately £1.4m from the Group's legacy Sport In Schools business and
£0.4m from Insig AI business. The Company is pleased to confirm that
(unaudited) Group revenues were £1.84m, comprising £1.44m from Sport in
Schools and £0.4m from Insig AI business.

 

Last month, the Company announced that following the easing of lockdown
restrictions, the Sport In Schools business had recovered to broadly
pre-pandemic levels. The Company is now pleased to report that the full-year
outturn was stronger than anticipated, with (unaudited) pre-tax profits of
£170,000. This is 48 per cent higher than for the comparable pre-pandemic 12
months to 31 December 2019.

 

Cash (unaudited) at 31 March 2022 was £0.43m, and further to the Company's
announcement on 21 March 2022, Richard Bernstein and the Company are very
close to finalising the legal documentation pertaining to a £1.0m convertible
loan agreement. Further details will be provided as appropriate in due course.

 

Directorate change

Colm McVeigh, who in November 2021, joined as Chief Commercial Officer has
been appointed Chief Executive Officer with immediate effect. Founder Steve
Cracknell has become Chief Product Officer.

 

Richard Bernstein, Insig AI Chairman, commented: "As the business continues to
develop, Steve and the other Board members have agreed that it is the right
time for Steve to be able to focus on product development, and on deepening
and broadening the Company's client base. This change allows for a better
division of labour among our senior executive team."

 

Steve Cracknell said: "Now that the New Funds Launch division has been
established, it is increasingly important that I have the time to devote my
full attention to product solutions for both our clients and our prospects. As
a founder, I am as committed as ever and am delighted that Colm has agreed to
take on the responsibilities of Chief Executive Officer."

 

Colm McVeigh commented: "I am pleased to take on the leadership of this
rapidly growing business operating in an exciting technology arena. While the
markets in which we operate continue to develop, I believe that we are well
positioned to deliver growth."

 

 

 Insig AI Plc                                       Via SEC Newgate

 Colm McVeigh, CEO

 Zeus (Nominated Adviser & Broker)                 +44 (0) 203 829 5000

 David Foreman / James Hornigold / Danny Philips

 SEC Newgate (Financial PR)                        +44 (0) 7540 106 366

 Robin Tozer / Richard Bicknell                    insigai@secnewgate.co.uk

 

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