Contract win, trading update and Board changes
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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."
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Insig AI Plc Colm McVeigh, CEO |
Via SEC Newgate |
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Zeus (Nominated Adviser & Broker) David Foreman / James Hornigold / Danny Philips
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+44 (0) 203 829 5000 |
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SEC Newgate (Financial PR) Robin Tozer / Richard Bicknell |
+44 (0) 7540 106 366 insigai@secnewgate.co.uk |
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