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Trading statements

Adgorithms on track

01 February 2017 08:09

Adgorithms said it continued to execute its stated growth strategy and expected trading for the year ended 31 December to be in line with management's expectations.

Adgorithms said unaudited revenue for the period was expected to be approximately $16m with an un-audited adjusted EBITDA loss of approximately $8m.

It said the cash balance as of 31 December was expected to be approximately $22m reflecting the company's focus on controlling cash burn.

The company said it was pleased to report progress in the adoption of Albert 2.0, a pioneering AI based SaaS marketing platform.

It said: "The platform, which is central to the company's direct SaaS deployment strategy, continues to show good market acceptance.

"This has been supported by the company's expanded operational presence in the US which now totals 15 people.

"The company therefore continues to develop a good pipeline of new business opportunities, in line with our internal projections, including some well-known brands."

At 8:09am: (LON:ADGO) Adgorithms Ltd share price was -1p at 21p

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