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Annual Results

Adgorithms revenues fall

03 April 2017 09:35

Adgorithms' revenues fell by 26% to $16.4m in the year to the end of December and the group reported an operating loss of $7.9m against a profit of $2.2m last time.

Adjusted research and development expenses grew to $5.1 million (2015: $2.5 million), supporting the ongoing development of the group's SaaS platform.

Chief executive Or Shani said: "The group has made significant progress over the last 12 months as we shifted momentum from development to deployment of the SaaS proposition. Central to our growth strategy was the creation of a 15 strong sales and marketing team in New York, led by our CRO and CMO.

"In terms of our commercial rollout, we continue to see an increased presence of CMOs driving the decision making process, requiring more transparency and improved ROI from their online media spend.

"Supported by initial wins and high profile case studies, such as Harley Davidson, Made.com and Cosabella, we are now attracting attention from major global household brands, many of whom are in various stages of piloting with Albert.

"Looking ahead, our plan to deliver a market tested product and strong sales team is broadly complete and positions the Group well to deliver ongoing sales momentum.

"Our SaaS pipeline for 2017 is developing, reflecting the business benefits of deploying our technology for digital marketing campaigns.

"We look forward to an exciting year for Albert and Adgorithms."

At 9:35am: (LON:ADGO) Adgorithms Ltd share price was +0.5p at 23p

Story provided by StockMarketWire.com

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