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IntelliAM Artificial Intelligence PLC on Monday reported a confident start to its first months of group trading, but noted earnings would be have been higher had its latest major acquisition occurred earlier in the period.
The Sheffield, England-based software developer which applies AI to the manufacturing sector noted the £5.2 million acquisition of 53 Degrees North Engineering Ltd on July 4. The merger formed what is now the group’s consulting division and came a day after IntelliAM launched its initial public offering on the Aquis Market. The IPO raised gross proceeds of £3.2 million, IntelliAM said.
Given the acquisition date, IntelliAM said it had only been trading as a group for three out of six months represented in its half-year report.
The group reported revenue of £922,000 in the six months to September 30, a significant rise from £105,510 revenue reported between July 2023 and March 2024. IntelliAM estimates that half-year revenue would have reached £1.6 million, had the consulting division been consolidated from April 1 rather than July 4.
Half-year pretax loss totalled £1.2 million, compared with £230,042 in March.
Adjusted net profit for the six-month period was £143,701, compared to an adjusted net loss of £89,690 during the prior interim period. IntelliAM noted that this figure ‘ is stated before acquired intangible amortisation, IP amortisation, stock based compensation and cost related to the IPO’.
Annual recurring revenue was £149,000, the company said.
IntelliAM predicted ‘acceleration’ in the next six months and was ‘confident in achieving market estimates’. Since July’s IPO, the group said it has doublrd the number of clients using its platform.
‘We are pleased with the strong progress made in this first half, as we continue to execute on our strategic goals’, commented Chief Executive Officer Tom Clayton. ‘The successful completion of our IPO and acquisition of 53 Degrees North Engineering have significantly strengthened our foundation, and we are starting to see the benefits of aligning our consulting expertise with the IntelliAM platform.
Clayton added: ’The momentum we are building with our AI-driven technology is particularly exciting, as it positions us to deliver greater value to our growing customer base while enhancing recurring revenue streams‘.
IntelliAM shares were last quoted 67.50 pence each in London.
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