Software firm builds momentum with AI-driven technology
IntelliAM AI, a software business leveraging the power of AI and machine learning in the manufacturing industry, has hailed strong progress in its unaudited interim results for the six months ended 30 September 2024.
As previously reported, The Sheffield-based business floated on the Aquis Exchange in July of this year, – raising gross proceeds of £5.08m.
The company completed its acquisition of 53 Degrees North Engineering Ltd (53DN) for £5.187m on 4 July 2024, so earnings for the period include three months of trading as a group.
If the acquisition had occurred at the start of the period, group results would have been: revenues of £1.6m and adjusted EBITDA profit £140.5k.
However, actual results for the interim period, reflecting only three months trading as a group, are: revenues of £922,000 and adjusted EBITDA profit of £59.0k.
Chief executive officer, Tom Clayton, said: “We are pleased with the strong progress made in this first half, as we continue to execute on our strategic goals.
“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.
“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.
“With a robust pipeline of opportunities and a clear focus on innovation, we are well-placed to drive further growth and continue advancing our vision for the future of AI in manufacturing.”
In July, the group was named as a Lighthouse for AI and received a Digital Innovation Fund Lighthouse Funding award of £263,000 approved for a research project to be completed in the current financial year.
In August, IntelliAM revealed a significant extension to an existing agreement with a large global leader in beverage alcohol. The extended contract is valued at a minimum of £100,000 per annum over the next two years.
And in September, the group unveiled a contract win with Hovis. The contract is worth more than £100,000 over 12 months.
