Aberdeen spin-out Arria NLG narrows annual losses
Aim-quoted Arria NLG said the group has built up an “impressive list” of clients using its technology, which turns complex data into reports that read as though they were written by a human.
For the 12 months to the end of September, the company posted a pre-tax loss of £8.3 million, down from £10.9m a year earlier, after its turnover almost doubled to £1.5m.
Chairman and chief executive Stuart Rogers said: “As we look back over the accomplishments of the past year, we recognise how far we have progressed, and how well the group is positioned for accelerated growth.
“The convergence of ‘big data’, scarce analytical resources, and the inability for many industries to continue their growth trajectories on the back of human capital alone, represents the predominant opportunity, and the core focus where Arria is building its business and extending its technology today and into the future.”
Arria, which floated on London’s Alternative Investment Market two years ago, has clients in a wide range of industries including agriculture, artificial intelligence, banking, meteorology and oil and gas.
The company warned in April that it needed access to more funds to remain a going concern after oil major Shell terminated a contract, sparking a sharp drop in its share price. It has since raised about £4.3m through the issue of unsecured convertible loan notes to existing shareholders.