REG - Insig AI Plc - Interim Results
22/12/2021 07:00
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RNS Number : 4161W Insig AI Plc 22 December 2021
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22 December 2021
Insig AI plc
("Insig AI" or the "Company")
Interim Results
Insig AI plc the data science and machine learning group, is pleased to
announce its interim results for the six months ended 30 September 2021.
Highlights:
· Company transformed by reverse takeover of AI/machine learning
business Insight Capital Limited. Repositioned as a SaaS product business
model from a pure technology consulting solutions provider
· Secured contract with Carval Investors L.P ("Carval") to support its
ESG Collateralised Loan Obligations fund launch
· Group revenue of £0.9 million (H1 2020: £0.2 million)
· Group operating loss pre-exceptional items of £0.5 million (H1 2020:
£0.3 million loss)
· Net cash at 30 September 2021 of £2.3 million, excluding £0.7
million R&D tax credit received post period end
Post period-end:
· Three contract wins, added further capability and data to assist
Royal London Asset Management
· Appointment of Colm McVeigh as Chief Commercial Officer
· Successful completion of acquisition of FDB Systems Limited
Commenting, Insig AI's Chief Executive Steve Cracknell said: "Each month
continues to be busier than the last and I fully expect this to continue.
Since 1 October, we have released Insig Portfolio 2, delivered our ESG scoring
solution to Carval, appointed Colm McVeigh as Chief Commercial Officer,
completed the acquisition of FDB and closed three new contract wins, two of
which we have already announced.
"I am pleased to report that both in the coming quarter and beyond, I expect
this momentum to build very significantly. We have multiple opportunities:
within the asset management industry, most notably for our ESG data scoring,
bespoke ESG solutions, corporate sales and our data sourcing and machine
learning analytics. Our Portfolio Insights tool can now be incorporated into
our ESG solutions. We are also excited to progress our partnership revenue
share opportunities, where the scale of revenue streams can be a multiple of a
Software as a Service sale. Beyond the asset management industry, the 4Bio
contract win has shown that we are able to apply our machine learning
capabilities to other sectors. In the New Year, I hope to be able to provide
further evidence of our ability to sell to another vertical. The coming
quarter and 2022 should demonstrate our ability to secure multiple contract
wins, as we successfully leverage our machine learning technology and exploit
it, so it fuels fast growing and increasingly higher margin revenues. I look
forward to a very exciting 2022."
For further information, please visit www.insg.ai (https://insg.ai/) , or
contact:
Insig AI Plc Via SEC Newgate
Steve Cracknell, CEO
Zeus Capital Limited (Nominated Adviser & Broker) +44 (0) 203 829 5000
David Foreman / James Hornigold
SEC Newgate (Financial PR) +44 (0) 7540 106 366
Robin Tozer / Tom Carnegie / Richard Bicknell insigai@secnewgate.co.uk
Chairman's Statement
The period under review includes the new strategic focus on artificial
intelligence and machine learning, culminating with the acquisition on 10 May
2021 of the entire issued share capital of Insight Capital Partners Limited
("Insight").
Since becoming interim Chairman in mid-August, my immediate task was to take
stock of the business and to objectively assess its strengths, opportunities,
weaknesses, and threats. Very quickly, a key priority emerged: to better
commercialise the business. Insig AI has a clear focus in terms of technology:
data science and machine learning. Its technology is strong and impressive.
This is a necessary condition for commercial success. However, without good
commercial structure and discipline, it is not a sufficient condition. That is
why the appointment in November of Colm McVeigh as Chief Commercial Officer is
so important. The business is already benefiting from his experience,
structure, and professionalism.
Recently, Insig AI has demonstrated the quality of its client base with
important business wins including from global alternative investment manager
CarVal Investors L.P. ("CarVal") and Royal London Asset Management. I believe
that some context is important. Insig AI is a relatively small team: the data
science machine learning is a team of just 32, with 23 focussed on product
delivery. Last year's pivot from consulting to developing product led
solutions with a robust technical infrastructure was essential. The priority
has now switched to converting this data infrastructure into scalable
revenues.
Since May, the business has been very largely focused on delivering ESG
scoring tools to support CarVal's risk scoring methodology. Significant
resources were deployed to ensure delivery was achieved on time. CarVal's
Clean Collateralised Loan Obligation Product Line is a ground-breaking
product. Insig AI can be proud that it has a client of the calibre of CarVal.
Since the end of September, there have been further customer wins. Last month,
the business signed a proof-of-concept exercise with a European asset manager
with assets under management ("AUM") of several billion Euros. Insig AI is
using its machine learning data and expertise to analyse and categorise the
client's portfolio. The objective is to use a combination of linear and
non-linear analysis methods to surface and understand relationships within the
client's investment datasets comprising approximately 2,000 companies.
Earlier this month, the business secured a five year "software as a service"
("SaaS") agreement with 4BIO Partners LLP ("4BIO"), a leading international
venture capital fund targeting advanced disease therapies. Using Insig AI's
proprietary machine learning classifiers, and its deep domain expertise, 4BIO
will be able to quickly analyse up to 32 million medical publications that
contain disease research to identify patterns and trends to inform future
investment decisions and venture creation. This contract win demonstrates the
scalability of our AI data solutions beyond the asset management industry. The
business is currently in discussions with another vertical, which it is hoped
will lead to a contract win prior to our March year end.
I'm also pleased to report that recently, Insig AI has successfully added
further capability and data to assist Royal London Asset Management, which has
resulted in an expansion of our hosted financial analysis solution with
associated recurring revenues.
Whilst it is widely accepted that contract wins of significant size are rarely
quick, it was apparent that in order to accelerate that cycle, eliminating the
wait to obtain a potential client's portfolio associated data needed to be
addressed. That is why the FDB Systems Limited ("FDB") acquisition is
important. FDB specialises in structuring data, which is the process of
transforming raw data so that it can be more easily and effectively used as an
input to machine learning, data science and AI processes. Combining FDB's
technology with our machine learning and analysis tools creates a
world-leading aggregator of ESG information. Providing prospective
customers with ESG tagged structured data makes it more attractive and
valuable, which we believe will result in accelerated sales. With a
fast-growing client list, as well as cross-selling opportunities, we're
excited that FDB is now part of Insig AI. The integration of both the business
and the team is proceeding well.
Richard Bernstein
21 December 2021
Chief Executive's Review
During the period under review, we invested heavily in our data infrastructure
and product platform. This was to enable us to produce and sell quality,
scalable software solutions aimed at the asset management industry. This was
the basis of the reverse takeover back in May and was consistent with our
long-term strategy to shift away from undertaking only high value technology
solution consulting engagements so that we could pivot to become a product
focussed business.
Historically, the business delivered strong and growing consulting revenues.
When clients buy consultancy services, they are effectively buying into the
people delivering the solution. Software as a Service (SaaS) product sales
however have a completely different sales process. We have been building the
different skill sets and processes within the business which are required to
secure this stickier and more valuable revenue. These include customer
workshops, pre-proposals and proposals. Having scalable offerings enables us
to accelerate sales growth. This is the right approach to build shareholder
value.
The transition from providing pure technology consulting solutions to
becoming a SaaS product business model required a strong technical
infrastructure and sticky product offering to underpin our future sales
growth. As expected, this impacted short term revenues, with during the
period, core machine learning business generating revenues of £0.2 million.
Since the start of our second half, in line with management expectations, we
have already seen much improved revenue, with the emphasis on SaaS product
sales. Securing SaaS contracts can take time, for a host of reasons, but given
tangible progress on several pipeline contracts in recent weeks, I am
confident that these will be secured early in the New Year, as we see
increasing interest in our ESG scoring and data screening capabilities.
I am pleased to report that our projections for the coming quarter and beyond,
see a significant ramp up in revenues. Recognising that our shareholders would
like greater clarity on Insig's penetration of and growth trajectory in our
target markets, as soon as the Company has secured some of these near-term
opportunities and has as expected, increased its base of run-rate revenues and
demonstrated a track record in converting opportunities from initial
conversations, through trials to initial commercial agreements, we will be in
a position to communicate the size and value of our near term and longer term
pipeline as well as other related financial KPIs.
It is the Board's intention to release a year-end trading update in April 2022
outlining what we believe to be the relevant KPIs for Insig AI and how we aim
to address each of them.
Including our Sport in Schools business, Group revenue was £0.9 million and
the operating loss for the period before exceptional items which related to
the cost of the reverse takeover was £0.3 million. Whilst our core focus is
on the machine learning business, it is encouraging to note the resilience of
the Sports in Schools business and its operating profitability.
At 30 September 2021, net cash was £2.3 million. This excluded a receipt of
£0.7 million in relation to our R&D tax credit. This was received after
the period end.
It is rare for a business to be in the right place at the right time. We are
at the intersection of ESG and the AI market. The demand for data driven tools
has been further amplified by the global focus on ESG investing and
regulation.
As a tech company, we are well set up to enable our team to work remotely.
When Covid hit and lockdown was enforced, the transition to home working
appeared seamless. Whilst our machine learning tools do not require personal
interaction, when it comes to creativity, we all benefit from not being
confined to a virtual means of communication. Whilst this is of course beyond
our control, I hope that 2022 will see a return to normality.
Having the necessary skills to take advantage of what the market opportunity
has to offer is essential. I am therefore delighted that Colm is now our Chief
Commercial Officer. He has already demonstrated his worth, using techniques to
better showcase our technology, but crucially, other steps to both accelerate
as well as improve the likelihood of moving from product trials to contracted
revenues.
I am proud of the work that we have delivered to CarVal and I'm hugely excited
about supporting its business in 2022. This is a huge and important
opportunity for Insig AI. Whilst CarVal is clearly a market leader, when it
comes to ESG, the US market lacks the appetite that we have seen in the UK,
France and Germany. Therefore, for 2022, these markets will be our
geographical focus.
In terms of personnel, we have a rich source of talent. However, at 32,
numerically, our team is small. In recent months, much work has been done to
focus our team and allocate our resources efficiently. We have been putting
the tools and people in place to do so. I fully expect further hires will be
required in due course but will be muted in the second half of the year,
whilst we focus on converting the current pipeline. However, by the summer, we
will likely continue to expand assuming the business case supports this.
Our objective and focus is clear. Revenue that is scalable, repeatable, and
growing aggressively. We are now well positioned to deliver on this objective.
Current trading and outlook
Each month continues to be busier than the last and I fully expect this to
continue. Since 1 October, we have released Insig Portfolio 2, delivered our
ESG scoring solution to Carval, appointed Colm McVeigh as Chief Commercial
Officer, completed the acquisition of FDB and closed three new contract wins,
two of which we have already announced.
I am pleased to report that both in the coming quarter and beyond, I expect
this momentum to build very significantly. We have multiple opportunities:
within the asset management industry, most notably for our ESG data scoring,
bespoke ESG solutions, corporate sales and our data sourcing and machine
learning analytics. Our Portfolio Insights tool can now be incorporated into
our ESG solutions. We are also excited to progress our partnership revenue
share opportunities, where the scale of revenue streams can be a multiple of a
SaaS sale. Beyond the asset management industry, the 4Bio contract win has
shown that we are able to apply our machine learning capabilities to other
sectors. In the New Year, I hope to be able to provide further evidence of our
ability to sell to another vertical. The coming quarter and 2022 should
demonstrate our ability to secure multiple contract wins, as we successfully
leverage our machine learning technology and exploit it, so it fuels fast
growing and increasingly higher margin revenues. I look forward to a very
exciting 2022.
Steven
Cracknell
21 December 2021
Consolidated statement of comprehensive income for the 6 months ended 30
September 2021
Unaudited Unaudited
6 months ended 30 September 2021 6 months ended 30 September 2020
£000 £000
Revenues from trading activity 896 196
Cost of revenues (477) (281)
419 (85)
Administrative expenses (2,215) (567)
Amortisation of intangible assets (204) -
Other operating income:
Realised gain on share investment 1,436 -
Coronavirus Job Retention Scheme and local government grants 106 364
Operating loss from continuing activities (458) (288)
Finance income 4 1
Finance costs (15) -
Loss before exceptional item (469) (287)
Exceptional items - non- recurring costs (375) -
Loss before taxation (844) (287)
Taxation 194 -
Loss after taxation from continuing activities (650) (287)
Other comprehensive income - -
Total comprehensive loss (650) (287)
Attributable to:
Owners of the company (663) (277)
Non-controlling interests 13 (10)
(650) (287)
Loss per share (basic and diluted)
Loss per share from continuing activities (0.0074)p (0.0069)p
Consolidated statement of financial position as at 30 September 2021
Audited
At 31 March
Unaudited
At 30 September
2021 2021
£000 £000
Non- current assets
Unlisted investments - 1,500
Goodwill and patents 26,677 60
Development costs 5,035 -
Property, plant and equipment 347 54
Total non-current assets 32,059 1,614
Current assets
Trade and other receivables 1,595 397
Cash and cash equivalents 2,274 935
Total current assets 3,869 1,332
Total assets 35,928 2,946
Current liabilities - due within 12 months
Trade and other payables 524 566
Leasing commitments 8 8
Convertible unsecured loan notes - 414
Bank loan - (unsecured) 36 36
Total current liabilities 568 1,024
Non-current liabilities - due after 12 months
Leasing commitments 296 38
Bank loan - (unsecured) 195 204
Deferred taxation 617 -
Total non-current liabilities 1,108 242
Total liabilities 1,676 1,266
NET ASSETS 34,252 1,680
Equity
Share capital 3,040 2,480
Share premium 35,154 3,040
Merger reserve 976 326
Other reserves - 102
Retained earnings (4,865) (4,202)
Equity attributable to owners of the company 34,305 1,746
Non-controlling interest (53) (66)
TOTAL EQUITY 34,252 1,680
Consolidated statement of changes in equity for the 6 months ended 30
September 2021
Unaudited Audited
6 months ended 15- month period ended
30 September 2021 31 March 2021
£000 £000
Total equity at the beginning of the period 1,680 554
Issue of shares 33,131 2,063
Share issue costs (435) (22)
Share based payments - 23
Merger reserve on acquisition of Insig Partners Limited 650 -
Equity component of convertible loan notes (124) 124
Loss for the period (650) (1,062)
Total equity at end of the period 34,252 1,680
Consolidated statement of cash flows for the 6 months ended 30 September 2021
Unaudited
6 months ended 30 September Unaudited
2021 6 months ended 30 September 2020
£000 £000
Operating cash flow
Loss from continuing activities (844) (287)
Adjustments for:
Finance income (4) (1)
Finance expense 15 -
Share based payments -
Depreciation and amortisation 1,178 3
Working capital on susidiary acquisition (410) -
Realised gain on share investment (1,436) -
Operating cash flow before working capital movements (1,501) (285)
Increase in receivables (105) (31)
Decrease in payables (42) (21)
Net cash absorbed by operations (1,648) (337)
Cash flow from investing activities
Development expenditure (1,182) -
Property, plant and equipment acquired (6) -
Finance income 4 1
Net cash used in investing activities (1,184) 1
Financing activities
Funds from share issues 6,145 -
Cash consideration to shareholders of the acquired company (1,442) -
Share issue costs paid (435) -
Funds from bank loan - 240
Finance expense (10) -
Repayment of leasing liabilities and bank borrowings (87) -
Net cash from financing activities 4,171 240
Net increase/(decrease) in cash and cash equivalents 1,339 (96)
Cash and cash equivalents at the beginning of the period 935 461
Cash and cash equivalents at the end of the year 2,274 365
Notes to the financial statements for the 6 months ended 30 September 2021
1. General information
Insig AI Plc (the "Company") is a company domiciled in England and its
registered office address is 30 City Road, London EC1Y 2AB. The condensed
consolidated interim financial statements of the Company for the 6 months
ended 30 September 2021 comprise the Company and its subsidiaries (together
referred to as the "Group").
The condensed consolidated interim financial statements do not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006.
The consolidated financial position at 31 March 2021 has been extracted from
the statutory accounts and the auditors' report on those statutory accounts
was unqualified. A copy of those accounts has been filed with the Registrar
of Companies.
The Group has presented its results in accordance with the measurement
principles set out in International Financial Reporting Standards as adopted
by the EU ("IFRS") using the same accounting policies and methods of
computation as were used in the annual financial statements for the 15 months
ended 31 March 2021 with exception of the application of new accounting
standards. As permitted, the interim report has been prepared in accordance
with the AIM rules for companies but is not compliant in all respects with
IAS34 'Interim Financial Statements'.
The condensed consolidated interim financial statements do not include all the
information required for full annual financial statements and therefore cannot
be construed to be in full compliance with IFRS.
The condensed consolidated interim financial statements were approved by the
board and authorised for issue on 21 December 2021.
2. Acquisition of Insig Partners Limited (formerly Insight
Capital Limited)
On 10 May 2021, the Company acquired the balance of shares in Insig Partners
Limited's not already owned and obtained control.
To facilitate the acquisition of Insig Partners Limited, in May 2021 the Group
raised £6.1 million (before expenses) via a placing of 9,172,375 new
ordinary shares of 1 pence each of the Company ("Ordinary Shares") at 67
pence per share, a 14 per cent. premium to the closing share price of the
Ordinary Shares which was 59 pence per share on 3 September 2020, being the
last business day before the Ordinary Shares were suspended from trading.
The funds were used to pay the cash element of the consideration paid to
acquire the Insig Partners Limited shares of £1,442,000, to settle in cash
professional costs relating to the acquisition and issue of the shares of
£1,006,000 of which £670,000 was incurred in the six month period ended 30
September 2021 and for general working capital purposes, namely investing in
the enlarged Group's team of developers, engineers and sales and marketing
employees to accelerate product growth and business development activities.
In addition to the cash consideration, 44,819,161 new Ordinary Shares were
issued at 59 pence per share, the closing middle market price of 59 pence per
Ordinary Share on 3 September 2020 (being the last business day before the
Ordinary Shares were suspended) as consideration shares to the former owners
of Insig Partners Limited.
The convertible loan notes issued by the Company were converted in May 2021
into 2,000,000 new Ordinary Shares issued at 25 pence per share.
The following number of Ordinary Shares were admitted to trading on AIM on 10
May 2021:
No.
Placing Shares 9,172,375
Consideration Shares 44,819,161
Convertible Loan Note Shares 2,000,000
Following the issue of the new Ordinary Shares, the Company
has 98,653,174 Ordinary Shares in issue with full voting rights.
Total transaction costs are summarised below as follows:
Total costs
Transaction costs Charged against comprehensive income
Share premium issue costs
£000 £000 £000
Costs recognised to 31 March 2021 314 22 336
Costs incurred and paid to 30 September 235 435 670
Total 549 457 1,006
The acquisition was classified as a reverse takeover under the AIM rules.
The directors have given consideration to the method of accounting to be
applied and concluded that it meets the definition of a business combination
under IFRS 3 and Insig AI Plc has been identified as the accounting acquirer
for these purposes. The Group has accounted for the acquisition by applying
the acquisition method of accounting, rather than applying reverse accounting
under IFRS 3.
The investment in Insig Partners Limited will be recognised at the fair value
of the consideration given:
£000
Consideration shares issued - 44,819,161 shares 30,029
Cash consideration 1,442
Total consideration 31,471
Fair value of net assets on acquisition (see below) (4,650)
Goodwill recognised on acquisition 26,821
The value of the consideration shares has been determined in accordance with
IFRS 3 applying the acquisition-date fair values of the equity interests
issued by the acquirer. The fair value on the acquisition date is considered
to be 67 pence per share, being the price at which the placing shares were
issued on the same day.
Goodwill referred to above forms part of the total goodwill included in non-
current assets before amortisation.
As the Company held an interest in Insig Partners Limited prior to the
acquisition in May 2021, the fair value of which amounted to £2,936,000, the
Group has therefore recognised a gain of £1,436,000 over the original cost of
investment because of measuring at fair value its 9.4 per cent. equity
interest in Insig Partners Limited held before the business combination.
This gain has been included in other income in the Company's statement of
comprehensive income.
The identifiable assets and liabilities on acquisition comprised:
£000
Cash 180
Financial assets 1,084
Property, plant and equipment 345
Identifiable Intangibles 4,749
Financial liabilities (1,708)
Total consideration 4,650
No fair value adjustments are considered necessary at the date of these
financial statements other than in relation to identifiable intangible assets
as referred to below.
Goodwill of £26,821,000 from this acquisition is based on the book values of
Insig Partners Limited as set out above and arises largely from the expected
growth in the AI and machine learning industry and collective expertise of the
workforce in developing and delivering the business's product range. The
allocation between amounts recognised as goodwill includes the fair value on
acquisition of customer lists of £5,200,000 which is subject to amortisation
over 10 years. The amortisation recognised in these financial statements is
£204,000. The remaining goodwill on acquisition of £21,621,000 representing
the valuation of intellectual property has not yet been assessed for any fair
value adjustments and will be subject to an annual impairment review at the
Group's year end 31 March 2022.
3. Basic and diluted loss per share
Comprehensive loss per share for the six months ended 30 September 2021 has
been calculated on the comprehensive loss attributable to owners of the
Company of £663,000 and on the weighted average number of shares in issue
during the period of 89,182,000.
Comprehensive loss per share for the 6 months ended 30 September 2020 has been
calculated on the comprehensive loss attributable to owners of the Company of
£277,000 and on the weighted average number of shares in issue during the
period of 39,702,000.
In view of Group losses for all periods, share options and warrants to
subscribe for ordinary shares in the Company are anti-dilutive and therefore
diluted earnings per share information is not presented.
4. Impact of the Covid-19 pandemic
As indicated in our most recent annual report for the 15 months ended 31 March
2021, Sport in Schools (SSL) have continued their recovery and have returned
to trading profitably following cost cutting and other operating efficiencies
implemented during the periods of lockdown in 2020 as well as having taken
full advantage of the Government's extended Covid-19 business support schemes
which continued into 2021 and mitigated the adverse financial impact of
renewed school closures earlier in 2021.
With schools having re-opened and many activities continuing at broadly
pre-pandemic levels, the directors are hopeful that SSL revenue and
profitability will continue. However, as we have seen previously, the
ongoing impact of the global pandemic continues to evolve and it is difficult
for the directors to predict with certainty whether there will be further
restrictions to school operations and sporting activities that would once
again affect SSL operations.
The pandemic has had little financial impact on the Group's machine learning
activities following its acquisition of Insig Partners Limited in May 2021.
5. Business segment analysis
Machine learning Sports & Leisure Total
Technology
£000 £000 £000
Turnover 217 679 896
Costs attributable to segment (1,440) (578) (2,018)
Segmental operating profit/(loss) (1,223) 101 (1,122)
Group operating expenses (568)
Amortisation of goodwill (204)
Gain on rebasing 9.4% initial investment to fair value 1,436
Operating loss (458)
Non- recurring costs - see note below (375)
Finance income 4
Finance costs (15)
(386)
Loss before tax from all activities (844)
Taxation credit 194
Loss after tax from all activities (650)
· Non-recurring costs of £375,000 comprise fees paid following the
acquisition of Insig Partners Limited of £235,000 and share transaction stamp
duty of £140,000 taken to the comprehensive income statement.
· The loss in the six months to 30 September 2020 set out in the
Consolidated Statement of Comprehensive Income arose from the Group's sports
and leisure activities.
6. Related party transactions.
The following related party transactions were recognised in the six-month
period to 30 September 2021:
On 20 April 2021 the Company entered into an acquisition agreement with Steve
Cracknell, Warren Pearson, Anna Mann and Nikhil Srinivasa (the "Principal
Insight Sellers") to acquire their shareholdings in Insight Partners Limited.
The consideration paid by the Company to the Principal Insight Sellers was, in
aggregate, 28,405,979 consideration shares at a price of 59 pence per Ordinary
Share and an aggregate cash payment of £812,329.
On 20 April 2021 the Company also entered into a minority acquisition
agreement with each of the other shareholders of Insight Partners Limited (the
"Minority Insight Sellers"). The consideration paid by the Company to the
Minority Insight Sellers was, in aggregate, 9,783,431 consideration shares at
a price of 59 pence per Ordinary Share and an aggregate cash payment of
£339,727.
Richard Bernstein
Following the completion of the Company's acquisition of Insig Partners
Limited in May 2021 and prior to his appointment as a director in August 2021,
a payment of £352,629 (including vat) was paid to Mr Bernstein in accordance
with an introduction agreement made between himself and the Company in
February 2018 in which he as introducer would become entitled to a fee of 1%
of the value from this first acquisition by the Company.
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