RWS Holdings (AIM:RWS) said it will launch a suite of upgraded AI products shortly as it responds to the furore surrounding Microsoft-backed ChatGPT and me-too launches by Google.
Smart ‘robot’ or generative AI tool ChatGPT has become the fastest growing technology launch ever with over 100mln subscribers since it was unveiled just over two months ago.
One of its uses is as a language tool, but translation specialist RWS' chairman Andrew Brode seemed unfazed in his comments ahead of its AGM.
RWS is on track to hit market expectations this year, he said, with projects under development expected to boost organic growth in the second half of the year.
Brode also seemed happy with RWS' own AI developments, while it has moved to a single Microsoft collaboration platform across the group.
“We remain pleased with the progress of our investments in technology where the depth of experience we have in developing and training AI engines is of increasing importance to our industry and to our clients," he said.
“The forthcoming launch of our enhanced AI data services offering will further position the group well to capitalise on the growth of AI solutions as highlighted at our CMD [capital markets day] last year."
In conclusion, Brode noted: "Our unique capabilities, diverse client base, geographical spread and end-market exposure, combined with our strong cash generation and balance sheet, underpin our resilience."
Brode was also confident about the opportunities provided by the "multiple growth drivers across its markets" and "our ability to make attractive acquisitions" .
Analysts' consensus forecasts are for revenue of £779.2mln in 2023 and profits of £133.3mln.