Maistro saw eye-popping revenue growth in 2018

The group has increased its investment in its procurement-as-a-service platform with the implementation and continued investment in its artificial intelligence technology to further drive operational efficiencies

Ongoing investment in the PaaS platform has enabled the group to stay ahead of the field in the automated purchasing of services, Maistro said

AI-driven procurement technology firm Maistro PLC (LON:MAIS) earned almost as much revenue in the fourth quarter of 2018 as it did in the whole of 2017.

The operator of a procurement-as-a-service (PaaS) platform saw revenue for the whole of 2018 shoot up by 154% to £1.5mln from £590,000 the year before and the board intends to work this year to rapidly increase the take-up of its PaaS platform by both existing and new customers.

Underlying adjusted losses (EBITDA) widened marginally to £2.11mln from £2.08mln the year before, reflecting increased investment in business development activities.

The group ended 2018 with a positive cash balance of £1.1mln, down from £2.45mln at the end of 2017. Maistro recently raised £2.1mln, most of which was received at the end of last year, although some £900,000 was pocketed after the end of the reporting period.

READ: Maistro targets £2.1mln in fundraising to fuel expansion and automation drive

The company said the roadmap for 2018 focused on further developing Maistro’s artificial intelligence (AI) capabilities, enhancing the supplier “onboarding” and vetting process, and making improvements to Maistro’s delivery workflow.

2019 will see the group continue to further refine these themes with the ultimate objective of moving towards a "self-serve" offering for lower value commodity projects. For higher value complex projects Maistro will continue to use the PaaS Platform for sourcing the right supplier but with the added managed service offering of a "human in the loop".

This combination of technology and managed services has been a key element to Maistro’s success in 2018 with large global Enterprise customers, the group revealed.

“I am encouraged by the continued progress we are making and believe that 2019 will prove to be more successful in both repeat business and increased new customer acquisition,” said Laurence Cook, the chief executive officer.

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