ATTRAQT Group PLC Trading Update (0845W)
April 21 2021 - 1:00AM
UK Regulatory
TIDMATQT
RNS Number : 0845W
ATTRAQT Group PLC
21 April 2021
21 April 2021
Attraqt Group plc
("Attraqt" or the "Company")
Trading Update
Attraqt Group plc (AIM: ATQT), a leading provider of online
search, merchandising and personalization solutions for ecommerce,
is pleased to provide the following trading update covering the
three-month period ended 31 March 2021 (Q1 FY21).
Following its strong finish to H2 2020 the Company has seen
momentum continue into the new financial year. Pleasingly, despite
the ongoing pandemic related uncertainty, which has delayed some
customer decisions, the Company has achieved its bookings and
revenue target for Q1 FY21 and is tracking in line with its
expectations for the full year.
Attraqt's customers continue to focus on their online retail
offerings to compensate for reduced 'bricks and mortar' retail
sales. There are signs that this is not just a response to the
pandemic, but a growing structural shift. Particularly good
progress has been seen with sales of the XO (Experience
Orchestrator) product which is based on the Early Birds technology
acquired in May 2019. With its self-service customer and partner
onboarding features, the XO product allows the Company to realise
the mid-market opportunity and scale growth faster.
In addition, Attraqt has delivered four up-sells of its new AI
Search capability with existing clients in Q1 FY21. This includes
one of the Group's largest clients, JD Sports, who are widely
regarded for being market leaders in Omnichannel retail. For 9
years, Attraqt has powered best-in-class Search & Merchandising
capability to complement JD's ever-evolving eCommerce stack. Over
time, this has included the rollout over many additional JD brands
and international sites as JD's growth continues at pace.
Following a successful proof of concept trial on JD Sports' UK
site, AI Search will now be added to this list, a clear
demonstration of the significant incremental value that Attraqt's
AI Search product provides to clients. The new product demonstrates
enhanced innovation and will be a key factor in strengthening
client relationships going forward, driving revenue growth.
The addition of AI Search capabilities into the Group's offering
was at the core of the rationale of the acquisition of Aleph in
October 2020. The AI Search product applies machine learning at the
heart of the search engine, providing the 'google-like' search
functionality that customers increasingly demand and expect from
any search function.
Mark Adams, CEO of Attraqt commented:
"The continued sales momentum that we have seen through Q1
coupled with our ongoing investment in innovation, product
development, sales and marketing provides the Board with further
confidence that there are significant opportunities for growth for
Attraqt.
We are delighted that JD Sports have taken up our new AI Search
product, a testament to the value it can provide. Increasing the
speed of innovation is one of our core strategic priorities and
this success shows how delivering on that objective feeds through
into stronger relationships with our clients. We are well placed to
capitalize on the opportunities available to us and achieve our
long-term growth ambitions."
For further enquiries please contact:
Attraqt Group plc Via Alma PR
Mark Adams, CEO
Eric Dodd, CFO
Canaccord Genuity (Nominated Adviser)
Simon Bridges
Adam James
Thomas Diehl +44 (0)20 7523 8000
Alma PR +44 (0)20 3405 0205
Susie Hudson attraqt@almapr.co.uk
Sam Modlin
Molly Gretton
About Attraqt Group plc
Attraqt powers exceptional shopping experiences for over 300 of
the world's leading brands, manufacturers and retailers. Attraqt
provides a set of API-enabled, algorithm-driven, intelligent SaaS
services covering personalization, search, navigation,
merchandising, recommendations and internationalization.
The platform unifies and empowers all key customer journey
stakeholders. Enabling business, data and technical teams to
successfully leverage existing eCommerce technology investments.
Ultimately ensuring individualized and connected micro-experiences
that support commerce discovery through to inspiration and
purchase, and beyond.
The Attraqt platform orchestrates AI models in real-time while
allowing clients to integrate their own algorithms. This helps
build true personalization strategies and creates differentiated
experiences at scale, so our customers can exceed the expectations
of today's shopper, while reaching commercial goals.
Attraqt is publicly listed on LSE: AIM and headquartered in
London, with offices in Amsterdam, Paris, Sofia, Hamburg and
Sydney.
www.attraqt.com
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