GlobalData reports strong growth as it expands AI capabilities

25th Apr 2023 13:11

(Sharecast News) - GlobalData reported strong growth in group revenue in an update on Tuesday, supported by healthy renewal rates, in line with market consensus.

The AIM-traded firm, which was holding its annual general meeting, said it had seen the significant operating leverage in its platform come through as expected, with EBITDA currently slightly ahead of market expectations.

It said it was continuing to invest in its offering by embedding and harnessing emerging technologies, in line with its strategy.

With more than 25% of its datasets now wholly-driven by artificial intelligence (AI) and machine learning, and around 60% of its software and data science teams working on new product development, it said it saw significant potential in its product.

AI-driven tools had been embedded into the renewals workflow, helping clients derive more value from their partnership with the company and informing internal teams on the growth of client relationships.

There was also increasing demand from clients to understand the impact of AI on their industries, the board explained, with GlobalData positioned to serve those needs through its AI research capability.

To showcase its recent innovations, a short seminar for investors and analysts was planned for June.

The firm's management said it would be joined by several product leaders who would update on advancements to expand AI-related research and the adoption of AI-powered product capabilities across the company's platform.

"We have started the year well, with our progress underpinned by strong revenue visibility from existing customers and new customer momentum," said chief executive officer Mike Danson.

"We remain on track to deliver against our stated objectives."

Danson said GlobalData had always benefited from emerging technology, noting the early opportunities that generative AI and machine learning were presenting.

"I am pleased to see our colleagues really embracing the potential enhancements this could bring for GlobalData and its customers and we look forward to presenting this opportunity at the AI seminar in June."

At 1202 BST, shares in GlobalData were up 6.53% at 1,267.7p.

Reporting by Josh White for Sharecast.com.