StreaksAI PLC on Monday said its loss narrowed during its most recent financial year, thanks to a reduction in costs.

The London-based provider of artificial intelligence-based conversational technologies said its pretax loss narrowed to £383,000 during the six months that ended August 31, from £925,000 last year.

This was due to administrative expenses reducing 59% to £383,000 from £925,000.

Chair Michael Edwards said: ‘As the large language AI models have developed, the opportunities to utilise these in applications has widened, and we see the penetration of these models and the automated bots that interface with them only increase.

‘As StreaksAI is pre-revenue, we have made strenuous efforts to minimise discretionary spend in the period, so as to extend the operational runway. All continuing director fees were accrued, unpaid during the period. In doing so, the operational costs incurred in this period are 59% lower than in the same period last year, and is expected to be lower again going forward. As such, the board of the company are of the opinion that the company has adequate working capital for the next 12 months.’

Shares in StreaksAI closed 13% lower at 0.20 pence each in London on Monday.

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