LONDON (ShareCast) - (Sharecast News) - Artificial intelligence group Maestrano said on Monday that revenues had slipped 6% at constant currency rates during the three months ended 31 March.
While total revenues were up 1% in reported currency at £294,000, revenues at constant currency slipped to approximately £290,000 in the quarter, while underlying earnings slumped 225% at constant currency to £138,000, or 229% to £455,000 on a reported basis.

Total expenses increased by 46%, 38% in constant currency, reflecting increased investment in the US, Australia and UK.

Cash balances and receivables came to £2.29m as of 31 March, including net proceeds from the group's placement back in March.

Maestrano stated that its third quarter results had been impacted by "a major weather event in Australia", which delayed acceptance for airframes delivered to the Australian Government, with that revenue now set to be recognised in the fourth quarter.

Chairman Ian Buddery said: "Whilst this quarter saw some revenue slippage, we are energised by the progress with major USA opportunities and strategic partnerships. Together, these will underpin our growth in the coming years."

As of 0915 BST, Maestrano shares were down 5.67% at 16.98p.

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