Windward reports strong trading in year-to-date

20th May 2024 10:27

(Sharecast News) - Maritime artificial intelligence (AI) company Windward reported strong trading and strategic progress for the 2024 financial year in an update on Monday.

The AIM-traded firm, which was holding its annual general meeting, said it had made significant strides in growing its commercial revenues, with renewals in the government segment remaining on track.

Its chairman John Browne, the Baron Browne of Madingley, said Windward's business intelligence solutions had seen accelerated uptake, helping customers increase revenues.

Recent customer wins included Berge Logistics, OCIMF, Zodiac Maritime, and Valletta Bunkers.

In addition, Windward expanded its collaboration with the London Stock Exchange Group, announced in February, to offer compliance and risk management solutions beyond the maritime domain.

It said its AI-powered insights had a tangible impact on visibility, efficiency, and cost for key players in global trade, addressing maritime challenges related to sanctions, supply chains, and security.

Windward said it was positioning itself as a strategic partner for both governments and enterprises, leveraging its AI technology to navigate the complexities of the maritime industry.

"Looking ahead, we are confident in achieving our stated goal of reaching an EBITDA break-even run rate during 2024, supported by the healthy market-wide demand, successful partnerships and the growing sophistication and breadth of our offering," Lord Browne said.

"We remain excited by the opportunity ahead to further transform the maritime industry through bringing both vertical and generative AI solutions to our customers."

At 1400 BST, shares in Windward were flat at 99p.

Reporting by Josh White for Sharecast.com.