The boss of a Dundee app developer believes artificial intelligence represents a “tremendous” opportunity for the firm.
Waracle works with some of the UK’s largest businesses across sectors including fintech, digital health and energy.
It supports cutting-edge technologies such as the internet of things, augmented reality and voice recognition.
Chief executive Chris Martin said AI presents opportunities for the Bash Street business, which was voted one of the UK’s best workplaces last year.
Mr Martin said: “Everyone wants to speak to us about AI.
“Everyone is trying to work out what the risks and the opportunities are.
“We’ve been involved with it for a long time and we’ve been having high-level conversations with very big companies. I think it’s tremendous for us.”
A mixed year for Dundee app developer
Meanwhile, Mr Martin said 2022 was a mixed year for the tech firm, which has more than 150 staff.
Newly published accounts for the year to December 2022 show its sales fell almost £3 million from the year before.
The most recent accounts show turnover of £23.3m, compared to £26.1m in 2021.
The firm’s strategic report, published alongside the accounts, said that was “for business reasons beyond our control”.
Mr Martin said: “We had a big programme of work that finished quicker than we thought it might. That probably explains the reduction in revenue.
“The other side of that is that we won work with some big names, so I would file 2022 under ‘some good, some difficult’.”
Pre-tax profits also fell from £3m in 2021 £901,607 for the reporting period.
‘We’re through the worst of it’
Mr Martin said this year has been a difficult for two of the main sectors Waracle serves, financial services and healthcare.
“We’re in three big sectors – financial services, energy and health,” he said.
“I’m guessing for 19 years out of 20 those are a great mix to be in, but in 2023 only energy has been a great sector.
“In financial services since the start of the year, they are really stockpiling cash and cutting programmes.
“Also in healthcare, I sense they did well through the pandemic but it’s coming down the other side. I think they’re trying to restructure post-pandemic.”
However, he was encouraged by a “booming” energy sector.
Mr Martin was positive about the long-term future of the business despite some difficult trading conditions this year.
He added: “The first bit of the year was difficult but it has been difficult for more than just us.
“The second half of the year has been better and we seem to be accelerating out of it quite well. We are encouraged by that.”
