Machine learning business Appen Ltd (ASX: APX) this morning told investors to expect EBITDA between $85 million to $90 million for the year ending December 31 2019 using a USD/ AUD exchange rate of 74 cents.
The group also reported that its latest giant acquisition in Figure Eight is performing to expectation and that revenue to mid-May 2019 including Figure Eight's contribution came in at around $270 million. By comparison Appen posted EBITDA of $71.3 million on revenue of $364.3 million for the whole of financial year 2018.
In March 2019 it raised around $300 million from institutional and retail investors via the issue of new shares at $21.50 each.
Appen's chairman also told investors today that diversity of revenue sources remains a priority area for the business to develop. The shares have swung wildly between a low of $25.47 and record high of $29.70 in response to today's news.
