31 Jan 2018 07:00
31 January 2018
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Big Sofa Technologies Group plc
("Big Sofa" or the "Company")
Trading Update for the Year Ended 31 December 2017
· Revenues (unaudited) up 72% in 2017 to approximately £1.3 million
o 60% uplift from H1 to H2 2017
· Projects undertaken for 40 clients in 2017 including directly commissioned work for Procter & Gamble, Unilever, 84:51, Nestlé, Target and Zurich; and work commissioned through IPSOS for major brands including McDonald's, Pepsi Cola, L'Oréal and Danone
Big Sofa (AIM: BST), a fast-growing international video analytics provider to consumer brands and market research agencies, is pleased to announce a trading update for the year ended 31 December 2017. As anticipated in the Company's half year report, revenues in H2 2017 significantly outweighed those reported for H1, resulting in (unaudited) full year revenues of just over £1.3 million.
The Company's focus on cultivating direct partnerships with large global organisations, including Procter & Gamble ("P&G"), Unilever, Nestlé and Target - in addition to working with major household brands through the Company's trading partnership with IPSOS - has led to a surge in the number of proposals written during 2017. Other brands for whom Big Sofa has undertaken work in 2017 include: SC Johnson, McDonald's, Zurich, Pepsi Cola, Dyson, Danone, International Flavours and Fragrances and 84:51, amongst others.
Importantly, Big Sofa crosses into 2018 with an established base of clients, in addition to IPSOS and P&G, which are poised to significantly increase spend in the current year, having already stress-tested and validated Big Sofa's technology and platform in 2017. This has broadened considerably the base of major corporations integrating Big Sofa as their chosen video analytics partner and commissioning the Company for an increasing number of projects around the world and across their commercial portfolios.
Simon Lidington, Chief Executive Officer of Big Sofa, commented:
"Broadening our client base and laying the foundations for long-term, recurring revenue generating partnerships with very large organisations was a huge undertaking in 2017. I am pleased to report that this investment is proving to be highly successful, with revenues in the second half of 2017 significantly outweighing the first half.
"Big Sofa has a growing base of clients who are increasingly recognising the value of incorporating video analysis into their research methodology and are exposing Big Sofa to an ever-widening field of household name brands.
"We have begun 2018 with an established client base that has already extensively stress-tested and validated Big Sofa's technology in 2017 and is poised to increase spend in the current year. The board is highly encouraged by the progress demonstrated in 2017 and the platform Big Sofa has established for material revenue growth in 2018."
Results for the year ended 31 December 2017 will be published during Q2 2018.
Enquiries
Big Sofa Technologies Group plc | via Vigo Communications |
Simon Lidington, CEO |
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Matt Lynch, CSO |
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Joe MacCarthy, CFO |
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Vigo Communications (Financial Public Relations) | +44 (0) 20 7830 9700 |
Ben Simons / Jeremy Garcia / Antonia Pollock | |
SPARK Advisory Partners (NOMAD) | +44 (0)20 3368 3554 |
Neil Baldwin / Mark Brady |
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Hobart Capital Markets (Broker) | +44 (0) 20 7070 5656 |
Lee Richardson / Phillip Worton |
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About Big Sofa Technologies Group plc
Big Sofa is a B2B technology business servicing the marketing and consumer insight industries with video analytics.
Our software platform collates, analyses and organises large volumes of raw/unstructured video content enabling companies to perform detailed and sophisticated consumer insight analysis; and make genuine use of their video content.
Until recently, video has been difficult and expensive to capture, upload, store, manage and analyse as a consumer insight tool. However, proliferation of smart phones has empowered consumers to speak directly to brands resulting in an evolution of consumer insight and data analytics techniques, with video emerging as a key platform in a massive $33 billion consumer research market.
Big Sofa's shares are admitted to trading on the London Stock Exchange's AIM market under the ticker BST.L.
To find out more, visit www.bigsofatech.com
Follow us on twitter at @bigsofatech