10 Dec 2018 07:00
10 December 2018
Big Sofa Technologies Group plc
("Big Sofa" or the "Company")
Trading Update
Big Sofa (AIM:BST), an international video analytics provider to the consumer insight industry, announces that revenues for the year ending 31 December 2018 are anticipated to be in the region of £1.7 million, reflecting growth of approximately 31 per cent over 2017. The Company is seeing deepening engagement with Ipsos, one of the world's largest market research organisations and a significant shareholder in the Company, and growing traction with global customers in a variety of sectors, including food and beverage, consumer packaged goods and healthcare.
With significant investment in Big Sofa's scalable platform having already been made, the Company has been able to continue its programme of material annualised cost savings (including within general and administrative costs), which was announced on 1 October 2018. The board expects this will have a reductive impact on the cost base for 2018 as compared to the prior year; and, as the full annualised benefits flow through, will reduce the 2019 full year overhead by approximately £1.4 million compared to 2017. The board believes this places the Company on an accelerated path to breakeven.
Enquiries:
Big Sofa Technologies Group plc | via Vigo Communications |
Kirsty Fuller, CEO |
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Joe MacCarthy, CFO |
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Arden Partners plc (Nominated Adviser and Joint Broker) | +44 (0)20 7614 5900 |
Paul Shackleton / Ben Cryer |
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Novum Securities (Joint Broker) | +44 (0)20 7399 9427 |
Colin Rowbury |
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Vigo Communications (Financial Public Relations) | +44 (0)20 7390 0237 |
Ben Simons / Jeremy Garcia / Antonia Pollock |
About Big Sofa Technologies Group plc
Big Sofa is a B2B technology business providing the marketing and consumer insight industries with video observation and analytics services, as video emerges as a key platform in a massive US$40 billion consumer research market.
Our software platform collates, analyses and organises large volumes of raw/unstructured video enabling our clients, which include leading market research organisations and major household brands, to perform detailed and sophisticated consumer insight analysis; and make genuine use of video content.
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