Big Sofa Technologies Group PLC Trading Update (8923J)
December 10 2018 - 1:00AM
UK Regulatory
TIDMBST
RNS Number : 8923J
Big Sofa Technologies Group PLC
10 December 2018
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
GBP1.7 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 GBP1.4 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
Joe MacCarthy, CFO
Arden Partners plc (Nominated Adviser
and Joint Broker) +44 (0)20 7614 5900
Paul Shackleton / Ben Cryer
Novum Securities (Joint Broker) +44 (0)20 7399 9427
Colin Rowbury
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
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END
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