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Big Sofa Tech sees full-year revenues up 31%

By Michele Maatouk

Date: Monday 10 Dec 2018

(Sharecast News) - Big Sofa Technologies said on Monday that it expects full-year revenue to be up 31% compared to 2017.
The group, which provides video analytics to the consumer insight industry, said it expects revenues for the year to the end of December to come in at around £1.7m.

"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," it said.

Big Sofa said that with "significant" investment in its scalable platform having already been made, it has been able to continue its programme of material annualised cost savings, which was announced on 1 October 2018. It 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 about £1.4m compared to 2017.

"The board believes this places the company on an accelerated path to breakeven," it said.

At 0935 GMT, the shares were up 7.1% to 3p.

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