Big Sofa Technologies Group PLC Trading Update (8844B)

TIDMBST

RNS Number : 8844B

Big Sofa Technologies Group PLC

12 June 2019

12 June 2019

Big Sofa Technologies Group plc

("Big Sofa Technologies" or the "Company")

Trading Update: strong revenue growth and encouraging engagement from new and existing clients

Big Sofa Technologies (AIM:BST), an international video analytics provider to the consumer insight industry, announces that revenues for the 6 months ending 30 June 2019 are anticipated to be in the region of GBP1.1 million, reflecting growth of approximately 80 per cent. over the same period in 2018.

As previously announced, the Company is seeing deepening engagement with Ipsos, one of the world's largest market research organisations and a significant shareholder in the Company, growing traction and repeat subscriptions from existing global customers, and new customer acquisition in a diverse range of sectors, including manufacturing, technology and retail.

The benefits of the programme of cost savings which were announced in October last year have continued to have an impact on the Company's cost base; the revenue growth has been achieved on a materially lower cost base than the comparable period in 2018. The board expects revenues to grow significantly in the second half of its financial year while maintaining a tight focus on cost control.

Enquiries:

 
 Big Sofa Technologies Group plc 
 Kirsty Fuller, CEO 
 Joe MacCarthy, CFO 
 
 Arden Partners plc (Nominated Adviser 
  and Joint Broker)                       [phone] 
 Paul Shackleton / Ben Cryer 
  Radhika Srinivasan (Equity Sales) 
 
 Novum Securities (Joint Broker)          [phone] 
 Colin Rowbury 
 
 

About Big Sofa Technologies Group plc

Big Sofa Technologies is an insight-led technology company. The design and development of our technology has been guided by expert understanding of the insight and analytics industries and the needs, pressures and business questions of the clients they serve.

We uncover and analyse new-to-the-industry behavioural data sets in video, enabled by the power of our pioneering data capture and platform technology. We are innovating both in how video-led projects and programmes are designed and in how the data is analysed, showcased, embedded and re-mined.

Our software platform collates, analyses and organises large volumes of raw/unstructured video enabling our clients, which include leading market research and data companies and major household brands, to perform detailed and sophisticated consumer insight analysis and make genuine use of video content.

Big Sofa Technologies' 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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June 12, 2019 02:00 ET (06:00 GMT)