Big Sofa Technologies Group PLC Trading Update (4050D)
January 31 2018 - 2:00AM
UK Regulatory
TIDMBST
RNS Number : 4050D
Big Sofa Technologies Group PLC
31 January 2018
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 GBP1.3 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 GBP1.3
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 via Vigo Communications
plc
Simon Lidington, CEO
Matt Lynch, CSO
Joe MacCarthy, CFO
Vigo Communications (Financial +44 (0) 20 7830
Public Relations) 9700
Ben Simons / Jeremy Garcia
/ Antonia Pollock
+44 (0)20 3368
SPARK Advisory Partners (NOMAD) 3554
Neil Baldwin / Mark Brady
+44 (0) 20 7070
Hobart Capital Markets (Broker) 5656
Lee Richardson / Phillip Worton
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
This information is provided by RNS
The company news service from the London Stock Exchange
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