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Big Sofa revenues rise

By BFN News | 09:08 AM | Wednesday 28 June, 2017


Big Sofa Technologies Group's revenues grew organically to £757,000 in the year to the end of December. The group said this was a 183% pro-rata increase in revenue, despite the injection of capital from its £6.1m fundraising only happening in late December. The group said gross profit was up 163% at £379,000 as it continued to establish a foothold in the marketplace. It said this was a strategy which was coming into fruition in the current year, with growth in revenues from customers which were now established clients of Big Sofa. Operating expenses rose to £4,676,000 from £443,00 and included £785,000 of AIM listing costs and £705,000 of deemed reverse acquisition costs, both of which were non-recurring. Chief executive Simon Lidington said: "The year culminated in our listing on AIM and the fundraising that enabled us to accelerate the commercialisation of our technology and the development of a material pipeline of business. "With an even stronger foundation of blue-chip customers to build-upon, I am pleased to say that we are making excellent progress against our strategic objectives and signs of this are beginning to be reflected in current trading. "I believe that the outlook for Big Sofa is extremely positive and anticipate that our existing partnerships with P&G, Unilever, Ipsos, SC Johnson and SSI will deliver material revenue during the current financial year. "Big Sofa is exceptionally well-placed to capitalise on the vast opportunity that exists to help consumer brands and research agencies make genuine use of the large quantities of video content they are generating. "We have received significant industry validation in a short space of time, as reflected in the three-year Master Service Agreement with Ipsos, a global partnership with P&G, a continuing global partnership with Unilever and the numerous relationships developing with new global clients. "I look forward to reporting on further milestones as we work to build a profitable business of scale." At 9:08am: (LON:BST) Big Sofa Technologies Group Plc Ord 3p share price was -3.63p at 25.13p Story provided by StockMarketWire.com

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