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 £1.7 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 £1.4 million compared to 2017. The board believes this places the Company on an accelerated path to breakeven.
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