4th Nov 2019 11:44
(Alliance News) - Video analytics firm Big Sofa Technologies Group PLC said Monday it received GBP258,000 in tax credits from the UK taxman related to its research & development undertaken in 2018.
During 2018, Big Sofa invested over GBP850,000 in research & development which "significantly strengthened" its proprietary technology platform and other capabilities. This investment has continued into 2019.
"We continue to prioritise our tech roadmap and have increased investment in our proprietary platform while managing to cut costs overall," Big Sofa Chief Executive Officer Kirsty Fuller said. "This investment in the long-term future of the business has helped the company to secure new MSAs with some of the world's largest companies."
"R&D is at the heart of what Big Sofa Technologies does and the receipt of this tax credit enables us to continue to invest in our proprietary technology platform to drive long term value for the business", Fuller added.
In 2018, Big Sofa generated a GBP3.7 million loss on revenue of GBP1.7 million.
Shares in London-based Big Sofa were 0.4% higher at 4.16 pence in London on Monday.
By Ahren Lester; [email protected]
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