26th Sep 2019 11:48
(Alliance News) - Big Sofa Technologies Group PLC on Thursday said it is in a "strong position" following double-digit revenue growth in the first half of 2019.
The video analytics provider's loss narrowed in the six months to the end of June to GBP1.1 million from the GBP1.9 million loss reported a year prior, as revenue grew by 78% to GBP1.1 million.
Administrative expenses reduced by 20% to GBP1.8 million in the first half as a result of a programme of annualised cost savings and technology efficiencies initiated in the final quarter of 2018.
"We have made considerable progress in the first half: delivering significant revenue growth from our growing global client base at a higher margin on a smaller cost base," said Chief Executive Kirsty Fuller.
"The focussed technological development that we have undertaken puts us in a strong position to continue to drive innovation and analysis of video data at scale across a number of sectors," added Fuller.
In addition, Big Sofa intends to raise GBP900,000 though the issue of 22.5 million shares at a price of 4 pence each. Big Sofa shares were trading 3.3% higher in London on Thursday at 4.08 pence each, giving it a market capitalisation of GBP6.7 million.
The proceeds will provide additional working capital for the business, Big Sofa said, and support the company's growth strategy.
By Evelina Grecenko; [email protected]
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