11th Jul 2019 10:25
(Alliance News) - Big Sofa Technologies Group PLC on Thursday expressed confidence for the reminder of the year after reporting revenue more than doubled in the first half.
The video analytics platform operator said revenue in the six months to the end of June was GBP1.1 million, almost double compared to GBP602,000 reported a year earlier. Big Sofa said the improvement follows the appointment of Kirsty Fuller as chief executive in November last year and the restructuring of the business at the end of 2018.
Commissions currently total GBP1.7 million, the company said, and are already equal the total revenue delivered in 2018 and represent a 62% increase on commissions at the same time in the prior year.
The growth in commissions has come from both existing and new clients, Big Sofa noted.
The company said its commissions from Ipsos, Big Sofa's largest shareholder and customer, now exceed GBP500,000, more than double the prior year.
In addition, commissions from end clients have increased by approximately 50%, including commissions from new clients in the manufacturing and technology sectors, and repeat subscription agreements with longer standing clients.
Also, Big Sofa said commissions for 2019 include research & development projects relating to partnering with an undisclosed data company on the automated extraction of data from video.
"The material growth in commissions, the closer integration with Ipsos, the addition of clients in new sectors and the retention of existing clients, along with research & development led commissions in the machine-learning space represent real progress for the business," said Big Sofa's Fuller.
She added: "We now enter the second half of the year with confidence and momentum."
Big Sofa shares were trading 1.0% lower on Thursday in London at 4.80 pence each.
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