8th Mar 2019 08:22
LONDON (Alliance News) - Video analytics firm Big Sofa Technologies Group PLC said Friday cost-cutting measures and rising revenue helped to reduce 2018 losses, with more progress expected in 2019.
In 2018, pretax loss improved to GBP3.7 million from GBP4.1 million the year prior. This was after revenue rose to GBP1.7 million from GBP1.3 million the year before.
"My priority on becoming chief executive officer in November 2018 was to initiate a strategic review and identify areas for cost savings," Big Sofa Chief Executive Officer Kirsty Fuller said.
In 2018, operating expenses fell to GBP4.7 million from GBP4.9 million the year prior. The firm expects 2019 costs to be a further GBP1.0 million lower than those reported in 2018.
"With a significant R&D programme having completed at year-end, I was able to initiate a programme of material annualised cost savings with a restructuring of the entire team, a refocus on streamlined, efficient processes and a sharpening of the selling proposition," Fuller added. "As a result, we began 2019 as a stronger, leaner business."
Big Sofa does not pay a dividend.
"2019 is an important year for Big Sofa Technologies," Fuller continued. "It sees the company step forward confidently with a new vision, a new suite of client offerings, and a more robust and exciting technology capability."
"I believe that our three commercial pillars - Ipsos integration, direct-to-client Visual Insight System (from knowledge management to knowledge activation) and automated data extraction (machine learning) - represent a sound strategy for 2019," Fuller added. "Combined with a more agile, exciting product roadmap, a fresh visual identity, and a team and office restructuring, we have a strong recipe for success."
Shares in Big Sofa were 1.1% higher at 4.55 pence on Friday.
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