StockMarketWire.com - Video analytics provider Big Sofa Technologies said Friday losses before tax narrowed as revenues jumped by nearly third and costs dropped.

For the twelve months ended 31 December 2018, pre-tax losses narrowed to £3.7m from £4.1m a year earlier as revenues grew 29% to £1.7m. Revenues generated from projects to analyse behaviour at scale were approximately £0.8m in 2018 and the company's analytics platform, which enabled clients to upload, store and manage video, generated approximately £0.45m of revenue. Operating expenses were reduced by 5% to £4.7m for the year after the company implemented a plan to cut costs restructuring the entire Technologies team.

The company also revealed plans to to raise £1m through the issuance of shares to provide additional working capital for the business and support the company's growth strategy.

'(The) Programme of annualised cost savings and technology efficiencies initiated during 2018 that are expected to reduce 2019 operating expenses by approximately £1.0 million compared to 2018,' the company said. 'My priority on becoming Chief Executive Officer in November 2018 was to initiate a strategic review and identify areas for cost savings. 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. As a result, we began 2019 as a stronger, leaner business' said Kirsty Fuller, Chief Executive Officer of Big Sofa.

At 8:07am: [LON:BST] Big Sofa Technologies Group Plc Ord 3p share price was -0.13p at 4.38p



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