Video content management group Big Sofa (LON:BST) reported narrowing losses in the year to December, dropping by 8 percent to £4.3 million.
Revenues also increased during the period by 72 percent, hitting £1.3 million, with gross margins up 65 percent from 30 percent in the previous period.
“We started 2017 with just a single MSA in place with Unilever and by the end of the year we had secured a place on the global rosters of multinationals such as P&G, McDonald’s, 84.51° and Target, in addition to signing a global MSA with Ipsos,” Simon Lidington, Chief Executive Officer of Big Sofa.
Big Sofa received a £3 million investment from Ipsos just over two months ago, who one of their biggest clients and a strategic sales partner. The investment was made at a premium with Ipsos paying around 18.3p per share.
“The strategic steps we have taken in 2017 and more recently in 2018 to forge relationships with large global organisations, successfully securing a £3 million investment from Ipsos and investing further in our technology platform, leave us well-placed to capitalise on the industry’s growing adoption of video research techniques.”
Shares in Big Sofa Technologies have stayed steady in the wake of the news, up 0.48 percent at 13.83 (0926GMT).
