BST Big Sofa Technologies Group Plc

TIDMBST

Big Sofa Technologies Group PLC

04 November 2019

04 November 2019

Big Sofa Technologies Group plc

("Big Sofa Technologies" or the "Company")

R&D and receipt of tax credit totalling more than GBP250,000

Big Sofa Technologies (AIM:BST), an international video analytics provider, announces the receipt of an R&D tax credit from HMRC totalling GBP258,000 in relation to qualifying R&D undertaken in 2018.

During 2018, the Company significantly strengthened its proprietary technology platform to enhance its scalability and to further develop its enterprise capabilities. In addition, significant new functionality was added to the platform to enable clients to analyse video data at scale. Alongside the ongoing development of proprietary functionality, APIs were developed to enable the integration of best-in-class technologies to meet the needs of clients from a broader range of sectors.

The Company's R&D team worked on a number of AI-led initiatives including object recognition, activity detection, natural language processing, language and sentiment data. In total, the company spent more than GBP1m on its technology platform in 2018, including more than GBP850,000 on R&D. As outlined in the 2018 annual accounts, the company capitalised GBP740,000 of this total tech spend.

This investment has continued into 2019 across every part of the video data workflow, from capture to visualisation. In 2019 to date, the Company has developed proprietary technology for remote capture, automated people-detection, behaviour recognition and auto-scaling across markets. It has continued to deliver improvements to the client dashboard including enhanced video playlists, landing pages and presentation of analysis.

The ongoing investment in technology has enabled the Company to service the needs of global clients and to increase the value delivered by its platform. Since the start of the year, the company has secured 5 new MSAs or global agreements with clients, all of which are already generating revenues that are expected to grow in 2020 and beyond. The Company has grown its client base to include global technology companies and big data companies, demonstrating the versatility and applicability of the platform across a broader range of sectors.

Kirsty Fuller, Chief Executive Officer of Big Sofa Technologies, commented:

"We continue to prioritise our tech roadmap and have increased investment in our proprietary platform while managing to cut costs overall. This investment in the long-term future of the business has helped the Company to secure new MSAs with some of the world's largest companies.

R&D is at the heart of what Big Sofa Technologies does and the receipt of this tax credit enables us to continue to invest in our proprietary technology platform to drive long term value for the business."

Enquiries:

 
 Big Sofa Technologies Group plc          +44 (0)20 7357 0033 
 Kirsty Fuller, CEO 
 Joe MacCarthy, CFO 
 
 Arden Partners plc (Nominated Adviser 
  and Joint Broker)                       +44 (0)20 7614 5900 
 Paul Shackleton / Ben Cryer 
  Tim Dainton (Head of Distribution) 
 
 Novum Securities (Joint Broker)          +44 (0)20 7399 9427 
 Colin Rowbury 
 
 

About Big Sofa Technologies Group plc

Big Sofa Technologies is a video analytics company. The design and development of our technology has been guided by expert understanding of the insight and analytics industries and the needs, pressures and business questions of the clients they serve.

We uncover and analyse new-to-the-industry behavioural data sets in video, enabled by the power of our pioneering data capture and platform technology. We are innovating both in how video-led projects and programmes are designed and in how the data is analysed, showcased, embedded and re-mined.

Our software platform collates, analyses and organises large volumes of raw/unstructured video enabling our clients, which include leading market research and data companies and major household brands, to perform detailed and sophisticated consumer insight analysis and make genuine use of video content.

Big Sofa Technologies' shares are admitted to trading on the London Stock Exchange's AIM market under the ticker BST.L.

To find out more, visit www.bigsofatech.com

Follow us on twitter at @bigsofatech

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