TIDMBST
RNS Number : 1152Q
Big Sofa Technologies Group PLC
04 June 2018
4 June 2018
Big Sofa Technologies Group PLC
("Big Sofa", the "Group" or the "Company")
Final Results for the Year Ended 31 December 2017
Big Sofa (AIM: BST), a fast-growing international video
analytics provider to consumer brands and market research agencies,
announces results for the twelve months ended 31 December 2017.
FINANCIAL HIGHLIGHTS
-- Revenues increased by 72% to GBP1.3m (2016: GBP0.8m)
-- Gross profit increased by 123% to GBP845k (2016: GBP379k)
-- Gross margin increased by 30% to 65% (2016: 50%)
-- Loss for the year reduced by 8% to GBP3.9m (2016: GBP4.3m)
-- Balance sheet strengthened through GBP1.5m share placing in
September 2017 at 18.5p per share, a 9% premium to the Admission
price of 17p
OPERATIONAL HIGHLIGHTS
-- Secured significant trading partnerships which delivered
material revenues in the year, including:
o A three-year Master Service Agreement with Ipsos which
continues to deliver strong revenue growth and formalised the start
of a partnership between the two companies culminating in their
investment in the company in March 2018
o Appointed global partner to Procter & Gamble (P&G) to
facilitate the acquisition and analysis of both new and existing
video content on projects across the global business
-- Forged new direct client relationships with other blue-chip
global multinationals, including Pernod-Ricard, Nestlé, McDonald's,
SC Johnson, Target and 84.51deg
-- Expanded global presence to include US hubs in Cincinnati and Chicago
-- Acquired dedicated server storage capacity and processing
capability in the US, Russia and Europe enabling us to meet the
high levels of data security required by our global clients
-- Further developed technology to provide easier ingestion of
video content, faster processing and greater ability to load,
protect and access large volumes of video content; and to provide
enhanced analytics capabilities
POST YEAR- HIGHLIGHTS
-- GBP3m strategic investment in Big Sofa, by Ipsos, one of our largest customers
-- Appointed Ms Laurence Stoclet, Ipsos Deputy CEO and Group CFO, as a director of the Company
-- Further developed trading relationship with Ipsos, with
project work commissioned from additional divisions and offices
within the group
o Ipsos has appointed a senior 'Single Point of Contact' - a
global ambassador for Big Sofa within Ipsos - to facilitate the
commercial partnership
-- Entered into long-term subscription agreements with 84.51deg,
Target and International Flavours and Fragrances (IFF)
-- Undertaken material repeat project work with P&G and McDonald's
-- Forged new client relationships with Johnson & Johnson,
Dyson and BCG Digital for whom we are undertaking pilot project
work
-- Continued investment in the Company's technology to enable behavioural observation at scale:
o Capable of sourcing, managing and ingesting video from homes
remotely
o Retained ISO27001 status and became GDPR-compliant at the end
of Q1
o Expanded our dedicated server-storage capability in Europe to
service European clients and prepare for any adverse impact of
Brexit on data transfer
-- Eliminated convertible loan through part conversion and
repayment of the Eridge Capital Limited convertible loan made on 31
May 2018, with Eridge electing to convert GBP100,000 of the
convertible loan plus rolled up interest into 588,235 ordinary
shares and Big Sofa repaying the full outstanding balance of the
convertible loan plus rolled up interest, totalling GBP639,212
-- Adam Reynolds, Non-executive Director, steps down from the board
Simon Lidington, Chief Executive Officer of Big Sofa,
commented:
"Video is gradually emerging as a key medium for capturing real
human behaviour in the multi-billion dollar consumer research
industry. This is evident in the work we are already undertaking
for household brands and leading global research organisations. 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, 84.51deg and Target, in
addition to signing a global MSA with Ipsos.
"The strategic steps we have taken in 2017 and more recently in
2018 to forge relationships with large global organisations,
successfully securing a GBP3 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."
Enquiries
Big Sofa Technologies Group plc via Vigo Communications
Simon Lidington, CEO
Matt Lynch, CSO
Joe MacCarthy, CFO
Vigo Communications (Financial Public
Relations) +44 (0) 20 7830 9700
Ben Simons / Jeremy Garcia / Antonia
Pollock
SPARK Advisory Partners (NOMAD) +44 (0)20 3368 3554
Neil Baldwin / Mark Brady
Hobart Capital Markets (Broker) +44 (0) 20 7070 5656
Lee Richardson / Phillip Worton
About Big Sofa Technologies Group plc
Big Sofa is a B2B technology business servicing the marketing
and consumer insight industries with video analytics.
Our software platform collates, analyses and organises large
volumes of raw/unstructured video content enabling companies to
perform detailed and sophisticated consumer insight analysis; and
make genuine use of their video content.
Until recently, video has been difficult and expensive to
capture, upload, store, manage and analyse as a consumer insight
tool. However, proliferation of smart phones has empowered
consumers to speak directly to brands resulting in an evolution of
consumer insight and data analytics techniques, with video emerging
as a key platform in a massive $33 billion consumer research
market.
Big Sofa's 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
CHAIRMAN'S STATEMENT
I am pleased to report that Big Sofa delivered a 72% increase in
revenues in 2017 to approximately GBP1.3 million. It was, however,
the transformation of Big Sofa's customer base that defined our
year. For a company of Big Sofa's current size to have embedded
relationships with multiple global, blue-chip organisations,
including Ipsos, Procter & Gamble (P&G) and 84.51deg, and
to have converted these relationships into revenues, is a major
achievement. It is also further evidence that video is now emerging
as 'the' disruptive medium for effective consumer insight in a
multi-billion-dollar global market. I believe we are now well
placed to leverage our customers - and our customers' customers -
growing budgets for video observation strategies in market
research.
Our work with these and other large global organisations has led
to a surge in the number of proposals written. Brands for whom Big
Sofa undertook work in 2017 include SC Johnson, McDonald's, Zurich,
Pepsi Cola, Dyson and International Flavours and Fragrances,
amongst others.
Notable achievements during the year include the signing of a
global three-year Master Service Agreement with Ipsos in April 2017
(subsequently leading to their investment in the Company), which
sets out the terms upon which the entire market research
organisation and its affiliates are encouraged to co-brand with Big
Sofa to deliver video analytics technology and services. In
addition, Big Sofa became an approved supplier to P&G on two of
their core rosters: global technology and research, with Big Sofa
able to undertake projects that facilitate the acquisition and
analysis of both new and existing video content for their
organisation worldwide.
By securing these global agreements, and putting in place a
commercial framework upon which to mutually engage, Big Sofa is now
focusing on maximising the opportunities which these, and other,
relationships provide.
Our strategy of cultivating relationships with multinational
organisations with the capacity to channel significant volumes of
business to Big Sofa in the near term culminated after the
year-end, in March 2018, with the investment by Ipsos in Big Sofa.
Following our collaboration on over 150 projects, Ipsos has seen
first-hand the value that Big Sofa's video observation and
analytics technology delivers. We were delighted that they decided
to invest in our business; to help us develop faster as an
innovative technology company and to enable us to add additional
capacity to take advantage of opportunities to accelerate our
revenue growth.
Investment in technology and product development during 2017 was
another important feature of the year. This culminated in the
productisation of three clear client service offerings which the
Company is deploying: Video Manager, Video Stories and Video
Observer - further details of which are included in the operational
review.
The Company also invested significantly in its US presence in
the year, to include strategically located hubs in Cincinnati and
Chicago. The US contributed 72% of all commercial opportunities in
2017. We believe our US offering is now well positioned to generate
material revenue growth from corporate clients whose global
headquarters are in the US.
Board changes
We were delighted to welcome Ms Laurence Stoclet, the Deputy
Chief Executive Officer, Group Chief Financial Officer and Support
Functions Director of Ipsos, to Big Sofa's board as a non-executive
director in March 2018, following Ipsos' investment in the
Company.
I should also like to place on record the board's thanks to Adam
Reynolds, who has resigned as a director of the Company effective
from 4 June 2018. Adam's capital markets experience has been
enormously valuable to Big Sofa, both prior to, and in the year
following, our AIM Admission and we are grateful for the role he
has played during this important phase.
Outlook
Big Sofa is pioneering research methods with its technology that
present vast opportunities for the consumer insight sector. It is
apparent that large research agencies are seeking innovative ways
to deliver research that provides valuable consumer insight through
observational video techniques. We believe Ipsos' investment in Big
Sofa as a technology business recognises the significant impact
that video is having as an emerging method within this industry and
the potential that it has to transform additional industry
verticals.
Big Sofa has a tremendous and enviable customer base of global
organisations and brands which it has secured by demonstrating the
power of video analytics for market research. It is clear that
video is poised to become a huge part of the consumer insight
industry and therefore I believe Big Sofa is exceptionally well
placed to capitalise on growing industry spend on observational
research strategies which demand Big Sofa's expertise and analytics
technology.
Nick Mustoe
Non-executive Chairman
1 June 2018
OPERATIONAL REVIEW
Introduction
2017 was a year of significant progress for Big Sofa, achieving
revenues of approximately GBP1.3 million, representing a 72%
increase over the prior year, underpinned by the transformation of
the Company's client base. This was realised as we continued to
grow the opportunity that our technology represents to enable
behavioural observation projects for global enterprises at
scale.
Our focus during the year continued to be on broadening the
Company's client roster to secure global partnerships and
agreements that offer material revenue streams. This strategy has
come into fruition in 2017, as we secured a significant agreement
with P&G, and an MSA with Ipsos, as well as undertaking a
number of projects directly with global multinationals.
With prospective clients increasingly appreciating the potential
that Big Sofa's technology can deliver in analysing and
interpreting real consumer behaviour, key to securing these
agreements is our ability to demonstrate the scalability of our
technology and the robustness of our platform when deployed
globally. As the volume and size of the video content on Big Sofa's
platform grew significantly within the year, so too did the number
of users and the sophistication of the projects. In response to
this, we proactively developed and invested in our technology, in
particular, in the technical architecture, security, stability and
performance of the platform to ensure its optimisation and to meet
the high standards required of it by our large multinational
clients.
Finally, as announced in March 2018, Ipsos agreed to invest GBP3
million in Big Sofa, at a price of 18.5p per share, representing
20% of the enlarged group. We also appointed Ms Laurence Stoclet as
a non-executive director of the Company. Ms Stoclet currently
serves as the Deputy Chief Executive Officer, Group Chief Financial
Officer and Support Functions Director at Ipsos.
We are extremely proud to have received this investment from
Ipsos and believe it will help us develop faster as an innovative
technology business and enable the Company to add additional
capacity to take advantage of the opportunities to accelerate our
rate of revenue growth.
Strategy
In the second half of the year, Big Sofa's strategy continued to
focus on securing long-term partnerships with global customers with
whom we can demonstrate our ability to deliver deeper consumer
insight at scale and consequently generate material income.
Whilst the sales cycle associated with securing agreements with
customers of real size and scale is longer, the second half of the
year saw a significant uplift in revenues of 60% from H1 to H2
2017, demonstrating our ability to cultivate long-term
relationships and in turn secure commissioned work from these
organisations.
Investment in the Company's IP and development of our video
analytics platform remained a core focus in the year, in order to
ensure its robustness and to add functionality in response to
customer demand. Big Sofa's technology was central to winning
global clients with increasingly complex and innovative
requirements. Continued development of our technology is crucial if
customers are to maximise the value that Big Sofa's video-based
methods and analytical technology can deliver.
New business
During the course of the year, Big Sofa's client base was
transformed as global household brands and market research agencies
increasingly became aware of the power of our technology to turn
unstructured observational video into quantifiable data. Big Sofa
is increasingly undertaking larger behavioural observation projects
around the world.
In April 2017, we secured a global three-year Master Service
Agreement ("MSA") with Ipsos which set out the terms upon which the
group and its affiliates can utilise Big Sofa to deliver video
analytics and technology. We continue to see strong revenue growth
from this partnership, with Big Sofa undertaking 147 projects with
Ipsos since July 2015 to May 2018.
In addition, Ipsos has also appointed a senior 'Single Point of
Contact' - a global ambassador for Big Sofa within Ipsos to develop
and further facilitate our commercial partnership and encourage the
utilisation and deployment of Big Sofa's platform. In 2018, this
trading relationship has continued to expand, with project work
commissioned from additional divisions and office locations within
the group. We are seeing significant momentum in our relationship
with Ipsos as it continues to develop and expand, but, owing to
Ipsos' significant scale, this momentum will develop into more
material financial gains in the medium to long term as we expect
revenues generated from this partnership to accelerate strongly in
H2 2018.
In June 2017, Big Sofa became an approved supplier to P&G on
their global technology and research rosters, enabling P&G to
undertake projects that facilitate the acquisition and analysis of
both new and existing video content worldwide and this partnership
continued to develop over the year. Additionally, P&G and Big
Sofa continue to work closely together to develop new projects for
the capture and analysis of video.
In addition, 2017 saw Big Sofa develop new direct client
relationships with multinationals including Pernod-Ricard, Nestlé,
McDonald's, SC Johnson, Target and 84.51(o) , with work undertaken
for over 40 clients in the year.
Post year-end, Big Sofa gained further momentum, securing
long-term subscription agreements with 84.51 (o) , Target and
International Flavours and Fragrances; as well as undertaking pilot
work with J&J, Dyson and BCG Digital, which we anticipate will
translate into more material revenue streams in due course.
Our ability to continue to deliver against the requirements of
large multinational clients is testament to the excellent progress
we have made over the last 12 months and we anticipate that the
partnerships we have established in 2017 and the beginning of 2018
have the potential to translate into material revenue in the second
half of 2018 and beyond.
Product development
Big Sofa's video analytics platform is central to our growth
strategy and as our technology is increasingly embedded with
knowledge management providers and strategic partners, we are now
benefitting from added exposure to the technical intricacies of
clients' eco-systems. During 2017, we continued to invest in our
technology to ensure both existing and prospective clients are able
to maximise the value they are able to unlock from their visual
data.
This focus on technology investment has enabled easier ingestion
of video content, faster processing and greater ability to load,
protect and access large volumes of video content anywhere in the
world. We have made substantial improvements to the robustness,
security and scalability of our core analytics platform, focusing
on the following key areas:
-- continuing to enhance the power of our platform to turn
unstructured video into quantifiable and exportable visual
data;
-- maximising automation throughout the video management and analysis process;
-- augmenting the platform to enable the capture of consumer
behaviour in-situ and analyse this behaviour in both detailed and
aggregate ways, with the capability of sourcing, managing and
ingesting videos from homes remotely;
-- scaling of our behavioural analytics capability through the
use of deeper automation to filter video by relevance at the point
of capture, enabling clients to capture and analyse authentic
unmediated behaviour globally;
-- strengthening the platform's ability to manage highly complex
media from multiple primary or secondary sources, including
social;
-- improving platform speed, downloads and sharing capabilities
to enhance usability of the platform, facilitating a stable,
frictionless environment for corporate users; and
-- through Big Sofa's ISO27001 certification, the Company was
already well-positioned to be GDPR-compliant and was fully
GDPR-compliant by the end of Q1 2018.
In addition to advancing Big Sofa's IP, we also focused on the
productisation of our services, developing three clear product
offerings during 2017 and in 2018 to-date, which are:
-- Video Manager: a SaaS-based model enabling clients to upload,
store and manage their video data using Big Sofa's platform
-- Video Stories: a service for the interpretation of video data
within the platform utilising tagging and analysing text, tone of
voice, emotional response, sentiment and object recognition
-- Video Observer: a solution for the capture of consumer
behaviour using a range of camera devices and methods which can
then be uploaded for detailed tagging and analysis on the
platform
We anticipate that, as we increasingly introduce these services
to both existing and potential clients during the course of 2018,
this will translate into increased revenue generation and enhanced
earnings visibility for the future.
International presence
During the year, we expanded our global presence to include US
hubs in Cincinnati and Chicago, which are in close proximity to the
global headquarters of P&G, 84.51(o) , McDonald's, SC Johnson
and Target. Both of these cities are also locations of the US
regional offices for Ipsos and provide us with a platform upon
which to build our client base in the US and service our existing
customers.
In addition, we further invested in the growth of the Company,
with the total number of employees at 31 December 2017 standing at
35, as a result of the increasing levels of work we continue to
secure. We have also made significant progress in the development
of a freelance network of content analysts in order to service
project-based work from our international customer base.
Outlook
We have made a strong start to the year by continuing to
cultivate relationships with large multinational clients and by
securing a strategically important investment in the business. We
continue to see increasing growth in the utilisation of video-based
consumer insight methods globally. This, coupled with our ability
to enable clients to manage and effectively analyse previously
inaccessible video data at scale, has begun to deliver larger
projects from a growing number of global brands and agencies. We
expect this momentum to continue.
We continue to invest in the technology and products essential
in scaling our business and we are confident that the customers and
partnerships we are winning and developing will translate into
sustained and significant growth in the medium to long term.
Simon Lidington
Chief Executive Officer
1 June 2018
Financial Review
FY 2017 FY 2016 Change
GBP'000s GBP'000s %
Revenues 1,301 757 72%
Gross Profit 845 379 123%
Gross Margin 65% 50% 30%
Operating expenses 4,900 4,676 5%
Loss for the year (3,923) (4,278) 8%
2017 was a year of growth and development for the business. The
funds raised at the time of the Company's admission to AIM, and the
subsequent fundraising in September 2017 (which was at a premium to
the AIM admission price) allowed the Group to invest in both our
technology and people in the UK and US, enabling Big Sofa to
service our growing global blue-chip client base.
Our stated strategy to generate revenue has been to identify and
target a number of global brand clients which each have the ability
to deliver multi-million pounds of annual revenues in the medium
term. During the year, revenues grew to GBP1.3m, a 72% increase on
the prior year. This was derived from a small number of core
clients materially increasing their year-on-year commitments; with
a large minority of the revenue secured from a client base that we
had not worked with previously. During the year we introduced Big
Sofa to these new clients, educated them about the power of video
analytics and our technology and completed a procurement process,
which resulted in commissions for revenue generating work. For both
our existing and our new clients, the revenue potential remains
significant.
Gross profit margin for the year was 65%, representing a 30%
increase over the prior year from 50%, which is testament to the
increasing adoption of Big Sofa's technology by established clients
with significant budgets, and the scale in which our technology is
being deployed globally.
Operating expenses were 5% higher in 2017 versus the prior year,
but 53% higher when one-off listing costs from the prior year are
taken into account. This is as a result of the continued investment
being made in the Company's technology and personnel. During the
year, we expanded our business development function in key US
locations and doubled our research and development team in the
UK.
The Group's cashflow reflects this investment in both staff and
technology as outlined above. The Group used funds from the AIM
listing and the further fundraising of GBP1.5m in September 2017 to
invest in our technology, enabling us to service the clients that
we believe will generate significant value for Big Sofa in the
medium term. Net cash outflow from operating activities (including
staff costs) was GBP3m (2016: GBP2.8m) and investment in the
platform was GBP0.6m, up 62% on the prior year. The potential of
the Group was realised by Ipsos who, after engaging with Big Sofa
on projects for over two years, made a strategic investment of
GBP3m in the Company after the period-end, in March 2018, which
bolstered the balance sheet.
We continue to maintain a tight control of expenses and
anticipate these will increase moderately as we continue to execute
on our growth strategy; but we also expect revenues and gross
profit to increase significantly.
The business made huge progress during 2017. We now have a
global reach, a scalable product, an established team, and a
high-quality client-base delivering repeat revenues. Big Sofa is
well-positioned for continued future growth.
Joe MacCarthy
Chief Financial Officer
1 June 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
31 December 31 December
2017 2016
GBP'000 GBP'000
----------------------------------- ------------ ------------
Revenue 1,301 757
Cost of sales (456) (378)
Gross profit 845 379
Deemed cost of reverse takeover - (705)
AIM Listing costs - (785)
Administrative expenses (4,900) (3,186)
------------------------------------ ------------ ------------
Operating loss (4,055) (4,297)
Finance expenses (71) (123)
Loss before income tax (4,126) (4,420)
Tax credit 203 142
Loss for the year (3,923) (4,278)
------------------------------------ ------------ ------------
Attributable to owners of the
parent: (3,923) (4,278)
Loss per ordinary share in
respect of continuing activities
- basic and diluted (pence) (6.62)p (82.58)p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 31 December
2017 2016
GBP'000 GBP'000
------------------------------- ------------ ------------
Non-current assets
Property, plant and equipment 58 29
Intangible assets 545 483
Total non-current assets 603 512
-------------------------------- ------------ ------------
Current assets
Trade and other receivables 885 523
Cash and cash equivalents 376 2,538
-------------------------------- ------------ ------------
Total current assets 1,261 3,061
-------------------------------- ------------ ------------
Total assets 1,864 3,573
-------------------------------- ------------ ------------
Current liabilities
Trade and other payables 716 444
Loans and borrowings 705 599
Total current liabilities 1,421 1,043
-------------------------------- ------------ ------------
Total liabilities 1,421 1,043
-------------------------------- ------------ ------------
Net assets 443 2,530
-------------------------------- ------------ ------------
Share capital 1,954 1,703
Share premium account 6,969 5,670
Reverse acquisition reserve (2,881) (2,881)
Merger relief reserve 2,501 2,501
Other reserves 467 181
Accumulated deficit (8,567) (4,644)
-------------------------------- ------------ ------------
Total equity 443 2,530
-------------------------------- ------------ ------------
Joe MacCarthy
Chief Financial Officer
Company number 07847321
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Reverse Merger
Share Share acquisition relief Other Accumulated
capital Premium reserve reserve reserves deficit Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ---------- ---------- ------------- ---------- ---------- ------------ ----------
Equity as at
1 January 2016 1 494 - - - (366) 129
Loss for the
year - - - - - (4,278) (4,278)
Issue of shares 1,614 - - - - - 1,614
Reverse acquisition 88 5,176 (2,881) 2,501 - 4,884
Issue of share
options - - - - 14 - 14
Issue of warrants - - - - 67 - 67
Issue of convertible
loan notes - - - - 100 - 100
---------------------- ---------- ---------- ------------- ---------- ---------- ------------ ----------
Equity as at
31 December
2016 1,703 5,670 (2,881) 2,501 181 (4,644) 2,530
---------------------- ---------- ---------- ------------- ---------- ---------- ------------ ----------
Loss for the
year - - - - - (3,923) (3,923)
Issue of shares 251 1,299 - - - - 1,550
Issue of share
options - - - - 304 - 304
Foreign currency
translation
reserve movement - - - - 34 - 34
Convertible
loan adjustment - - - - (52) - (52)
Equity as at
31 December
2017 1,954 6,969 (2,881) 2,501 467 (8,567) 443
---------------------- ---------- ---------- ------------- ---------- ---------- ------------ ----------
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended Year ended
31 December 31 December
2017 2016
GBP'000 GBP'000
--------------------------------------------- ------------ ------------
Cash flows from operating activities
Loss before taxation (4,126) (4,420)
Adjustments for:
Deemed cost of reverse acquisition - 705
Depreciation and amortisation 538 894
Payment of director fees with share
issue 50 -
Finance expenses 71 123
Other reserves - 81
Share option charge 304 -
Operating loss before working capital
changes (3,163) (2,617)
Changes in working capital
Increase in trade and other receivables (319) (334)
Increase in trade and other payables 289 164
Cash (used in) / generated by operations (3,193) (2,787)
Tax received 160 -
--------------------------------------------- ------------ ------------
Net cash (outflow) / inflow from operating
activities (3,033) (2,787)
---------------------------------------------- ------------ ------------
Investing activities
Purchase of property, plant and
equipment (59) (21)
Purchase of intangible assets (577) (358)
Acquisition, net of cash acquired - (1,013)
Proceeds from disposal of property,
plant and equipment 10 -
Net cash flows used in investing activities (626) (1,392)
---------------------------------------------- ------------ ------------
Financing activities
Issue of ordinary shares 1,500 6,109
Interest paid on loans and borrowings (3) (123)
Repayment of loans - (291)
Net proceeds from issue of convertible
loans - 1,125
Net cash flows from financing activities 1,497 6,820
---------------------------------------------- ------------ ------------
Net change in cash and cash equivalents (2,162) 2,641
Cash and cash equivalents at the beginning
of the period 2,538 (103)
---------------------------------------------- ------------ ------------
Cash and cash equivalents at the end
of the period 376 2,538
---------------------------------------------- ------------ ------------
Notes to the preliminary financial results
1. The figures for the years ended 31 December 2017 and 2016 do
not constitute statutory accounts within the meaning of Section 434
of the Companies Act 2006. The figures for the year ended 31
December 2017 have been extracted from the statutory accounts for
that year on which the auditor has issued an unqualified audit
report which have yet to be delivered to the Registrar of
Companies. The figures for the year ended 31 December 2016 have
been extracted from the statutory accounts for that year which have
been delivered to the Registrar of Companies. This announcement was
approved by the board of directors on 1 June 2018 and authorised
for issue on 4 June 2018.
2. The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards adopted
by the International Accounting Standards Board ('IASB') and
interpretations issued by the International Financial Reporting
Interpretations Committee of the IASB (together 'IFRS') as endorsed
by the European Union. The information in this preliminary
statement has been extracted from the audited financial statements
for the year ended 31 December 2017 and as such, does not contain
all the information required to be disclosed in the financial
statements prepared in accordance with the International Financial
Reporting Standards ('IFRS').
3. Earnings per share
Year ended Year ended
31 December 2017 31 December 2016
Basic and diluted
Loss for the period and earnings used in basic & diluted EPS (GBP) (3,923,453) (4,278,403)
Weighted average number of shares used in basic and diluted EPS 59,301,048 5,180,697
Loss per share (pence) (6.62) (82.58)
-------------------------------------------------------------------- ------------------ ------------------
Basic earnings per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period. The
weighted average number of shares for the current and prior years
included shares issued by Big Sofa Technologies Group PLC.
Due to the loss in the periods the effect of the share options
was considered anti-dilutive and hence no diluted loss per share
information has been provided.
Annual Report and Accounts
Copies of the Annual Report and Accounts, together with a notice
convening an annual general meeting, are being posted to
shareholders shortly and will be available within the Investors
section of the Company's website at www.bigsofatech.com.
Annual General Meeting
The annual general meeting of the Company will be held at 9.00
a.m. on 3 July 2018 at Martin House, 5 Martin Lane, London, EC4R
0DP.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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Big Sofa Technologies (LSE:BST)
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