BigDish PLC BigDish UK Strategy Update (4074H)
15 November 2018 - 6:01PM
UK Regulatory
TIDMDISH
RNS Number : 4074H
BigDish PLC
15 November 2018
15 November 2018
BigDish Plc
("BigDish" or the "Company")
BigDish UK Strategy Update
BigDish Plc (LON: DISH), a food technology company that operates
a yield management platform for restaurants, is pleased to provide
a strategy update for both its UK and Asian operations.
Highlights:
-- Commencement of Asian Strategic Review due to informal approaches for acquisition
-- Initial beta period produced positive recommendations
-- New South West UK regional manager
-- Building a launch pad for UK growth in 2019
-- Technology team increased from seven to nine persons
Asian Strategy Update
Since the IPO the Asian business has grown, seating three times
more diners than 12 months ago. Furthermore, the Directors have
been approached by more than one Asian technology company on an
informal basis regarding the potential acquisition of the Asian
business. As such, the Directors have decided to conduct a
strategic review of BigDish's Asian business to determine the path
to achieving the most value for shareholders. The result of this
review is expected in January.
UK update
The Company announced on 1 October 2018 the appointment of Sanj
Naha. Mr Naha has made an immediate positive impact on the Company.
At present, both BigDish in beta and TablePouncer are operating.
The initial beta phase has produced a variety of operational and
technology recommendations, which are currently being
implemented.
One of the recommendations was to upgrade the branding for the
UK market. Based on feedback it was decided to alter the branding
within the UK app. This branding process has started with a change
of logo in the UK and will be implemented over the next couple of
months.
Sanj Naha has developed a model for growing the UK business on a
per territory basis, in accordance with his previous experience in
restaurant reservation and yield management applications.
The Company has added a new territory manager to cover the south
west and new restaurants are being added to both the TablePouncer
and BigDish businesses. The initial focus is to sign up restaurants
in Bristol. The UK business is expected to be fully rebranded and
TablePouncer will be completely absorbed into BigDish by January,
at which point the Company plans to end the beta phase.
As announced on 17 September 2018, the Company is confident that
there are a potential 6,000 restaurant partners in the UK. The
prime focus of Q4 2018 is building a launch pad for growth in the
UK in 2019 which will be the prime focus next year. The Company
expects to announce in early January its specific targets for the
UK business in 2019 including various metric targets. Depending on
the outcomes of the Asian business strategic review, BigDish may
require substantially less capital for growth than previously
anticipated, which the Directors believe will benefit shareholder
value.
Technology Update
The Company has increased the size of its technology team from
seven to nine persons. The Company intends to continue to grow this
team, to 15, over the next year. This will improve product
development and the speed at which new features and updates can be
completed. Basing BigDish's technology development team in the
Philippines represents a significant cost saving compared to having
it based in the UK.
Joost Boer, CEO, commented:
"The addition of Sanj Naha has had a very positive impact on the
Company. Sanj's experience in the restaurant tech space gained at
tech giants such as TripAdvisor and The Fork is proving invaluable
as we build the launch pad for aggressive growth in 2019. The UK
business will continue to be the prime focus going into next year
and will be the value driver for the share price.
"Given that the UK's largest dining discount card, Tastecard,
was acquired for over GBP100m a couple of years ago, it is clearly
evident that the UK alone has the potential to deliver significant
value for shareholders."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe
Julia Tilley
Simon Woods
Note to editors:
Yield management is a dynamic pricing strategy that charges
different prices at different times for the same products. American
Airlines started to use yield management in the 1970s which changed
the way airline seats are sold. The hotel industry also has widely
adopted yield management. The restaurant industry has typically
been a slow adopter of technology and as such yield management has
been underutilised. Even the busiest restaurants have empty tables
and quieter evenings. BigDish's application of yield management
enables restaurants to offer customers discounts at quieter times
to optimise their revenue by bringing in additional customers.
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contact rns@lseg.com or visit www.rns.com.
END
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