International video analytics provider Big Sofa said first-half losses narrowed, as work commissioned doubled and costs were reduced.
For six months ended 30 June, pre-tax losses fell by 19% to £1.82m from £2.23m, and revenues increased by 20% to £0.60m.
Gross margins fell to 8% to 63% as projects such as Video Observer, were priced competitively as the market adopted new methodology. Average project commission values also increased in first half of the year, up 45% from a year earlier.
Work commissioned as at 30 June 2018 increased by 100% to approximately £1.0m.
The board had agreed to a number of significant cost-cutting measures which was expected to bring the company to cash breakeven sooner without affecting its ability to deliver anticipated revenues, Big Sofa said.
We have made considerable progress in the first half embedding ourselves within global organisations looking for innovative ways to gain insights that influence their product, service or business strategies, Simon Lidington, Chief Executive Officer of Big Sofa.
The work we have put into productising our offering enables us to take three distinct solutions to market, resulting in a deeper understanding of our capabilities and their capacity to transform client insight strategies. Perhaps most exciting is the launch of Video Observer, a unique solution to analyse in-home and in-store behaviour at scale, which we believe will become an engine of growth for Big Sofa.
At 8:52am: (LON:BST) Big Sofa Technologies Group Plc Ord 3p share price was -3.35p at 3.75p