5th Nov 2013 09:18
LONDON (Alliance News) - Shares in blinkx PLC jumped Tuesday after it posted increases in revenue and a threefold growth in pretax profit in the half year ended September 30.
blinkx provides video search and advertising services for online media. Its shares were trading up 4.8% at 184.25 pence Tuesday morning. The shares have traded as high as 186.00p in the early session.
Pretax profit increased to USD10.8 million in the first six months from USD2.5 million in the previous year, blinkx said.
The company posted revenues of USD111.6 million, up 36% from USD82.0 million in the previous year. Revenues were primarily generated from online advertising, blinkx said, benefiting from strong underlying growth and the launch of its video syndication platform product, blinkx Video Advantage. The platform is used to distribute video content across multiple websites.
The acquisition of US advertising and video content-syndication platform Grab Media also helped to boost results. Acquisitions made in 2012 had been successfully integrated, blinkx said, which helped it to increase the size of its audience.
"The online advertising industry continues to experience robust growth, within which video advertising remains the fastest growing segment," said Chief Executive Officer Subhransu Mukherjee in a statement. "Several structural tailwinds are fueling these trends, including widespread broadband adoption, proliferation of connected devices and the escalating migration and consumption of video online."
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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