12th Mar 2019 11:12
LONDON (Alliance News) - Forbidden Technologies PLC on Tuesday reported a widened annual loss due to higher expenses, despite revenue growth.
For 2018, the developer and seller of cloud video platform technology posted a pretax loss of GBP2.6 million compared to GBP2.4 million a year ago as operating costs jumped to GBP2.7 million from GBP2.5 million.
Revenue rose 15% to GBP870,310 from GBP758,835 a year ago.
"2018 has been a year in which we have seen continuing success in the execution of our strategy to move to recurring infrastructure sales as the primary driver of growth," Chief Executive Ian McDonough said.
"These sales now represent more than half of our invoiced sales, almost double the amount two years ago.
Looking ahead, the company has started 2019 in a "strong position" with higher deferred revenue and contracted orders at the beginning of the year than last year.
"The board is confident our strategic focus and stronger sales capability, especially in North America, means we will continue to win new higher value business and grow revenue from our existing client base," McDonough added.
Forbidden Technologies shares were trading down 3.2% at 7.50 pence each on Tuesday.