28th Jul 2014 09:32
LONDON (Alliance News) - Forbidden Technologies PLC Monday expressed confidence in continued growth in its second half, as "significant investment" in its first half to end-June widened its pretax loss for the period.
Forbidden develops and operates cloud video-editing platform ForScene.
The company posted a widened pretax loss of GBP1.2 million for the six months ended June 30, widened from GBP189,618 in the previous year, as revenue declined to GBP348,077 from GBP401,278, but administrative expenses nearly tripled as it upped its headcount and set up its new US subsidiary.
Some GBP184,000 was spent on setting up and staffing the US subsidiary. The company noted that whilst revenue was down, it considers the reasons to be "short term", and reiterated confidence in its strategy.
It said its pipeline in North America is impressive, and initial sales have been made, with significant growth expected in the second half and continuing into 2015.
It has continued to improve its flagship product ForScene. Additionally, it made "rapid progress" on designing and developing its planned entry into the consumer market, under the brand name "eva". Forbidden has published a web page for the product Monday, which allows visitors to take part in alpha testing of the product.
It is planning to launch the full product in the fourth quarter.
"The industry shift towards cloud-based workflows continues and, with a number of new staff appointments, growing momentum in North America, and the development of an exciting new consumer offering well underway, we remain confident in Forbidden's ability to grow in the second half and beyond," said Chief Executive Stephen Streater in a statement.
Shares in Forbidden were trading down 9.3% at 18.15 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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