12th Sep 2018 11:44
LONDON (Alliance News) - Forbidden Technologies PLC on Wednesday reported a widened interim loss due to rising costs.
The developer and seller of cloud video platform technology posted a pretax loss for the six months ended June of GBP1.3 million from GBP1.2 million the year before.
The company's operating costs during the period also increased to GBP1.3 million from GBP1.2 million the year before.
Forbidden Technologies' revenue increased 19% to GBP377,438 from GBP316,349. Invoiced sales increased 38% to GBP489,000 from GBP355,000.
Cash used in operations increased to GBP902,000 from GBP825,000. The company's cash in hand at the end of the period was GBP6.2 million, GBP5.4 million of which was raised via placing 115.0 million shares in the company.
Looking ahead, the company's "significant six-digit" deal with TownNews.com - where Forbidden Technologies will provide production infrastructure to US media company Meredith Corp's 17 regional news networks - will see its first invoiced sales in October.
The company will continue to progress its original equipment manufacturer strategy, which TownNews.com is a part of, with "multiple discussions" with "other large scale" North American companies taking place.
Chief Executive Officer Ian McDonough said: "This has been a very busy period for the company involving a successful and over-subscribed placing raising GBP5.8 million, the repositioning of our product suite under Blackbird and the new product launches of Blackbird Ascent, Forte and Edge. The invoiced sales in this period indicate a record first-half performance for the company. We have brought in fresh thinking in many areas of the team including product management, sales and pre-sales."
Shares in Forbidden Technologies were flat on Wednesday at 5.65 pence each.
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