17th Mar 2014 10:49
LONDON (Alliance News) - Forbidden Technologies PLC Monday posted a widened pretax loss for 2013, as it hired further research and development staff and increased promotional costs in 2013.
Forbidden owns and develops a cloud video editing platform called FORscene.
The company posted a pretax loss of GBP802,778, widened from a pretax loss of GBP270,318, as revenue declined to GBP772,180 from GBP812,744 in the previous year. Administrative expenses rose to GBP1.5 million from GBP963,237 in the previous year, as it bolstered its headcount and saw higher promotional costs.
Comparative revenue reflected the one-off benefit of the 2012 Olympic Games in the previous year.
The company raised GBP8 million in a placing during the year, and the proceeds will go towards accelerating growth in the coming years, Forbidden said.
Forbidden said that it had appointed public relations company Wall Street PR in December 2013 to help raise its profile amongst broadcasters. It also appointed Marketing Team Direct in August 2013 to review the company's brand. The company said this project is close to completion, and its revamped brand will be shown at the NAB convention in Las Vegas in April.
The company established a US subsidiary in Burbank, California, in March called Forbidden Technologies Inc, and noted that its US team has identified a list of customer opportunities in both reality televion and sports. It is in the process of installing a number of trial servers with potential customers, Forbidden said.
The company is developing an iPad version of its Clesh mobile app, which it launched three years ago.
Shares in Forbidden were trading down 1.8% at 27.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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