3rd Sep 2015 08:44
LONDON (Alliance News) - Forbidden Technologies PLC on Thursday said reported a loss in the first half of 2015 as deferred revenue rose.
The AIM-listed company, which owns and develops cloud video platform Forscene and video social network eva, said it made a GBP1.4 million pretax loss in the six months to June 30, compared with GBP1.2 million in the corresponding half the prior year. Revenue was down to GBP327,338 from GBP348,077, while operating costs rose to GBP1.4 million from GBP1.3 million.
Deferred and future revenue from agreed deals increased to GBP220,000 from GBP33,000 six months earlier.
Chief Executive Stephen Streater said the company's restructuring in the first half resulted in significant cost savings and reflected a "tightened focus" on its fastest growing target markets.
"Our new strategy is starting to bear fruit, with first half Forscene revenue in Sports up 1.8 times year on year, and deferred and agreed future revenue, primarily from longer-term Sports deals, increasing fivefold from the beginning of the period. The second half has already seen the first launch events of the company's consumer venture, eva, the video social network, which represents a major extension to Forbidden's platform," Streater said.
"This staged launch has been well received, and the resulting live use by consumers has enabled the company to develop and improve the app through a series of releases," Streater said.
The chief executive said a good deal of technical work was completed on Captevate, the company's new consumer video editing tool, in the first half.
"We will soon be in a position to roll out our editing technology into a market with millions of potential new customers," Streater said.
Shares in Forbidden were down 12% at 7.15 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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