| CATEGORY: AIM BULLETIN SECTOR: SOFTWARE & COMPUTER SERVICES |
Demerger costs weigh down Blinkx |
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Mon 29 Oct 2007
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LONDON (SHARECAST) - Video search business Blinkx disappointed the market today, reporting heavy losses in its first set of results since demerging from Autonomy thanks to the burden of demerger and IPO costs.
In the period from 23 April, when the company was incorporated, to 30 September of this year the company declared a loss before tax of $12.86m, after taking a hit of $11.46m on demerger and IPO costs.
Gross profit totalled $2.19m, representing a gross margin of 74%.
Revenues for the period totalled $2.95m, which the company said was 23% higher than the top forecast by analysts covering the company. Revenue growth was driven by a strong increase in the number of daily searches, which has grown 280% since the company floated, to an average of 4.2m a day in September.
“Key strategic partnerships, including Ask.com and RealNetworks, have established blinkx as the gold standard for TV and video search on the Web and almost tripled our daily searches,” claimed Blinkx boss Suranga Chandratillakem.
Earlier this month the company announced native language search for France, Germany and Spain, which Chandratillakem maintained "will promote usage throughout Western Europe and drive advertising revenue worldwide.”
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