Forbidden Technologies sales double after YouTube Olympics deal
’ () half-year revenues almost doubled, helped by a deal with video giant YouTube to use its video editing platform, FORscene.
First half revenue from the news and sport sector grew by 124 per cent to £208,000 compared with the first half of 2011, which Steel says reflects “the successful penetration of this dynamic growth market by the FORscene cloud platform”.
The cloud-based firm said a key driver of this growth has been the licence agreement with YouTube for the use of FORscene during the Olympics this summer.
Another significant milestone was the deal struck with American broadcaster NBC to use the same video editing technology.
“As demonstrated by the licensing to YouTube and use by NBC this summer, FORscene is achieving widespread recognition and acceptance as a leading cloud-based video platform,” said Forbidden’s chairman Vic Steel.
“Forbidden is well placed to capitalise on the growth opportunities in its target sectors over the coming years, not only in the UK, but also in multiple overseas geographic locations.”
Revenues for the six months to June 30 grew 91 per cent to £348,000 from £182,000 in the same period in 2011, while gross profits were up to £283,000 from £156,000.
This increase in revenues was offset by administrative expenses amounting to £443,000, which the company said mainly reflected a planned increase in staff.
This meant Forbidden made losses of £157,000 for the half-year, little changed from 2011.
The company highlighted its “strong, debt free balance sheet”, with net cash of £617,000.