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(Alliance News) - Blackbird PLC on Monday reported a narrowed pretax loss for 2019, driven by the improved performance of its North American business.
Shares in the video editing platform developer were 6.0% higher at 15.10 pence each midday Monday in London.
Revenue for 2019 was 26% higher at GBP1.1 million from GBP870,310 in 2018. Pretax loss narrowed to GBP2.2 million from GBP2.6 million.
Revenue from North America tripled to GBP469,000 from GBP158,000 in 2018, now representing 43% of total group revenue.
Contracted but unrecognised revenue increased more than three-fold to GBP1.9 million from GBP566,000. Of this, GBP797,000 will be recognised in 2020, GBP462,000 in 2021, GBP304,000 in 2022, and GBP318,000 in 2023 and beyond, Blackbird said.
Contracts include a multi-year deal signed with an undisclosed global news organisation and a long-term tender won for video production with the US Department of State.
Looking ahead, Blackbird said it is in discussions with other large global infrastructure companies who have shown interested in wholesaling Blackbird. It added that during the period of disruption caused by the Covid-19 outbreak, it has signed deals with new and existing clients such as Liverpool Football Club to aid remote working.
"During these testing times, I am pleased that our platform provides enterprises with solutions to work remotely. The expansion of our deal with A+E Networks who will double the volume edited through the Blackbird platform will both enable a significant expansion of remote video production capability, and ensure the overall safety of its editors who will now be able to work even more effectively, remotely, said Chair Andrew Bentley.
"The board and management team are confident that with our excellent team in place, we have the platform and strategy to grow our business successfully," he added.
As at the end of 2019, Blackbird had cash of GBP8.0 million and no debt.
By Ife Taiwo; ifetaiwo@alliancenews.com
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