Last checked at 
(Alliance News) - Blackbird PLC on Tuesday reported a widened loss and lower revenue in the first half of 2023 but hailed "significant" progress of its Creator software-as-a-service platform.
Shares in the firm dropped 11% to 8.49 pence on Tuesday morning in London.
Blackbird reported a pretax loss of GBP1.6 million in the six months ended June 30, widened significantly from a GBP603,691 loss the previous year.
Revenue from continuing operations fell 36% to GBP985,115 from GBP1.5 million the year prior.
The drop in revenue can largely be explained by two non-recurring items earned in the first half of 2022, Blackbird said: the development fees on its 'Powered by Blackbird' licensing deal and the revenue from the global winter games.
Blackbird said as at August 31, it has GBP1.8 million in secured revenue for 2023 and GBP2.0 million in contracted but unrecognised revenue.
This compares to GBP2.7 million in secured revenue and GBP4.0 million in contracted but unrecognised revenue at the same time in 2022.
Blackbird is a technology licensor, developer and seller of the cloud video editing platform, Blackbird. On Tuesday, it boasted "significant" progress on its Creator SaaS platform.
"[The Creator SaaS platform] builds on our core technology and will expand our addressable market. This product represents an exciting future for the company and our strong balance sheet will enable us to launch it. Regular updates will be provided to shareholders, including a special event on 13 September 2023, ahead of an expected launch in early 2024," the company said.
By Heather Rydings, Alliance News senior economics reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.