BLOC.L Share News (BLOC)

(Sharecast News) - Video optimisation technology company Seeen said in a trading update on Thursday that its revenue in 2021 was $8.5m, down from $10.1m in 2020, reflecting changes it made to improve the quality and profitability of its customer base, and the sales contribution from its video technology products and services.
The AIM-traded firm said its adjusted EBITDA loss narrowed to $1.5m for the 12 months ended 31 December, from $2.1m a year earlier, reflecting improved profitability from MCN, and its transition from research and development to technology sales.

Its cash balance at year-end was $2.1m, enabling the company to continue to execute its commercialisation strategy and move to profitability.

On its outlook, Seeen said that in January iot secured two further contract wins for CreatorSuite and JetStream, its proprietary video products, taking the total to nine active customers.

The company said it expected those wins to drive revenues in 2022, and also expected to see the full-year benefits of 2021 second half improvements in profitability across its MCN and technology divisions.

During 2022, the group said it intended to scale its marketing and sales efforts to secure more customers in its core vertical markets of: current events publishers, retailers, and home services providers.

"We are encouraged by the group's customer traction and sales pipeline," said chairman Patrick DeSouza.

"We also appreciate the receptivity by strategic partners to our AI offerings."

DeSouza said the media and technology landscape was "rapidly" transforming, with the rise of short-form video content platforms such as Tik Tok and YouTube Shorts.

"We are emerging at the right time - our product offerings like CreatorSuite enable brands and creators to better exploit these and other social media platforms.

"We look forward to growing through a combination of licensing, revenue sharing and strategic partnerships."

At 1205 GMT, shares in Seeen were down 2.22% at 22p.