(Alliance News) - Blackbird PLC on Monday said its loss narrowed slightly in the first half of 2019 on increased revenue from licencing of the company's cloud video software.
Shares in Blackbird were down 7.7% at 10.15 pence in London in morning trade.
The cloud video platform developer and seller posted a GBP1.2 million pretax loss for the six months to June 30, shrinking from GBP1.3 million the year before.
Revenue increased 27% to GBP479,474 from GBP377,438. This was attributed to the firm's licencing of its cloud video solutions as part of its core media infrastructure for company, as well as repeat revenue from its software-as-a-service offering.
Contracted orders and deferred revenue reached a new company record at the end of June, standing at GBP1.2 million versus GBP566,000 at the end of 2018.
Chief Executive Ian McDonough said: "Blackbird is a market leading product and all evidence points to the industry's large-scale transformation, of moving to the cloud for its video editing needs, as now being well and truly underway. Our revised strategy is now 'bedded in' and the sales traction demonstrated in new sectors with a different breed of customer demonstrates that we are strongly positioned to capitalise on this significant industry shift.
"When authorised to do so, and within the regulatory parameters of our AIM listing, I have continued to increase my holding in the company for which I see such great potential."
Blackbird (BIRD)