LONDON (Alliance News) - Forbidden Technologies PLC Tuesday said it plans to make 2016 the year it begins to see sales traction, following a "year of stabilisation" in 2015, and it posted a narrowed pretax loss for the year.
The cloud based video-editing software company has been taking steps to shift its strategy after a thwarted attempt to break into the post-production market in North America. Since then, it has shuffled its board and management team and reorganised its structure with a "clear focus on commerciality".
The company reported a pretax loss of GBP2.6 million, narrowed from a pretax loss of GBP3.6 million a year before, as revenue rose to GBP708,717 from GBP689,222, and the company saw lower operating costs of GBP2.7 million, compared to GBP3.6 million in 2014.
Forbidden had pledged to reduce costs by around GBP1.0 million in 2015, and delivered ahead of that pledge with cost savings of GBP1.5 million, as a result of closing its US office at the end of 2014 and removing a layer of senior management.
"2015 was a year of transition for Forbidden in terms of personnel, strategy and culture. Moving forward into 2016, the business is stable, we have an incredibly strong portfolio of products and a very clear focus on increasing sales. Already this calendar year we have made encouraging progress against our stated objectives and the board is committed to continuing in that vein for the rest of 2016 and beyond," said Chief Executive Officer Aziz Musa in a statement.
Shares in Forbidden Technologies were down 6.2% at 9.50 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Forbidden (FBT)