Forbidden Technology CEO Departure Knocks Annual Revenue

Thu, 15th Mar 2018 11:17

LONDON (Alliance News) - Forbidden Technologies PLC on Thursday blamed disruption caused by the resignation of its chief executive for a drop in revenue and sales in 2017.

Shares were down 4.2% on Thursday at 3.95 pence each.

Revenue fell to GBP758,835 in 2017 from the GBP774,825 recorded in 2016, while invoiced sales dipped to GBP714,903 compared to GBP1.0 million in 2016.

The could video platform technology firm's pretax loss was flat at GBP2.4 million.

In February 2017, its former Chief Executive Aziz Musa resigned unexpectedly for "personal reasons", and this left the company without a CEO for six months as it looked for an external appointment for the first time in its history.

Chief Executive Ian McDonough took up the role in September, and this disruption, the company said, led to a fall in revenue and invoiced sales.

In the first quarter of 2018, Forbidden has registered "significant" double-digit percentage growth in invoiced sales year-on-year, and it is confident it can continue to build an order book once more.

Forbidden's main product is its cloud-based Forscene technology, soon to be rebranded under its Blackbird brand, which allows users to convert video content into edited videos for broadcast and digital distribution.

McDonough said: "The company is having a good first quarter with significant double-digit growth to date in invoiced sales over the same period last year. We are in dialogue with a number of interesting opportunities in the live sports, eSports, news and post production sectors."

"In addition, we are in discussions with multi-channel networks and social media publishers who are often building their media supply chain from scratch, and who see Blackbird as an end to end SaaS solution instead of investing in numerous pieces of specific hardware."

He added: "We have changed our sales strategy to focus on getting Blackbird adopted as an integral component of our client's technology infrastructure and this approach is paying dividends."

Forbidden