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Blackbird delivers record revenues in first half despite pandemic lockdown

The cloud video editing specialist also said it has made a "strong start" to its second half, with secured revenues as of August 31 of £1.45mln compared to £943,000 in the prior year

Blackbird PLC - Blackbird delivers record revenues in first half despite pandemic lockdown

Blackbird PLC (LON:BIRD) has reported record revenues in the first half of its current financial year as the company said the acceleration in its business has continued despite lockdowns caused by the coronavirus (COVID-19) pandemic.

For the six months ended June 30, 2020, the cloud video editing specialist reported revenues of £714,000, up 49% year-on-year, while the firm’s underlying (EBITDA) loss narrowed 30% to £714,000.

READ: Blackbird inks cloud-based editing services deal with Tata Communications

The firm highlighted numerous developments during the period, including US TV network A+E doubling the volume of video edited using Blackbird’s platform for the next year, while the group also contracted with Liverpool FC and Arsenal FC to deliver remote working solutions.

Post-period, Blackbird said as of August 31, 2020, it has secured £1.45mln in revenues compared to £943,000 in the prior year, while contracted but unrecognised revenues stood at £2mln, £453,000 of which relates to 2020.

Into the second half, the group said it had made a “strong start” to the final six months of the year, with new deals with Tata Communications, live-broadcast video specialist Zixi and production and broadcast group Live X will “accelerate” its future revenue growth.

"I am pleased to deliver record revenues for the six-month period of £714k, up 49% year on year. This accelerated performance has come despite the [coronavirus] lockdown, proving the resilience of our operating model and whilst moving the Blackbird team fully to remote working”, Blackbird chief executive Ian McDonough said in a statement.

“It has also enabled our customers to continue their operations remotely and, at the same time, ensure the safety of their staff.  I am genuinely excited about the future prospects for the company and made a further significant investment in the company in April 2020.  As we continue to execute the next stage of our strategy and Blackbird becomes more widely adopted, I look forward to delivering further good news and strong results to the market", he added.

Blackbird shares were 4.7% lower at 20.5p in late-morning trading on Monday.

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Quick facts: Blackbird PLC

Price: 20.75 GBX

Market: AIM
Market Cap: £69.94 m

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Blackbird grows 49% across the board after reporting record revenues

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on 9/9/20

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