Blackbird PLC (LON:BIRD) saw record revenues in 2020 as demand for its remote editing technology surged during Coronavirus (COVID-19) lockdown periods.
“With new ways of working, the real advantages of Blackbird have been recognised and celebrated across our sector,” it added.
Blackbird said its technology gives the ability to work collaboratively and remotely on any connected device, making the transition to home working seamless for customers, their employees and its own team.
Revenues in the year to end December rose 45% to £1.57mln with North American sales more than doubling to £968,000.
Blackbird added that it already has £1.2mln of revenues booked for the current year, a 32% increase on this time a year ago with the total sales pipeline worth £1.93mln.
Deals signed during the year included Tata Communications, the National Hockey League and remote working solutions for Premier League clubs Arsenal and Liverpool and since the year-end with EVS, the leader in live video for broadcast and new media.
Ian McDonough, chief executive, said: "I am pleased to again report record revenues for the year of £1.57million, up 45% on the previous year despite the very challenging industry environment having a large impact on Live Sport and Post-Production, two of our key markets. The Company also made strong progress in reducing its cash burn.
“During the year, Blackbird announced key partnerships with Tata Communications and EditShare, executing against our Original Equipment Manufacturers ("OEMs") strategy, where Blackbird will be sold as an integral part of a larger end-to-end media solution.
“The scale of these deals will be seen in the near future as their respective sales teams sell Blackbird to end customers. Post the year end, we are delighted to have added EVS, a key provider in the live news and sports industries, to this list of global OEM partners.”
McDonough added that Blackbird recently published a white paper on sustainability highlighting the impact of the TV and video industry on the environment and how using cloud native solutions, such as Blackbird, can significantly reduce carbon emissions from this industry.
“The evidence of confidence returning to our markets can be seen in a spate of recent contract wins. As COVID-19 vaccinations are rolled out, with an accelerated shift to cloud and remote workflows and with us taking a leadership role in the reduction of carbon emissions across the industry, Blackbird is very well positioned to prosper."
Blackbird reduced its losses over the year to £1.88mln (£2.13mln). Cash burn also reduced to £1.6mln with a balance of £6.5mln at the year-end.