Blackbird PLC (AIM:BIRD, OTCQX:BBRDF, FRA:FBD), the video editing suite developer, posted record sales in its latest half-year after a string of new client wins and repeat orders.
Revenues rose 21% to £867,000 in the 6 months ended June 2021, with contracted but unrecognised revenues up by 6% year on year at £1.97mln.
Sports and News did well with revenue up 37% and 26% year-on-year at £330,000 and £244,000 respectively though growth elsewhere was held back by lower production volumes in the UK Broadcast Post sector as well as the strengthening of the pound versus the dollar.
Ian McDonough, chief executive, said: We made strong progress in the period against our sales strategy both in OEM: signing partnerships with EVS and LiveU and expanding our deal with TownNews; and Direct: closing deals with, amongst others, Cheddar News, ODK Media and BT.
"Importantly, in a landmark deal for the company, we signed our first 'Powered by Blackbird' licensing contract for the core video technology post period.
“As well as being long term and the largest financial deal to date for the company at a minimum expected value of €2mln, this is also of strategic importance and provides substantial evidence of the value of our IP outside of our own Blackbird product which we have been talking about for some time.”
Spending on product development and elsewhere meant a net loss before tax of £1.17mln (6 months to 30 June 2020: £942,000).