Shares in Forbidden Technologies soared Wednesday after the company was expected to report a 50 per cent increase in 2012 revenues.
Forbidden jumped 17% to 24.00p at 10:00 following a trading update which projected annual results would exceed analysts' forecasts, thanks in part to sales of its cloud video platform FORscene.
FORscene is used as a tool for editing live video content. It was employed by YouTube and NBC for editing web video for the 2012 London Olympics.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Start your trial
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
As a result, Forbidden's overall revenue from the news and sport sector is expected to grow by over 80% during the period.
Latest Videos FromMoneyWeek
"FORscene's reputation for reliability, speed and reduced cost have been the major drivers of growth in professional markets, the source of almost all Forbidden's revenue," the company stated.
The product is becoming highly used in the broadcast post production sector despite a tough economic period.
The firm also experienced growth in UK broadcast post sales. Selling products through third parties including post production houses has boosted profitable hardware sales.
Forbidden is now developing an Android app version of its Clesh cloud video editor following steady sales of the product over the past year and advances in mobile phone technology.
"Advances in screen resolutions, network speeds and processors are all turning what two years ago was more of a technical demonstration into a major force for both professional and consumer markets," the company reported.
Forbidden said this year has kicked off with a strong pipeline of project and the board predicts growth.
RD
