Forbidden Technologies sees sales rise but losses widen

Forbidden Technologies reported Wednesday a 74 per cent increase in sales as its video technology FORScene was used to edit and upload footage of the London Olympic Games.

Forbidden Technologies reported Wednesday a 74 per cent increase in sales as its video technology FORScene was used to edit and upload footage of the London Olympic Games.

Sales increased to £0.81m for the year to December 31st, 2012, compared £0.46m in 2011.

FORScene contributed to the results as sales of the cloud-based video editing software grew by 61% year-on-year in the broadcast post-production sector and 88% in news and sports.

News and sports sales were supported by the London Olympics during the year as FORScene was used to upload video for YouTube at US broadcaster NBC.

However, the company widened its net loss to £0.21m, up from £0.18m, which reflected investments in research and development, marketing and sales resources.

Administrative expenses climbed to £0.96m from £0.67m.

Loss per share grew to 0.25p from 0.22p the year before.

Nevertheless, the Chairman, Vic Steel, said its flagship product showed promise.

"In broadcast post-production, FORscene is gaining increased recognition for its time and cost saving benefits and for the value of its availability any time, any place on any desktop or laptop that has broadband access. Our ambition over time is to extend our international penetration of this sector," Mr. Steel said.

"This year in news and sport, FORscene has demonstrated through its work on the Olympics for YouTube and NBC that it fulfils the key requirements of speed of delivery, cost efficiency and ability to operate from diverse and sometimes remote locations... we expect news and sport to continue to be a major growth area for the company, as cloud-based technology becomes the standard platform internationally."

The company recorded a cash balance at the end of the year at £0.45m, down from £0.69m the previous year.

Shares rose 2.0% to 25.50p at 12:05 Monday.

RD

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
Properties for sale for around £1m
Houses for sale

Properties for sale for around £1m

From a stone-built farmhouse in the Snowdonia National Park, to a Victorian terraced house close to London’s Regent’s Canal, eight of the best propert…
15 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021