blinx to miss revenue forecasts

Video search engine, blinkx, said it would undershoot analysts predictions in its full year results, despite recording at 72 per cent increase in revenues.

The firm said it expected to report revenues for the year to the end of March of around $114m, behind analyst consensus of $121.5m.

However, the company expects to report an operating profit, before one-time costs and amortisation of purchased intangibles, slightly ahead of analyst consensus of $10.3m.

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Profit after costs is expected to come in at around $1.3m, also ahead of expectations.

Gross margin for the year was approximately 53%, it said, while the company's cash balance at year end was $38.4m.

"Whilst it is disappointing to deliver revenues a little below expectations it is worth noting that in a challenging economic climate, blinkx outperformed the aggressive growth of the online video advertising industry by over 80%," said blinx' founder and Chief Executive, Suranga Chandratillake.

"We are confident in our position in the market and the progress we have made this year, and are excited about the opportunities that lie before us."