Video search company Blinkx plans to raise £5m through new shares to shore up its cash reserves, which have fallen by £13m in the past year.
Blinx’s cash balance stood at $10.7m (£6.6m) on 30 September, down from $32m (£19.6m) on the year before.
Under the share raising plan, the company’s largest shareholder, Autonomy, from which the company demerged in 2007, will increase its stake from 19% to 26%.
Blinkx doubled its revenues to $13m (£8m) in the first six months of the year and gross profits were up 88% year on year in the same period to $8.48m (£5.2m).
However, its losses also doubled year on year to almost $7m (£4.3m), including $1.4m (£858,000) of one-off infrastructure costs.
The company has expanded its media client base to more than 650, signing up the likes of NBC Digital Media, Meredith Corporation and the Canadian Broadcast Corporation.
The number of ad campaigns running around video content had increased 238% year on year and the number of video streams delivered through partnerships was up by more than 170%.
Founder and chief executive Suranga Chandratillake said: “During the downturn Blinkx has made significant progress and is now ready to ride the wave of an upturn. We have prepared the business for this and will take all opportunities to aggressively pursue this growth when an upturn arrives.”
from Broadcast magazine
--------------
Comment: And how about delivering profitability and a strong and growing share price while you're at it, Chandratillake?
And how about implementing a good PR strategy so that, for example, Blinkx RNSs the MySpace deal instead of pissant Bob the Builder deals?
No comments:
Post a Comment