("blinkx" or "the Company")
Trading Update
blinkx Expects to Report First Half Revenue of approximately $27M, An Increase of around 100%
Schedules First Half Results and Conference Call for 9 November 2010
SAN FRANCISCO, CALIF. - Oct 11, 2010 - blinkx, the world's largest and most advanced video search engine, today announces a trading update for the 6 months ended 30 September 2010. The Company expects to report revenues for the first half of approximately $27m, an increase of around 100% from the same period last year. The number of video searches and ads served also grew significantly. With revenues growing strongly, the Company expects to report an operating profit above $1m for the first half that will be ahead of current analyst consensus of $0.63m for the period. Since the year ended 31 March 2010 the Company's cash has increased by approximately $2m to around $17m, reflecting the positive cash profile of the group.
Suranga Chandratillake, founder and CEO, blinkx, commented, "Video advertising is the fastest-growing format online - eMarketer estimates continued growth in spending of almost 500% over the next four years to $11.3 billion in 2014. This powerful momentum underscores the vitality of our business model. Over the last six months, blinkx has continued to experience strong user demand, with ever increasing numbers of searches placing blinkx.com in the Quantcast.com Top 100 sites. We also continue to exploit new applications and platforms that represent additional markets for our existing search engine and content partnerships. We expect to further accelerate the growth of our business and given our market position remain confident of the outlook."
Highlights:
- Premium content partnerships announced during the half include deals with the BBC, AccuWeather and Internet Video Archive
- Strategic entry-points established in the mobile market, including the launch of m.blinkx.com and distribution deals with Evri, Mobica, and Samsung which brought blinkx to iPhone and Android devices
- Significant progress achieved in desktop distribution and the proliferation of our partnership with ITN, and a joint initiative with Microsoft to release blinkx-powered Accelerators for Internet Explorer 8
- blinkx continued its beta release programme for Cheep, the transaction hijacker product, including a successful closed test with external users and bloggers
The company expects to announce its results for the 6 months to 30 September 2010 on 9 November 2010.
The above represent preliminary summary results based on blinkx's expectations at the time of publication of this announcement. These results may be subject to revision as part of the analysis process and, at this stage, should be taken as indicative estimates only. Preliminary summary results are provided as an aid to investors based on information available at the time of publication. Full results, including income statement, balance sheet, statement of changes in equity, cash flow statement and related notes and other segmental information will be published in due course, which is expected to be on 09 November 2010. All results, including those set forth above, are subject to quarterly financial review by blinkx's independent auditors, and are considered preliminary and subject to change until publication of any such review or audit.
from Sharetips
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