LONDON (SHARECAST) - Broker Daniel Stewart sees “momentum of growth” at blinkx, the online video search specialists.
First half revenue was up more than 100% year-on-year at $27.4m. Gross profit also rose 109% to $17.7m, compared with the broker’s forecast of $16.9m.
The group swung to an operating profit of $2m from a loss of $7.4m for the same period last year.
The broker notes a substantial increase in Average Daily Search run rate, from 22.6m reported in March, to 31.6m for the half-end, which is “the most intriguing feature” of the results.
Additionally, the statement Tuesday also announced a partnership with Amino Communications to develop an integrated search, recommendation and personalisation solution to be deployed on Amino’s new product, “which brings broadcast, on-demand TV, open Internet and local content together in a single device”.
A target price of 110p and ‘buy’ rating is reiterated.
from ShareCast
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