The most dramatic aspect of the smartphone market in the second half of 2010 has been the reinvention of Samsung. Samsung's Galaxy S has shipped 7 million units and has set targets of 20 million for this year – plus one million tablets.
Always a powerhouse in mass market handsets and feature-packed media phones, the Korean giant was still the ugly duckling of open OS smartphones. But the success of its Galaxy S Android range, and to a lesser extent the Wave, which runs its own bada OS, have turned it into a swan that is giving Apple a run for its money in terms of mobile allure – and aims to have the same effect in tablets.
Samsung is targeting over 40m unit sales in this category next year, according to mobile division chief Shin Jong-kyun. He told the Nikkei business daily that Samsung is targeting 20m smartphone sales worldwide this year and double that figure in 2011. Both forecasts are improvements on Samsung‟s original goal, articulated when it unveiled Galaxy S, when it said it would sell 18m this year. However, it is being slightly more cautious than in September, when it said 2010 would see 25m shipments, rather than the vaguer “more than 20m” of Shin's interview. By the end of 2011, however, the firm expects to have double-digit smartphone share, though still lower than its overall handset share of 20 per cent and rising...
from The Register
Monday, 15 November 2010
Hulu To Double Revenue to $240M-Plus This Year
On the strength of its ad sales, Hulu says it's on pace to double its revenue this year. CEO Jason Kilar highlighted several ways that Hulu was trying to make ads more effective, saying that ads on Hulu are 55 percent more effective than ads on traditional TV channels when measuring whether consumers remembered the brand and the message shown.
Online video Relevant Products/Services site Hulu is on pace to generate more than $240 million in revenue this year, more than double the $108 million in 2009...
from CRM Daily
Online video Relevant Products/Services site Hulu is on pace to generate more than $240 million in revenue this year, more than double the $108 million in 2009...
from CRM Daily
Sunday, 14 November 2010
From an ad insert in the latest New Media Age for the NMA Masterclass Live, 12th November in London
[click for larger version]
Yet more evidence to suggest that online video will continue to see explosive growth...
"Up significantly since the middle of 2008, spending on internet video advertising will continue to grow in the years to come. Video advertising will be the most dynamic format in the online ad market, propelled by technical advances in the field combined with the tremendous explosion of online video consumption. Video advertising has become a powerful growth engine for the display market in particular, for it can be beautifully adapted to advertisers’ branding concerns. Plus, it allows advertisers to repurpose the commercials they develop for television.
Online video sites and services will be the first to benefit from this boom. Ad revenues from online video sites will grow at an average annual rate of 54.4 percent, to capture 13 percent of the internet advertising market in 2014 with EUR 11.2 billion. Video will in fact be the largest of the three emerging markets in the US and Europe in 2014, although the mobile web will dominate globally..."
from TelecomPaper
Online video sites and services will be the first to benefit from this boom. Ad revenues from online video sites will grow at an average annual rate of 54.4 percent, to capture 13 percent of the internet advertising market in 2014 with EUR 11.2 billion. Video will in fact be the largest of the three emerging markets in the US and Europe in 2014, although the mobile web will dominate globally..."
from TelecomPaper
Thursday, 11 November 2010
IPTV platform seeks partner(s) for technical intercourse
"Would-be UK IPTV standard setter YouView has called on content providers to register their interest in supporting the platform it is developing.
YouView said it was seeking to spot "a small number of audio and video on-demand content providers that can closely work with the YouView technical team to develop and test the processes for making content available via YouView"."
from The Register
Google it: Ask.com gives up ghost on search market
"Ask.com has quit the internet search biz and is laying off around 130 engineers.
It will no longer attempt to compete with Google’s might and will instead fix its efforts on finding answers to questions via search requests.
Ask.com, which is owned by IAC/InterActiveCorp, is cutting back its total workforce of about 400 people by nearly one-third by letting go of employees in Edison, New Jersey and Hangzhou, China.
The company’s Q&A site will use web algorithms developed by an unnamed search engine."
from The Register
Comment: Hmm, and this doesn't bode so well. Hasn't Ask long been trumpeted as one of Blinkx's high-profile search partners? Not any more, looks like...
This is interesting..
From an article on a different subject, but mentioned almost in passing:
"Breaking those figures down, 87 per cent of Europeans have mobile access, up 4 percentage points, while 73 per cent have fixed phone access, up 3 points.
from The Register
Comment: bodes well for Blinkx (despite the share price slide of recent days!)
"Breaking those figures down, 87 per cent of Europeans have mobile access, up 4 percentage points, while 73 per cent have fixed phone access, up 3 points.
A lucky 62 per cent have fixed and mobile access - up 5 points - while 25 per have mobile but no fixed access.
....
TV access is almost as complete as phone access, at 98 per cent, up 2 percentage points."from The Register
Comment: bodes well for Blinkx (despite the share price slide of recent days!)
Tuesday, 9 November 2010
Blinkx in the black
The world's most popular video search engine, Blinkx, broke into profit in the six months to 30 September - as we anticipated in our summer tip - and beat analyst expectations. Phrases such as "game changing" get over used, but it is difficult to argue with positive cash flow of $1.8m (£1.1m), a doubling of revenues and a swing from a $7.4m loss to a $2m operating profit year on year.
Blinkx's distribution model remains very strong, with a new partnership with set-top-box manufacturer Amino announced alongside these results, adding to the 720 channel partners that include the BBC, ITN and Bloomberg. The company's bank of over 35m hours of video and audio content generated an average 31.6m daily searches during the six-month period, which probably peaks at over 40m based on broker Daniel Stewart best estimate, making that traffic a targeted goldmine for advertisers. And if chief executive Suranga Chandratillake is right about 500 per cent growth in online advertising over the next four years, it will mean a potential target market worth $11.3bn (£6.99bn) by 2014.
Broker Daniel Stewart is expecting full-year pre-tax profits of $7.6m and EPS of 1.6¢, rising to $22m and 4.7¢, respectively, in 2011-12.
from Investors Chronicle
Blinkx's distribution model remains very strong, with a new partnership with set-top-box manufacturer Amino announced alongside these results, adding to the 720 channel partners that include the BBC, ITN and Bloomberg. The company's bank of over 35m hours of video and audio content generated an average 31.6m daily searches during the six-month period, which probably peaks at over 40m based on broker Daniel Stewart best estimate, making that traffic a targeted goldmine for advertisers. And if chief executive Suranga Chandratillake is right about 500 per cent growth in online advertising over the next four years, it will mean a potential target market worth $11.3bn (£6.99bn) by 2014.
Broker Daniel Stewart is expecting full-year pre-tax profits of $7.6m and EPS of 1.6¢, rising to $22m and 4.7¢, respectively, in 2011-12.
from Investors Chronicle
Broker snap: Growth momentum seen at blinkx
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
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
"Superb" Blinkx
It is very rare for us to ‘get one up’ on George O’Connor of Panmure Gordon – an analyst for whom we have great respect. But, as readers will know, we have been a backer of Blinkx – the video search Mike Lynch/Autonomy spin out – from the start. I admitted to buying Blinkx at their May 07 IPO at 45p and of Keeping faith with Blinkx ever since. I’ve been well rewarded as the share price is now 89p. Even better if you look at calendar 2010 alone with a stonking 440% rise!
As George said in his morning note today “We acknowledge that we missed the Blinkx rally as we tried to backcast the operational assumptions, better understand the competitive usp and bellyached about transaction hijacking product Cheep – we should have just adopted a more ‘go for it’ approach – we are the poorer for it.”
George goes on to describe this morning’s results as ‘superb’. Difficult to argue with positive cash flow of $1.8m, revenues doubled to $27.4m and a swing from a $7.4m loss to a $2.0m operating profit. Founder and CEO Suranga Chandratillake:said “With video advertising forecast to increase almost 500% over the next four years, per IDC, reaching US$11.3bn by 2014, Blinkx is perfectly positioned to profit from the increasing dominance of online media and the continued momentum towards ROI-driven advertising. Given this strong industry backdrop and our market position, we remain confident of the outlook.”
George concluded his note “I have made the point many times that while we currently engage information from a text-structured-data standpoint this is changing and in this transition Blinkx has a very neat offer. The distribution model is strong, a new partnership with Amino (set top boxes) today brings the channel ecosystem to 720 partners. Also Blinkx has indexed over 35m hours of video and audio content to date.”
from TechMarketView
As George said in his morning note today “We acknowledge that we missed the Blinkx rally as we tried to backcast the operational assumptions, better understand the competitive usp and bellyached about transaction hijacking product Cheep – we should have just adopted a more ‘go for it’ approach – we are the poorer for it.”
George goes on to describe this morning’s results as ‘superb’. Difficult to argue with positive cash flow of $1.8m, revenues doubled to $27.4m and a swing from a $7.4m loss to a $2.0m operating profit. Founder and CEO Suranga Chandratillake:said “With video advertising forecast to increase almost 500% over the next four years, per IDC, reaching US$11.3bn by 2014, Blinkx is perfectly positioned to profit from the increasing dominance of online media and the continued momentum towards ROI-driven advertising. Given this strong industry backdrop and our market position, we remain confident of the outlook.”
George concluded his note “I have made the point many times that while we currently engage information from a text-structured-data standpoint this is changing and in this transition Blinkx has a very neat offer. The distribution model is strong, a new partnership with Amino (set top boxes) today brings the channel ecosystem to 720 partners. Also Blinkx has indexed over 35m hours of video and audio content to date.”
from TechMarketView
Partnership with Amino Commun
Tuesday 09 November, 2010
Blinkx Plc
Partnership with Amino Commun
RNS Number : 8284V
Blinkx Plc
09 November 2010
blinkx to provide Search, Personalization and Recommendation feature for Amino's Award-winning Hybrid/OTT Set-Top Box
Leading set-top box manufacturer partners with video search pioneer to deliver best-of-breed solutions for OTT market
SAN FRANCISCO, CALIF.-November 9, 2010-blinkx, the world's largest and most advanced video search engine, today announced a partnership with Amino Communications, the world's leading developer of pure IPTV and hybrid/OTT devices and solutions. Under the terms of the partnership, Amino and blinkx will develop an integrated search, recommendation and personalization solution powered by blinkx technology to be deployed on Amino's hybrid/OTT set-top boxes, including the award-winning Amino Freedom, which brings broadcast, on-demand TV, open Internet and local content together in a single device.
Based on technology that was perfected over 12 years at Cambridge University, blinkx uses a combination of patented conceptual search with speech and image recognition software to understand rich media more thoroughly than any other solution available today. This deep understanding of content enables blinkx to deliver unrivaled accuracy and relevancy in its search, personalization and recommendation capabilities.
Amino Communications, which already works with over 850 customers in 85 countries, has chosen to incorporate blinkx functionality into its Amino Freedom media centre. Through the partnership, Amino will leverage blinkx's vast Internet video index and functionality to fuse broadcast and broadband TV on their devices, and deliver the rich, easy-to-navigate entertainment experience consumers are demanding.
"We're thrilled to partner with blinkx to provide our consumers with a best-of-breed OTT experience that combines our next-generation set-top box with blinkx's advanced video technology," said Andrew Burke, CEO, Amino Communications. "Our newest offerings bring together a wide range of expertise in stylish, state-of-the-art devices. We built our set-top boxes with the user experience in mind and we've partnered with the best in the industry to help us achieve our vision."
"A true OTT experience successfully combines traditional broadcast programming with internet-delivered video to give viewers access to a vast universe of video content," said Suranga Chandratillake, founder and CEO, blinkx. "blinkx is ideally suited to help viewers navigate this hybrid universe, both through our technology and our massive index of online video. Amino Communications has established itself as a provider of cutting-edge IPTV solutions and we're delighted they have chosen to incorporate our search, recommendation and personalization capabilities in their suite of devices."
As the pioneer in video search technology, blinkx has built a reputation as the smartest way to find rich media on the Web. The company has made more than 720 partners and indexed over 35 million hours of video and audio content to date.
About blinkx
blinkx plc (LSE AIM: BLNX) is the world's largest and most advanced video search engine. Today, blinkx has indexed more than 35 million hours of audio, video, viral and TV content, and made it fully searchable and available on demand. blinkx's founders set out to solve a significant challenge - as TV and user-generated content on the Web explode, keyword-based search technologies only scratch the surface. blinkx's patented search technologies listen to - and even see - the Web, helping users enjoy a breadth and accuracy of search results not available elsewhere. In addition, blinkx powers the video search for many of the world's most frequented sites. blinkx is based in San Francisco and London. More information is available at www.blinkx.com.
About Amino Communications:
Amino Communications is a world leading IPTV and hybrid/OTT innovator - bringing new entertainment products and solutions to a global market. With over three million devices sold to 850 customers in 85 countries, Amino's award-winning solutions are deployed by major network operators and service providers worldwide. Amino's speed-to-market, agility and leading-edge technology has secured important partnerships with global vendors, including Intel and Ericsson, to deliver the rich entertainment experience consumers are demanding. Amino Communications is a wholly owned subsidiary of Amino Technologies plc and listed on the London Stock Exchange Alternative Investment Market (AIM: symbol AMO). It is headquartered near Cambridge, in the UK, with offices in the US, China and Sweden.
Press Contacts for blinkx
Nicole Love
Marlin PR
+44 207 869 8328
nicole.love@marlinpr.com
Tim Turpin
Sparkpr
+1 (415) 321 1894
tim.turpin@sparkpr.com
Charles Lytle
Christopher Wren
Citigroup Global Markets Ltd
NOMAD and Broker for blinkx plc
+44 207 986 9756
This information is provided by RNS
The company news service from the London Stock Exchange
END
Blinkx Plc
Partnership with Amino Commun
RNS Number : 8284V
Blinkx Plc
09 November 2010
blinkx to provide Search, Personalization and Recommendation feature for Amino's Award-winning Hybrid/OTT Set-Top Box
Leading set-top box manufacturer partners with video search pioneer to deliver best-of-breed solutions for OTT market
SAN FRANCISCO, CALIF.-November 9, 2010-blinkx, the world's largest and most advanced video search engine, today announced a partnership with Amino Communications, the world's leading developer of pure IPTV and hybrid/OTT devices and solutions. Under the terms of the partnership, Amino and blinkx will develop an integrated search, recommendation and personalization solution powered by blinkx technology to be deployed on Amino's hybrid/OTT set-top boxes, including the award-winning Amino Freedom, which brings broadcast, on-demand TV, open Internet and local content together in a single device.
Based on technology that was perfected over 12 years at Cambridge University, blinkx uses a combination of patented conceptual search with speech and image recognition software to understand rich media more thoroughly than any other solution available today. This deep understanding of content enables blinkx to deliver unrivaled accuracy and relevancy in its search, personalization and recommendation capabilities.
Amino Communications, which already works with over 850 customers in 85 countries, has chosen to incorporate blinkx functionality into its Amino Freedom media centre. Through the partnership, Amino will leverage blinkx's vast Internet video index and functionality to fuse broadcast and broadband TV on their devices, and deliver the rich, easy-to-navigate entertainment experience consumers are demanding.
"We're thrilled to partner with blinkx to provide our consumers with a best-of-breed OTT experience that combines our next-generation set-top box with blinkx's advanced video technology," said Andrew Burke, CEO, Amino Communications. "Our newest offerings bring together a wide range of expertise in stylish, state-of-the-art devices. We built our set-top boxes with the user experience in mind and we've partnered with the best in the industry to help us achieve our vision."
"A true OTT experience successfully combines traditional broadcast programming with internet-delivered video to give viewers access to a vast universe of video content," said Suranga Chandratillake, founder and CEO, blinkx. "blinkx is ideally suited to help viewers navigate this hybrid universe, both through our technology and our massive index of online video. Amino Communications has established itself as a provider of cutting-edge IPTV solutions and we're delighted they have chosen to incorporate our search, recommendation and personalization capabilities in their suite of devices."
As the pioneer in video search technology, blinkx has built a reputation as the smartest way to find rich media on the Web. The company has made more than 720 partners and indexed over 35 million hours of video and audio content to date.
About blinkx
blinkx plc (LSE AIM: BLNX) is the world's largest and most advanced video search engine. Today, blinkx has indexed more than 35 million hours of audio, video, viral and TV content, and made it fully searchable and available on demand. blinkx's founders set out to solve a significant challenge - as TV and user-generated content on the Web explode, keyword-based search technologies only scratch the surface. blinkx's patented search technologies listen to - and even see - the Web, helping users enjoy a breadth and accuracy of search results not available elsewhere. In addition, blinkx powers the video search for many of the world's most frequented sites. blinkx is based in San Francisco and London. More information is available at www.blinkx.com.
About Amino Communications:
Amino Communications is a world leading IPTV and hybrid/OTT innovator - bringing new entertainment products and solutions to a global market. With over three million devices sold to 850 customers in 85 countries, Amino's award-winning solutions are deployed by major network operators and service providers worldwide. Amino's speed-to-market, agility and leading-edge technology has secured important partnerships with global vendors, including Intel and Ericsson, to deliver the rich entertainment experience consumers are demanding. Amino Communications is a wholly owned subsidiary of Amino Technologies plc and listed on the London Stock Exchange Alternative Investment Market (AIM: symbol AMO). It is headquartered near Cambridge, in the UK, with offices in the US, China and Sweden.
Press Contacts for blinkx
Nicole Love
Marlin PR
+44 207 869 8328
nicole.love@marlinpr.com
Tim Turpin
Sparkpr
+1 (415) 321 1894
tim.turpin@sparkpr.com
Charles Lytle
Christopher Wren
Citigroup Global Markets Ltd
NOMAD and Broker for blinkx plc
+44 207 986 9756
This information is provided by RNS
The company news service from the London Stock Exchange
END
Fantastic interims!!
Tuesday 09 November, 2010
Blinkx Plc
Interim Results
RNS Number : 8351V
Blinkx Plc
09 November 2010
9 November 2010
BLINKX PLC ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2010
blinkx achieves profitability and positive operating cash flow, doubles revenue year on year
blinkx's interim period conference call will be webcast live at www.blinkx.com on
9 November, 2010, at 11:00 a.m. GMT/6:00 a.m. EST/3:00 a.m. PST.
Cambridge, England and San Francisco, CA - 9 November 2010 - blinkx PLC (BLNX.L), the world's largest video search engine, today reported financial results for the six months ended 30 September 2010.
Financial Highlights
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Revenues
27,363
13,092
Gross profit
17,712
8,483
Profit / (Loss) before taxation
2,024
(7,346)
Profit / (Loss) for the period
2,024
(6,962)
Earnings / (Loss) per share (cents)
Cents
Cents
Basic
0.66
(2.5)
Diluted
0.64
(2.5)
$'000
$'000
Cash generated / (used ) by operating activities
2,221
(8,061)
Cash balance as at 30 September
16,867
10,753
Highlights:
· Revenue more than doubled to $27.4m from $13.1m in H1 FY10
· Gross profit up 109% to $17.7m from H1 FY10. Gross margin was 65 % (unchanged from H1 FY10)
· Operating profit of $2.0m, compared with an operating loss of $7.4m for H1 FY10
· Profit before tax of $2.0m, compared with a loss before tax of $7.3m for H1 FY10
· $2.3m cash generated during the period resulting in a closing balance of $16.9m
· Video streams in the US grew by 107% from September 2009 to September 2010 (comScore)
· Average Daily Search run rate during the period was 31.6 million searches per day, compared with 13.1 million per day in H1 FY10
· Average deal size for video advertising bookings increased by 40% from the H2 FY10
· New premium content partnerships, including the BBC, Bloomberg and AccuWeather
· Strategic entry-points established in the mobile market, significantly extending addressable market
· Continued growth of AdHoc advertising platform, with new clients including Nokia, McDonalds, Mercedes and American Express
· $31m placing of new shares in October 2010 to provide additional funding to support blinkx's growth strategy
Commenting on the interim results Suranga Chandratillake, founder and CEO of blinkx, said: "The six months ending September 30, 2010 have been game-changing. blinkx transitioned into profitability and generated cash as we more than doubled revenue from the same period last year. Since our IPO, we have clearly and consistently demonstrated the strength of blinkx's business model.
Our video search offering continues to draw an ever larger global audience, through an ever increasing number of distribution points - video streams in the US grew by 107% over the past year. We established the foundation to take blinkx to mobile users on a variety of devices, and saw continued growth in searches from desktop applications. At the same time, the unique value proposition of our online video advertising platform, AdHoc, has attracted larger budgets from a growing roster of brand advertisers with the average size of video advertising deals up by 40% from the previous half."
Mr. Chandratillake continued: "With video advertising forecast to increase almost 500% over the next four years, per IDC, reaching $11.3 billion by 2014, blinkx is perfectly positioned to profit from the increasing dominance of online media and the continued momentum towards ROI-driven advertising. Given this strong industry backdrop and our market position, we remain confident of the outlook."
Financial Highlights
For the six months ended 30 September 2010 (H1 2011), revenues totaled $27.4 million, an increase of 109% over the $13.1 million in revenues reported for the 6 months ended 30 September 2009 (H1 2010). Gross profit for H1 2011 was $17.7 million representing a gross margin of 65%. Gross profit for H1 2010 was $8.5 million, representing a gross margin of 65%. Net profit for H1 2011 was $2.0 million. Net loss for H1 2010 was $7.0 million. Earnings per share for H1 2011 was 0.66 cents (basic) and 0.64 cents (fully diluted). Loss per share for H1 2010 was 2.5 cents (basic and fully diluted). blinkx's cash balance at 30 September 2010 was $16.9 million (30 September 2009: $10.8 million).
Customer and Business Developments
blinkx made significant advances in its distribution strategy during the period, including further expansion of its partnership with ITN to deliver advertising around ITN content on a variety of news-oriented websites, and a joint initiative with Microsoft to release blinkx-powered Accelerators for Internet Explorer 8, which embedded blinkx functionality into the browser.
Over the past six months, blinkx's targeted advertising products continued to attract global brand advertisers. As the Internet claimed a growing share of ad budgets, leaders from across a breadth of industries, such as Nokia, McDonalds, Mercedes and American Express, capitalized on blinkx's unique video advertising platform, booking campaigns through top agencies, including Universal McCann, Ogilvy and Grey Group.
On the content front, blinkx continued to expand its roster of premier media partners, including the addition of programming from diverse industry leaders, such as the BBC, Bloomberg and AccuWeather.
Product and Technology Developments
On-going research & development (R&D) spend increased by18%. On-going R&D expenditure was $4.7m in the period, which includes $0.6m of capitalized R&D ($nil H1 FY10), compared with $4.0m in the H1 FY10, excluding the $1.4m of one-time R&D costs reported at the time. While economies of scale allowed the company to reduce infrastructure costs, blinkx emphasized its commitment to the research and development of cutting edge technology by increasing engineering headcount by 17%.
During the period, blinkx made a strong entrance into the mobile arena, establishing strategic entry-points in the market with the launch of m.blinkx.com, the release of its first mobile application, and the introduction of an API to open its index of mobile video to application developers and distribution partners. blinkx's Video Search engine is now available on the iPhone and Android-based devices.
Over the past six months, blinkx also continued its beta release programme for Cheep, the transaction hijacker product, including a successful closed test with external users and bloggers.
About blinkx PLC
blinkx (London AIM: BLNX) is the world's most comprehensive video search engine. Today, blinkx has indexed more than 35 million hours of audio, video, viral and TV content, and made it fully searchable and available on demand. blinkx's founders set out to solve a significant challenge - as TV and user-generated content on the Web explode, keyword-based search technologies only scratch the surface. blinkx's patented search technologies listen to - and even see - the Web, helping users enjoy a breadth and accuracy of search results not available elsewhere. In addition, blinkx powers the video search for many of the world's most frequented sites. blinkx is based in San Francisco and London. More information is available at www.blinkx.com
For further information please contact:
Financial Media Contacts
Analyst and Investor Contact
Edward Bridges/Charles Palmer/Haya Herbert-Burns
Financial Dynamics
Tel: (UK) 020 7831 3113
Jonathan Spira, CFO
blinkx PLC
Tel: (US) 415 655 1450
NOMAD and Broker for blinkx plc
Charles Lytle
Christopher Wren
Citigroup Global Markets Ltd
+44 207 986 9756
BLINKX PLC
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Results for the six months to 30 September 2010
(in thousands, except per share amounts)
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Revenue: continuing operations
27,363
13,092
Cost of revenue
(9,651)
(4,609)
Gross profit
17,712
8,483
Operating expenses
Research and development
(4,086)
(5,397)
Sales and marketing
(10,311)
(9,373)
Administrative expenses
(1,311)
(1,079)
Profit / (loss) from operations
2,004
(7,366)
Investment revenues
20
20
Profit / (loss) before taxation
2,024
(7,346)
Tax
-
384
Profit / (loss) for the year attributable to equity holders of the parent
2,024
(6,962)
Earnings /(loss) per share (cents)
Cents
Cents
Basic
0.66
(2.5)
Diluted
0.64
(2.5)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For six months ended 30 September 2010
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Profit / (loss) for the period
2,024
(6,962)
Exchange difference on translation of foreign operations
507
1,527
Total comprehensive income for the year
2,531
(5,435)
BLINKX PLC
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
As at 30 September 2010
(in thousands)
As at
30 September
2010
(unaudited)
As at
30 September
2009
(unaudited)
$'000
$'000
ASSETS
Non-current assets
Goodwill
2,417
2,381
Intangible assets
3,978
5,035
Property, plant and equipment
560
745
Other receivables
250
630
7,205
8,791
Current assets
Trade receivables
9,053
3,563
Other receivables
2,709
3,402
Cash and cash equivalents
16,867
10,753
28,629
17,718
Total assets
35,834
26,509
LIABILITIES
Current liabilities
Trade and other payables
(6,989)
(6,560)
Non current liabilities
Other payables
(90)
(455)
Total Liabilities
(7,079)
(7,015)
Net assets
28,755
19,494
Shareholders' equity
Share capital
6,000
5,509
Share premium account
56,694
49,126
Stock compensation reserve
9,616
8,568
Currency translation reserve
(7,906)
(7,589)
Merger reserve
(4,323)
(4,323)
Retained earnings
(31,326)
(31,797)
Total equity
28,755
19,494
BLINKX PLC
CONDENDSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Results for six months to 30 September 2010
(in thousands)
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (loss) from operations
2,004
(7,366)
Adjustments for:
Depreciation and amortisation
1,018
1,514
Share based payments
336
705
Foreign exchange gains / (losses)
5
(455)
Operating cash flows before movements in working capital
3,363
(5,602)
Changes in operating assets and liabilities:
(Increase) / Decrease in trade and other receivables
(3,196)
1,060
Increase / (Decrease) in trade and other payables
1,611
(3,519)
Net cash generated / (used) by operations
1,778
(8,061)
Income taxes received
443
-
Net cash generated / (used) by operating activities
2,221
(8,061)
CASH FLOWS FROM INVESTMENT ACTIVITIES
Interest received
20
20
Purchase of property, plant and equipment and intangibles
(839)
(379)
Cash paid to purchase net assets
-
(3,892)
Costs incurred to purchase net assets
-
(305)
Net cash used by investment activities
(819)
(4,556)
CASHFLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares
385
22
Net cash generated by financing activities
385
22
Net increase / (decrease) in cash and cash equivalents
1,787
(12,595)
Beginning cash and cash equivalents
14,579
21,366
Effect of foreign exchange on cash and cash equivalents
501
1,982
Ending cash and cash equivalents
16,867
10,753
BLINKX PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the six months ended 30 September 2010
(in thousands)
Ordinary
Share
Stock
Currency
share
premium
compensation
Translation
Merger
Retained
Capital
account
reserve
Reserve
reserve
earnings
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Balance as at 1 April 2009
5,487
49,126
7,863
(9,116)
(4,323)
(24,835)
24,202
Issue of shares
22
-
-
-
-
-
22
Current period losses
-
-
-
-
-
(6,962)
(6,962)
Exchange differences on translation
-
-
-
1,527
-
-
1,527
Share based payments
-
-
705
-
-
-
705
Balance as at 30 September 2009
5,509
49,126
8,568
(7,589)
(4,323)
(31,797)
19,494
Ordinary
Share
Stock
Currency
share
premium
compensation
Translation
Merger
Retained
Capital
account
reserve
Reserve
reserve
earnings
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Balance as at 1 April 2010
5,964
56,345
9,280
(8,413)
(4,323)
(33,350)
25,503
Issue of shares
36
349
-
-
-
-
385
Current period profit
-
-
-
-
-
2,024
2,024
Exchange differences on translation
-
-
-
507
-
-
507
Share based payments
-
-
336
-
-
-
336
Balance as at 30 September 2010
6,000
56,694
9,616
(7,906)
(4,323)
(31,326)
28,755
BLINKX PLC
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
1. Basis of preparation
The interim financial statements have been prepared using accounting policies consistent with those used in the statutory financial statements for the year ended 31 March 2010 and International Financial Reporting Standards ("IFRSs") as adopted for use in the European Union. While the financial information included in this interim announcement has been compiled in accordance with the recognition and measurement principles of IFRSs, this announcement does not itself contain sufficient information to comply with IFRSs. These interim financial statements do not constitute statutory financial statements within the meaning of section 435 of the Companies Act 2006.
Statutory financial statements for the year ended 31 March 2010 are available on the Group's website www.blinkx.com and have been filed with the Registrar of Companies. The Group's auditors issued a report on those financial statements that was unqualified, did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006 and did not draw attention to any matters by way of emphasis.
The information for the six month period ended 30 September 2010 is unaudited, but reflects all normal adjustments which are, in the opinion of management, necessary to provide a fair statement of results and the Group's financial position for and as at the period presented. The results of operations for the period ended 30 September 2010 are not necessarily indicative of the operating results for future operating periods.
The directors have considered the financial resources of the Group and the risks associated with doing business in the current economic climate environment and believe the Group is well placed to manage these risks successfully. In doing this they have prepared a business plan setting out key business assumptions. The directors have considered these assumptions to be reasonable and that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing this interim announcement.
2. Share-based payments
Included within operating expenses are the following amounts in respect of share based payments:
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Sales and marketing
155
283
Research and development
139
371
Administrative expenses
42
51
336
705
3. Taxation
No research and development tax credit has been recognised in the income statement in the period (6 months to 30 September 2009: $384,000 tax credit).
4. Earnings / (loss) per share
For the six months to 30 September 2009, the loss per ordinary share and diluted loss per share are equal because share options are only included in the calculation of diluted earnings per share if their issue would decrease the net earnings per share or increase the net loss per share. The calculation of the basic and diluted earnings per share is based on the following information.
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Earnings
Profit / (loss) (used in calculation of basic and diluted loss per share)
2,024
(6,962)
Number of shares
Weighted average number of shares for the basic earnings per share
308,147,175
278,470,242
Weighted average number of shares for the diluted earnings per share
315,128,776
278,470,242
5. Share capital
The issuance of shares in the year relates to the exercise of employee share options.
6. Post balance sheet events
On 15 October 2010 blinkx plc placed 23,213,763 new ordinary shares raising gross proceeds of approximately $31.2 million.
INDEPENDENT REVIEW REPORT TO BLINKX PLC
We have been engaged by the company to review the interim set of financial statements in the half-yearly financial report for the six months ended 30 September 2010 which comprises the condensed consolidated income statement, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated cash flow statement and related notes 1 to 6. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim set of financial statements.
This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The interim set of financial statements included in this half-yearly financial report have been prepared in accordance with the accounting policies the group intends to use in preparing its next annual financial statements.
Our responsibility
Our responsibility is to express to the Company a conclusion on the interim set of financial statements in the half-yearly financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim set of financial statements in the half-yearly financial report for the six months ended 30 September 2010 is not prepared, in all material respects, in accordance with the AIM Rules of the London Stock Exchange.
Deloitte LLP
Chartered Accountants and Statutory Auditors
Cambridge, United Kingdom
9 November 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
Blinkx Plc
Interim Results
RNS Number : 8351V
Blinkx Plc
09 November 2010
9 November 2010
BLINKX PLC ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2010
blinkx achieves profitability and positive operating cash flow, doubles revenue year on year
blinkx's interim period conference call will be webcast live at www.blinkx.com on
9 November, 2010, at 11:00 a.m. GMT/6:00 a.m. EST/3:00 a.m. PST.
Cambridge, England and San Francisco, CA - 9 November 2010 - blinkx PLC (BLNX.L), the world's largest video search engine, today reported financial results for the six months ended 30 September 2010.
Financial Highlights
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Revenues
27,363
13,092
Gross profit
17,712
8,483
Profit / (Loss) before taxation
2,024
(7,346)
Profit / (Loss) for the period
2,024
(6,962)
Earnings / (Loss) per share (cents)
Cents
Cents
Basic
0.66
(2.5)
Diluted
0.64
(2.5)
$'000
$'000
Cash generated / (used ) by operating activities
2,221
(8,061)
Cash balance as at 30 September
16,867
10,753
Highlights:
· Revenue more than doubled to $27.4m from $13.1m in H1 FY10
· Gross profit up 109% to $17.7m from H1 FY10. Gross margin was 65 % (unchanged from H1 FY10)
· Operating profit of $2.0m, compared with an operating loss of $7.4m for H1 FY10
· Profit before tax of $2.0m, compared with a loss before tax of $7.3m for H1 FY10
· $2.3m cash generated during the period resulting in a closing balance of $16.9m
· Video streams in the US grew by 107% from September 2009 to September 2010 (comScore)
· Average Daily Search run rate during the period was 31.6 million searches per day, compared with 13.1 million per day in H1 FY10
· Average deal size for video advertising bookings increased by 40% from the H2 FY10
· New premium content partnerships, including the BBC, Bloomberg and AccuWeather
· Strategic entry-points established in the mobile market, significantly extending addressable market
· Continued growth of AdHoc advertising platform, with new clients including Nokia, McDonalds, Mercedes and American Express
· $31m placing of new shares in October 2010 to provide additional funding to support blinkx's growth strategy
Commenting on the interim results Suranga Chandratillake, founder and CEO of blinkx, said: "The six months ending September 30, 2010 have been game-changing. blinkx transitioned into profitability and generated cash as we more than doubled revenue from the same period last year. Since our IPO, we have clearly and consistently demonstrated the strength of blinkx's business model.
Our video search offering continues to draw an ever larger global audience, through an ever increasing number of distribution points - video streams in the US grew by 107% over the past year. We established the foundation to take blinkx to mobile users on a variety of devices, and saw continued growth in searches from desktop applications. At the same time, the unique value proposition of our online video advertising platform, AdHoc, has attracted larger budgets from a growing roster of brand advertisers with the average size of video advertising deals up by 40% from the previous half."
Mr. Chandratillake continued: "With video advertising forecast to increase almost 500% over the next four years, per IDC, reaching $11.3 billion by 2014, blinkx is perfectly positioned to profit from the increasing dominance of online media and the continued momentum towards ROI-driven advertising. Given this strong industry backdrop and our market position, we remain confident of the outlook."
Financial Highlights
For the six months ended 30 September 2010 (H1 2011), revenues totaled $27.4 million, an increase of 109% over the $13.1 million in revenues reported for the 6 months ended 30 September 2009 (H1 2010). Gross profit for H1 2011 was $17.7 million representing a gross margin of 65%. Gross profit for H1 2010 was $8.5 million, representing a gross margin of 65%. Net profit for H1 2011 was $2.0 million. Net loss for H1 2010 was $7.0 million. Earnings per share for H1 2011 was 0.66 cents (basic) and 0.64 cents (fully diluted). Loss per share for H1 2010 was 2.5 cents (basic and fully diluted). blinkx's cash balance at 30 September 2010 was $16.9 million (30 September 2009: $10.8 million).
Customer and Business Developments
blinkx made significant advances in its distribution strategy during the period, including further expansion of its partnership with ITN to deliver advertising around ITN content on a variety of news-oriented websites, and a joint initiative with Microsoft to release blinkx-powered Accelerators for Internet Explorer 8, which embedded blinkx functionality into the browser.
Over the past six months, blinkx's targeted advertising products continued to attract global brand advertisers. As the Internet claimed a growing share of ad budgets, leaders from across a breadth of industries, such as Nokia, McDonalds, Mercedes and American Express, capitalized on blinkx's unique video advertising platform, booking campaigns through top agencies, including Universal McCann, Ogilvy and Grey Group.
On the content front, blinkx continued to expand its roster of premier media partners, including the addition of programming from diverse industry leaders, such as the BBC, Bloomberg and AccuWeather.
Product and Technology Developments
On-going research & development (R&D) spend increased by18%. On-going R&D expenditure was $4.7m in the period, which includes $0.6m of capitalized R&D ($nil H1 FY10), compared with $4.0m in the H1 FY10, excluding the $1.4m of one-time R&D costs reported at the time. While economies of scale allowed the company to reduce infrastructure costs, blinkx emphasized its commitment to the research and development of cutting edge technology by increasing engineering headcount by 17%.
During the period, blinkx made a strong entrance into the mobile arena, establishing strategic entry-points in the market with the launch of m.blinkx.com, the release of its first mobile application, and the introduction of an API to open its index of mobile video to application developers and distribution partners. blinkx's Video Search engine is now available on the iPhone and Android-based devices.
Over the past six months, blinkx also continued its beta release programme for Cheep, the transaction hijacker product, including a successful closed test with external users and bloggers.
About blinkx PLC
blinkx (London AIM: BLNX) is the world's most comprehensive video search engine. Today, blinkx has indexed more than 35 million hours of audio, video, viral and TV content, and made it fully searchable and available on demand. blinkx's founders set out to solve a significant challenge - as TV and user-generated content on the Web explode, keyword-based search technologies only scratch the surface. blinkx's patented search technologies listen to - and even see - the Web, helping users enjoy a breadth and accuracy of search results not available elsewhere. In addition, blinkx powers the video search for many of the world's most frequented sites. blinkx is based in San Francisco and London. More information is available at www.blinkx.com
For further information please contact:
Financial Media Contacts
Analyst and Investor Contact
Edward Bridges/Charles Palmer/Haya Herbert-Burns
Financial Dynamics
Tel: (UK) 020 7831 3113
Jonathan Spira, CFO
blinkx PLC
Tel: (US) 415 655 1450
NOMAD and Broker for blinkx plc
Charles Lytle
Christopher Wren
Citigroup Global Markets Ltd
+44 207 986 9756
BLINKX PLC
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Results for the six months to 30 September 2010
(in thousands, except per share amounts)
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Revenue: continuing operations
27,363
13,092
Cost of revenue
(9,651)
(4,609)
Gross profit
17,712
8,483
Operating expenses
Research and development
(4,086)
(5,397)
Sales and marketing
(10,311)
(9,373)
Administrative expenses
(1,311)
(1,079)
Profit / (loss) from operations
2,004
(7,366)
Investment revenues
20
20
Profit / (loss) before taxation
2,024
(7,346)
Tax
-
384
Profit / (loss) for the year attributable to equity holders of the parent
2,024
(6,962)
Earnings /(loss) per share (cents)
Cents
Cents
Basic
0.66
(2.5)
Diluted
0.64
(2.5)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For six months ended 30 September 2010
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Profit / (loss) for the period
2,024
(6,962)
Exchange difference on translation of foreign operations
507
1,527
Total comprehensive income for the year
2,531
(5,435)
BLINKX PLC
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
As at 30 September 2010
(in thousands)
As at
30 September
2010
(unaudited)
As at
30 September
2009
(unaudited)
$'000
$'000
ASSETS
Non-current assets
Goodwill
2,417
2,381
Intangible assets
3,978
5,035
Property, plant and equipment
560
745
Other receivables
250
630
7,205
8,791
Current assets
Trade receivables
9,053
3,563
Other receivables
2,709
3,402
Cash and cash equivalents
16,867
10,753
28,629
17,718
Total assets
35,834
26,509
LIABILITIES
Current liabilities
Trade and other payables
(6,989)
(6,560)
Non current liabilities
Other payables
(90)
(455)
Total Liabilities
(7,079)
(7,015)
Net assets
28,755
19,494
Shareholders' equity
Share capital
6,000
5,509
Share premium account
56,694
49,126
Stock compensation reserve
9,616
8,568
Currency translation reserve
(7,906)
(7,589)
Merger reserve
(4,323)
(4,323)
Retained earnings
(31,326)
(31,797)
Total equity
28,755
19,494
BLINKX PLC
CONDENDSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Results for six months to 30 September 2010
(in thousands)
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (loss) from operations
2,004
(7,366)
Adjustments for:
Depreciation and amortisation
1,018
1,514
Share based payments
336
705
Foreign exchange gains / (losses)
5
(455)
Operating cash flows before movements in working capital
3,363
(5,602)
Changes in operating assets and liabilities:
(Increase) / Decrease in trade and other receivables
(3,196)
1,060
Increase / (Decrease) in trade and other payables
1,611
(3,519)
Net cash generated / (used) by operations
1,778
(8,061)
Income taxes received
443
-
Net cash generated / (used) by operating activities
2,221
(8,061)
CASH FLOWS FROM INVESTMENT ACTIVITIES
Interest received
20
20
Purchase of property, plant and equipment and intangibles
(839)
(379)
Cash paid to purchase net assets
-
(3,892)
Costs incurred to purchase net assets
-
(305)
Net cash used by investment activities
(819)
(4,556)
CASHFLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares
385
22
Net cash generated by financing activities
385
22
Net increase / (decrease) in cash and cash equivalents
1,787
(12,595)
Beginning cash and cash equivalents
14,579
21,366
Effect of foreign exchange on cash and cash equivalents
501
1,982
Ending cash and cash equivalents
16,867
10,753
BLINKX PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the six months ended 30 September 2010
(in thousands)
Ordinary
Share
Stock
Currency
share
premium
compensation
Translation
Merger
Retained
Capital
account
reserve
Reserve
reserve
earnings
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Balance as at 1 April 2009
5,487
49,126
7,863
(9,116)
(4,323)
(24,835)
24,202
Issue of shares
22
-
-
-
-
-
22
Current period losses
-
-
-
-
-
(6,962)
(6,962)
Exchange differences on translation
-
-
-
1,527
-
-
1,527
Share based payments
-
-
705
-
-
-
705
Balance as at 30 September 2009
5,509
49,126
8,568
(7,589)
(4,323)
(31,797)
19,494
Ordinary
Share
Stock
Currency
share
premium
compensation
Translation
Merger
Retained
Capital
account
reserve
Reserve
reserve
earnings
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Balance as at 1 April 2010
5,964
56,345
9,280
(8,413)
(4,323)
(33,350)
25,503
Issue of shares
36
349
-
-
-
-
385
Current period profit
-
-
-
-
-
2,024
2,024
Exchange differences on translation
-
-
-
507
-
-
507
Share based payments
-
-
336
-
-
-
336
Balance as at 30 September 2010
6,000
56,694
9,616
(7,906)
(4,323)
(31,326)
28,755
BLINKX PLC
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
1. Basis of preparation
The interim financial statements have been prepared using accounting policies consistent with those used in the statutory financial statements for the year ended 31 March 2010 and International Financial Reporting Standards ("IFRSs") as adopted for use in the European Union. While the financial information included in this interim announcement has been compiled in accordance with the recognition and measurement principles of IFRSs, this announcement does not itself contain sufficient information to comply with IFRSs. These interim financial statements do not constitute statutory financial statements within the meaning of section 435 of the Companies Act 2006.
Statutory financial statements for the year ended 31 March 2010 are available on the Group's website www.blinkx.com and have been filed with the Registrar of Companies. The Group's auditors issued a report on those financial statements that was unqualified, did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006 and did not draw attention to any matters by way of emphasis.
The information for the six month period ended 30 September 2010 is unaudited, but reflects all normal adjustments which are, in the opinion of management, necessary to provide a fair statement of results and the Group's financial position for and as at the period presented. The results of operations for the period ended 30 September 2010 are not necessarily indicative of the operating results for future operating periods.
The directors have considered the financial resources of the Group and the risks associated with doing business in the current economic climate environment and believe the Group is well placed to manage these risks successfully. In doing this they have prepared a business plan setting out key business assumptions. The directors have considered these assumptions to be reasonable and that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing this interim announcement.
2. Share-based payments
Included within operating expenses are the following amounts in respect of share based payments:
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Sales and marketing
155
283
Research and development
139
371
Administrative expenses
42
51
336
705
3. Taxation
No research and development tax credit has been recognised in the income statement in the period (6 months to 30 September 2009: $384,000 tax credit).
4. Earnings / (loss) per share
For the six months to 30 September 2009, the loss per ordinary share and diluted loss per share are equal because share options are only included in the calculation of diluted earnings per share if their issue would decrease the net earnings per share or increase the net loss per share. The calculation of the basic and diluted earnings per share is based on the following information.
Six months to
30 September
2010
(unaudited)
Six months to
30 September
2009
(unaudited)
$'000
$'000
Earnings
Profit / (loss) (used in calculation of basic and diluted loss per share)
2,024
(6,962)
Number of shares
Weighted average number of shares for the basic earnings per share
308,147,175
278,470,242
Weighted average number of shares for the diluted earnings per share
315,128,776
278,470,242
5. Share capital
The issuance of shares in the year relates to the exercise of employee share options.
6. Post balance sheet events
On 15 October 2010 blinkx plc placed 23,213,763 new ordinary shares raising gross proceeds of approximately $31.2 million.
INDEPENDENT REVIEW REPORT TO BLINKX PLC
We have been engaged by the company to review the interim set of financial statements in the half-yearly financial report for the six months ended 30 September 2010 which comprises the condensed consolidated income statement, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated cash flow statement and related notes 1 to 6. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim set of financial statements.
This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The interim set of financial statements included in this half-yearly financial report have been prepared in accordance with the accounting policies the group intends to use in preparing its next annual financial statements.
Our responsibility
Our responsibility is to express to the Company a conclusion on the interim set of financial statements in the half-yearly financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim set of financial statements in the half-yearly financial report for the six months ended 30 September 2010 is not prepared, in all material respects, in accordance with the AIM Rules of the London Stock Exchange.
Deloitte LLP
Chartered Accountants and Statutory Auditors
Cambridge, United Kingdom
9 November 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
Sunday, 7 November 2010
Samsung Galaxy Tab all over News International like a rash...
In the past week we've had full-page ads in The FT and yesterday's Times, and also in yesterday's weekend FT an overview of some just-released tablets with a good report on the Galaxy Tab:
And all of that is just in News Int. titles. I wonder how many other publications they're being advertised/reviewed in?
Friday, 5 November 2010
posted by 'dawnraid' on the LSE bulletin board...
but I'm not sure where he got it from. A broker's note, presumably...
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Thursday, 4 November 2010
Blinks mentioned again in Shares magazine...
"88p + BUY"
"While boasting a stunning share price boom this year, up 577% since May's postive finals, this innovative technology group should continue to wow the market. Since reporting maiden profitability at the EBITDA (earnings before interest, tax, depreciation and amortisation) level back in May, the group expects revenues for the first half to rise around 100% from the same period last year, to $27 million. This should generate an operating profit of above $1 million when the numbers are released next week (9 November). The video search technology minnow should continue to announce deals and collaborations with big names, having in the past six months confirmed tieups with, among others, Samsung (005930.KS) and Microsoft (MSFT:NDQ). "
"While boasting a stunning share price boom this year, up 577% since May's postive finals, this innovative technology group should continue to wow the market. Since reporting maiden profitability at the EBITDA (earnings before interest, tax, depreciation and amortisation) level back in May, the group expects revenues for the first half to rise around 100% from the same period last year, to $27 million. This should generate an operating profit of above $1 million when the numbers are released next week (9 November). The video search technology minnow should continue to announce deals and collaborations with big names, having in the past six months confirmed tieups with, among others, Samsung (005930.KS) and Microsoft (MSFT:NDQ). "
Will Netflix Destroy the Internet?
...Netflix is swallowing America's bandwidth, too, and it probably won't be long before it comes for the rest of the world. That's one of the headlines from Sandvine's Fall 2010 Global Internet Phenomena Report, an exhaustive look at what people around the world are doing with their Internet lines. According to Sandvine, Netflix accounts for 20 percent of downstream Internet traffic during peak home Internet usage hours in North America. That's an amazing share—it beats that of YouTube, iTunes, Hulu, and, perhaps most tellingly, the peer-to-peer file-sharing protocol BitTorrent, which accounts for a mere 8 percent of bandwidth during peak hours. It wasn't long ago that pundits wondered if the movie industry would be sunk by the same problems that submarined the music industry a decade ago—would we all turn away from legal content in favor of downloading pirated movies and TV shows? Three or four years ago, as BitTorrent traffic surged, that seemed likely. Today, though, Netflix is far bigger than BitTorrent, and it seems sure to keep growing...
from Slate
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Comment: Hmm, doesn't bode well for any company that streams data-intensive online apps (like video)...
from Slate
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Comment: Hmm, doesn't bode well for any company that streams data-intensive online apps (like video)...
Monday, 1 November 2010
Facebook's Future...
...But what are the alternatives to Facebook? Twitter has been on a roll over the past year but its functions remain very limited compared to Facebook. This could be an advantage, though, as its limitations mean it is harder to humiliate yourself in a short tweet than in a Facebook wall posting. LinkedIn is popular for business contacts but is otherwise dry. Several start-ups are hoping to exploit the lingering suspicion about Facebook's attitude to privacy. Diaspora is an open source effort led by students at New York University to create a social network with much higher privacy standards, which also makes it simple for users to move their personal data to other networks, not easy with Facebook.
It may be a small venture which usurps Facebook, perhaps a retailing site which starts with a shopping social network then moves outward. More likely it will be Google, which fears that Facebook will soon create a map of the internet, based on user data, to rival its own search engine...
from ThisIsLondon
It may be a small venture which usurps Facebook, perhaps a retailing site which starts with a shopping social network then moves outward. More likely it will be Google, which fears that Facebook will soon create a map of the internet, based on user data, to rival its own search engine...
from ThisIsLondon
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Comment: Or how about a social retailing site (Cheep!) combined with Google? Because one thing's for sure - Google TV's adoption of Blinkx Beat has put to bed the myth that Google would never deal with the likes of Blinkx because they'd just do it themselves. So how about the power of Google's search with the social ecommerce of Cheep? Combine Google's volume of search with Cheep's monetisation (assuming it works as planned, of course), and you have an absolute goldmine...
Wild speculation on my part, of course, but then again much stranger things have happened...
Galaxy Tab v iPad as Samsung goes to war on the high street
The Galaxy Tab media player and mini PC has a seven-inch touch screen compared with the Apple gadget's at 9.7inches , and runs Google's Android software.
"You really can put this into a jacket pocket," said a Samsung spokesman.
Users can download thousands of apps from Google's online store, together with their contacts and diary from Google's online services.
Samsung has also developed several of its own apps for the Tab, including a newsreader and a film download service. Swype software is included, which allows text to be entered by swiping your finger over a keypad rather than hitting individual keys. Although several other firms have launched rival gadgets running Google software in recent weeks, experts say Samsung's is the first to rival the iPad. "Apple is well ahead in the market but the Samsung Tab is the first real competitor it has seen," said Anthony Cox, of industry analyst Juniper Research...
from The Standard
"You really can put this into a jacket pocket," said a Samsung spokesman.
Users can download thousands of apps from Google's online store, together with their contacts and diary from Google's online services.
Samsung has also developed several of its own apps for the Tab, including a newsreader and a film download service. Swype software is included, which allows text to be entered by swiping your finger over a keypad rather than hitting individual keys. Although several other firms have launched rival gadgets running Google software in recent weeks, experts say Samsung's is the first to rival the iPad. "Apple is well ahead in the market but the Samsung Tab is the first real competitor it has seen," said Anthony Cox, of industry analyst Juniper Research...
from The Standard
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