blinkx reported FY’12 revenues +73%YoY to US$114.4m. Adjusted PBT rose
+28%YoY to $10.8m. Reported PAT was $3.9m inclusive of
acquired amortisation ($4.1m) and restructuring costs ($4.74m). EBITDA
(DSCE) was $18.1m (inclusive of Depreciation and Amortisation of $6.4m
and share-based payments of $1.5m) compared to DSCE of $14.1m. The year
end cash balance was $38.4m compared to $52.8m at 31 March 2011,
following acquisition activity.
blinkx highlighted a significant number of developments: new content
partnerships with PERFORM, Future Publishing, the Bleacher Report,
Cinesport, Rooftop Comedy and FashionTV; distribution agreements with
Sony, Roku, Orb Networks and Aurasma (the Autonomy enhanced reality
project); the video search syndication agreement with AOL; and Disney,
IBM, JP Morgan and Lucozade added as brand advertising clients.
CEO Suranga Chandratillake commented: “This year we have continued to
see strong momentum in the online video market, and, in this young and
constantly evolving Internet industry, we have also experienced
unexpected growth in new and related arenas, such as the soaring
popularity of smartphones and tablet devices, including the iPad … We
remain 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.”
blinkx previewed today’s earnings announcement in its April 10th
announcement. The acquisition of Burst Media and of PVMG introduced an
element of confusion to the (Ad Hoc) search-based targeted advertising
model despite being positioned to extend the company’s web presence and
reach. Subsequently blinkx has continued to add both content partners
and brand advertising clients, the mainspring of its business model. The
impending flotation of Facebook and gathering momentum of both the
Connected TV and smartphone phenomena serve as a timely reminder of the
pace of change to which blinkx refers, which is still in its infancy.
blinkx remains “in the right space” at the confluence of online viewing
and a shift in advertising media and behaviour. Our rating is “Buy”.
from Angel News
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