Forbidden Technologies plc (AIM: FBT), the developer and seller of cloud video platform technology using its patented Blackbird technology is holding its Annual General Meeting today at 10:00am at the Company’s offices, Tuition House, 27-37 St George’s Road, Wimbledon, London, SW19 4EU.
Ahead of the formal business of the meeting, David Main, Chairman of Forbidden, will make the following statement: “Before proceeding with the formal part of the AGM, I should like to take the opportunity of commenting on the Company’s progress since we last met. We published our audited results for the year ended 31 December 2018 on 12 March 2019.
“We started 2019, with the progress and momentum achieved in 2018:
— Revenue up 15% to GBP870,310 (2017: GBP758,835);
— Invoiced sales up 34% to GBP960,606 (2017: GBP714,903);
— Combined deferred revenue and order book up 47% to GBP566,104 (2017: GBP385,439);
— Recurring infrastructure sales grew to 53% of invoiced sales (2017: 48%);
— Stronger balance sheet, as a result of a successful fundraising, resulting in a year end cash position of GBP5,032,087 vs. GBP1,752,349 at the end of 2017;
— Significant strengthening of our team with key hires in sales, marketing, and product development.
To date this year, we have continued to strengthen our business:
— Entering into our first multi-year deal with IMG;
— Securing a relationship with Peloton at the end of January. We have recently received an order for a further US-based studio in addition to their initial 3 sites;
— Extending our relationship with Deltatre for another 12 months;
— Renewing our e-sports relationship with Gfinity for another year;
— Starting to execute on our strategy of adopting an OEM style model for our Post Production business. To date this year, we have converted six customers to this relationship model vs. quoting for individual productions;
— Achieving Microsoft Co-Sell Ready Sales status for Blackbird in January. We are already working more closely together to drive new business; including recently being on their stand at the NAB show in the US;
— Announcing in April that Xytech plans to integrate Blackbird into their market-leading facility management software, MediaPulse;
— Finally, we have further strengthened our team. Stephen White has joined us in the combined role of Chief Operating and Financial Officer. We have also recently appointed an East Coast Sales person for our North American business.
“The Board is confident that the business is now focused with a strong, incentivised team, a best-of-breed product, a clear strategy, the Blackbird brand, and the financial strength to accelerate growth, realising value from our Blackbird technology and platform.”
Forbidden Technologies plc
Tel: +44 (0)20 8879 7245
Ian McDonough, Chief Executive Officer
Adrian Lambert, Marketing Director
Allenby Capital Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 3328 5656
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
Forbidden develops, markets and licenses a powerful cloud video platform using its patented Blackbird technology. The technology underpins multiple applications, which are used by rights holders, broadcasters, sports and news video specialists, eSports live events and content owners, post-production houses, other mass market digital video channels and corporations.
The Blackbird technology allows full visibility on multi-location digital content, improves time to market for live content such as video clips and highlights for social media distribution, and results in much more effective monetisation.
Blackbird(R) is a registered trademark of Forbidden Technologies plc.