Preliminary Results for the year ended 31 December 2006
Forbidden Technologies plc (AIM: FBT, “Forbidden”) has developed and is marketing a powerful internet video platform, which is being used by broadcasters, citizen journalists and consumers. Forbidden’s video post production platform, FORscene, is one the world’s most advanced browser-based applications.
- Sales of £131,535 (2005: £59,705)
- Loss for the year £785,188 (2005: £826,578)
- Year end net current assets £358,794 (2005: £967,098) comprising primarily cash and liquid assets
- Placing of 500,000 shares to founder of Canadian distribution partner, Formidable Technologies
- Loan agreement completed on 5 June with the Chairman and Chief Executive providing a facility of up to #1 million, securing sufficient working capital for the foreseeable future
- Customers now include BBC, ITV, corporates, charities and universities
- Discussions with major broadcasters in Canada
- Mr Paparazzi, the world’s largest celebrity picture agency, is using consumer version of FORscene on its newly designed website.
- Active promotion at conferences and a speaker at Broadcast Live, IVCA, IBC 2006, FTX West (Canada)
Vic Steel, Chairman, Forbidden Technologies, commented:
Following good sales growth in 2006 and the visibility of the Company and products being created this year, we are hopeful of a breakthrough to new partnerships and customers in 2007 which can lead to the desired scale for the Company.
Forbidden Technologies plc (020 8879 7245)
Stephen Streater, Chief Executive
Greg Hirst, Business Development Director
Bell Lawrie (a division of Brewin Dolphin Securities Limited) (0141 221 7733)
College Hill (020 7457 2020)
Corinna Dorward/Adrian Duffield
The annual results are available here in PDF form.