Forbidden Technologies plc (AIM: FBT), the AIM-quoted owner and developer of the market leading cloud video platform, FORscene, is pleased to provide the following Trading Update for the year ended December 2013.
- Encouraging levels of revenue growth in Broadcast Post-Production and Sport
- Revenues up 33% on an organic basis excluding major world sporting event
- Successful fundraise with new and existing holders creates robust balance sheet and supports stated strategic objectives
- Launch of US subsidiary to address the key US market
- Recognised as one of the fastest growing UK technology companies in this years Deloitte UK Technology Fast 50 Awards
Stephen Streater, Forbidden Technologies CEO, said:
"The Board is pleased to report that 2013 has provided a number of significant milestones in the development of Forbidden Technologies. The funds raised have enabled the Company to put in place a number of building blocks to accelerate growth in 2014 and beyond".
Broadcast post-production grew by 40% in 2013, with the number of concurrent productions in a single month using our flagship cloud-based post production platform, FORscene, reaching new record highs. We announced in 2013 that we are working with Windows Azure Media Services to allow remote, browser-based editing of footage, and are pleased to confirm that a new application of FORscene technology is currently on trial in the UK with potential additional ongoing revenue. The News sector has produced consistent revenue over the years and 2013 was no exception.
The Company achieved an encouraging level of revenue growth in Broadcast Post-Production and in Sports during 2013. Overall, excluding one-off revenue from the major world sporting event in 2012, revenue in 2013 grew by 33% compared to 2012 (down 6% including revenue from this significant contract).
As shareholders will be aware, the Company undertook a significant fund raising in mid-2013 on the back of several significant milestones in the development of Forbidden Technologies. The funds were principally raised in order to increase revenue growth both in the UK and internationally and to increase the resources available to the Board. A summary of initiatives undertaken by the Company, principally in the second half of 2013, is set out below:
- Forbidden views R&D resources as key to maintaining and increasing its role as a leading force in the Broadcast, News and Sports sectors. Consequently, increased R&D headcount has been put in place.
- In pursuit of higher awareness, a new marketing agency has been appointed, a new website for FORscene has been developed and a new trade PR agency hired to promote Forbiddens exceptional cloud video platform, FORscene, internationally.
- With ambitious plans to become a significant force in the US market, in November we secured one of the top US executives in Broadcast Post-Production, plus a support team. We are in the process of creating a new US subsidiary company.
The awareness and reputation achieved by the 2012 events led to the signing of two global companies, EVS and deltatre, as partners for growth in Sports and News. deltatre signed the first client in 2013 who will continue to use FORscene in 2014. In January 2014, the first EVS client started working with FORscene in the USA and deltatre is working with FORscene with a sporting group in Europe. Both of these trials could lead to significant revenue in 2014.
Having put in place increased resources and with the US operation starting with all the energy and dynamism to be expected from the high-powered management on the ground, plus the appointment of the resellers Keycode Media and Bridge Digital, the Company is now fully funded and confident of accelerated growth going forward. The Board looks forward to further progress in 2014.
Forbidden Technologies plc
Tel: +44 (0)20 8879 7245
Stephen Streater, CEO
Cenkos Securities plc (Nominated Adviser and Broker)
Tel: +44 (0)20 7397 8900
Bobbie Hilliam, Corporate Finance
Alex Aylen, Sales
Redleaf Polhill (Financial PR)
Tel: +44 (0)20 7382 4730
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
The Company develops and markets the powerful cloud video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consumers. FORscene is one of the worlds most advanced browser-based and mobile applications.