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The share price of AIM-listed cloud video specialist Blackbird (LON:BIRD) plunged by 10.71% to 9.82p (as of 15:05 BST) as its pre-tax loss for the half year to 30th June narrowed by 6.6%. Revenues were up by 27% year-on-year, but this was overwhelmed by a rise in operating costs leading to an increased EBITDA loss.
CEO Iain McDonough commented: “The overriding theme for Blackbird in 2019 is momentum. The first half of 2019 has been an incredibly busy period for Blackbird and has seen our renewed strategy on sports and news gain traction, with the Company booking record revenues for the period and doubling our deferred revenue and contracted order book since 31 December 2018.
“Blackbird is a market leading product and all evidence points to the industry’s large-scale transformation, of moving to the cloud for its video editing needs, as now being well and truly underway. Our revised strategy is now ‘bedded in’ and the sales traction demonstrated in new sectors with a different breed of customer demonstrates that we are strongly positioned to capitalise on this significant industry shift“.