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Forbidden Technologies revenues flat as departure of CEO weighed on performance

By BFN News | 10:12 AM | Thursday 15 March, 2018


Forbidden Technologies reported revenue of £758,835 in the year to the end of December, down from £774,825 the previous year as the departure of its CEO weighed on performance. The company said 'the business was without a full time CEO for six crucial months,' as a result the impact on its growth prospects in the short term was 'significant'. Invoiced sales declined 29% to £714,903 from £1,007,074, while deferred revenue of £146,389 was lower than the £270,321 seen in 2016. The EBITDA loss for the year was £1,844,436 versus a loss of £1,787,406 in 2016, net loss was £2,336,000 slightly below £2,340,464 the previous year. Year-on-year operational spend, including capital expenditure, was £2,705,663 down from £2,746,453 the previous year. The percentage of total invoiced sales from recurring infrastructure sales in 2017 was 48% versus 28% in 2016 as the company shifted focus to boosting recurring infrastructure sales versus the traditional project-based revenue generated from a large number of production companies in the UK broadcast post market. The firm continued to expand its presence in the North American sports market securing a minimum two-year deal through Deltatre for one of their major North American clients, increasing business at Madison Square Garden and agreed a paid for pilot with a major North American broadcaster and sports franchise, which is still ongoing. Ian McDonough, CEO of Forbidden Technologies plc said: 'The Company is having a good first quarter with significant double-digit growth to date in invoiced sales over the same period last year.' 'We are in dialogue with a number of interesting opportunities in the live sports, eSports, news and post production sectors. In addition, we are in discussions with multi-channel networks and social media publishers who are often building their media supply chain from scratch, and who see Blackbird as an end to end SaaS solution instead of investing in numerous pieces of specific hardware. A key area of interest is also in integrating Blackbird with OEM solution providers in the US where our technology can be deployed quickly and at scale.' 'We have changed our sales stragegy to focus on getting Blackbird adopted as an integral component of our client's technology infrastructure and this approach is paying dividends.' At 10:12am: (LON:FBT) Forbidden Technologies PLC share price was -0.38p at 3.75p Story provided by StockMarketWire.com

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