Blackbird PLC – BIRD – Interim results

Blackbird PLC – BIRD – Interim results

Blackbird plc (AIM: BIRD), the developer and seller of the market-leading cloud video platform, Blackbird, announces its interim results for the six months ended 30 June 2020.

 

Ian McDonough, CEO of Blackbird plc, commented:

"I am pleased to deliver record revenues for the six-month period of £714k, up 49% year on year. This accelerated performance has come despite the Covid lockdown, proving the resilience of our operating model and whilst moving the Blackbird team fully to remote working. It has also enabled our customers to continue their operations remotely and, at the same time, ensure the safety of their staff.  I am genuinely excited about the future prospects for the Company and made a further significant investment in the Company in April 2020.  As we continue to execute the next stage of our strategy and Blackbird becomes more widely adopted, I look forward to delivering further good news and strong results to the market."

 

Operational highlights (POST PERIOD)

 

·              Partnership and multi-year order secured with leading global communications provider, Tata Communications

·          Another OEM deal with Live X in the US with an initial deployment for the Democratic National Convention

·              Deal signed with the National Hockey League (NHL) for remote content production around the Stanley Cup play offs 'return to play' program

·              Exhibited at Amazon Web Services' (AWS) high profile Media Webcast Series

·              Webinars held separately with AWS and Microsoft Azure attracting approximately 300 media industry professionals

 

Financial highlights (POST PERIOD)

 

·              £1,453k* secured revenue for 2020 (2019 comparative: £943k) at 31 August 2020

·              An increase in contracted but unrecognised revenues to £2,005k* at 31 August 2020. £453k relates to 2020 and £756k revenue to 2021

* Subject to exchange rate fluctuations

 

 

Operational highlights

 

·              A+E Networks doubles volume of video edited using Blackbird for the next year

Reaffirming the land and expand strategy

·              Three-year deal signed with esports' trailblazers Venn

Blackbird is the choice for companies with no legacy infrastructure

·              Deal closed with esports' Riot Games for remote fast-turnaround video production

·              Contracted with Liverpool F.C. and Arsenal F.C. to deliver remote working solutions

·              Deal finalised with Whisper to drive major production efficiencies for its clients, including Formula One

·              Sky News Arabia chooses Blackbird for remote editing in Cairo and Abu Dhabi

·              Deal renewals with Deltatre, MSG Networks and Gfinity plc

·              Partnership and integration with Zixi, the industry leader for enabling live broadcast-quality video over any-IP

·              Strengthening of the Board with John Honeycutt, a former Google Executive, appointed as Non-Executive Director

·              Prototype of Blackbird in the Public Cloud built

·              SOC2 Type 1 security accreditation achieved

·              Blackbird brand refreshed across all channels including new website; positioning and messaging strengthened and simplified

·              Winner of TV Technology's Best of Show Digital Video Award 2020

 

 

Financial highlights

 

·              Record revenues of £714k for the 6 months to 30 June 2020, up 49% year on year (6 months to 30 June 2019: £479k)

·              Contracted but unrecognised revenues increased by 54% year on year to £1,860k at 30 June 2020 (£1,208k at 30

             June 2019) and in line with 2019 year end

·              Operating costs of £1,359k (6 months to 30 June 2019: £1,416k)

·              EBITDA loss of £714k down 30% year-on-year (6 months to 30 June 2019: £1,017k)

·              Net loss before tax £942k (6 months to 30 June 2019: £1,189k)

·              Cash burn, excluding proceeds from share issues, £846k down 31% year on year (6 months to 30 June 2019: £1,239k)

·              Cash at bank on 30 June 2020 of £7,183k

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