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 2019.
Ian McDonough, CEO of Blackbird, 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.
"When authorised to do so, and within the regulatory parameters of our AIM listing, I have continued to increase my holding in the Company for which I see such great potential."
Operational highlights (POST PERIOD)
· Blackbird selected to exhibit alongside Google Cloud at IBC in Amsterdam later this month for the full duration of this major trade show. Blackbird is the only co-exhibitor focused on cloud video editing.
o Google Cloud's public policy is that they are strategically focused on accelerating their penetration of the enterprise base, which is aligned with Blackbird's own strategy
· Significant six-figure, multi-year deal signed with A+E Networks starting post-period end
o Landmark deal on a recurring basis - validating our new strategy
· Extension of TownNews deal, adding a further 15 US TV stations bring the total to 40
o Demonstrating Blackbird's ability to quickly 'land and expand' within large organisations
· Doubling of deferred revenue and contracted order book compared to 31 December 2018
· Expansion and three-year extension of deal with IMG Media, a leading global producer and distributor of sports media
· Extension of contracts with leading media rights companies Deltatre, MSG Networks and Gfinity
· Blackbird selected by global fitness technology leader Peloton to edit its daily virtual spin classes
· Two-year contract signed with Australia's National Rugby League, for live video clipping and publishing, following a highly competitive tender process
· Achieved Microsoft Azure Co-Sell Partner status
· Implementation of Blackbird Productions Partnership Program ("BP3") to post-production houses
· Company name change to Blackbird plc
· Board strengthened with appointment of Andrew Bentley as Chairman, Dawn Airey as Non-Executive Director and Stephen White as Chief Operating and Financial Officer
· Record revenues of £479k for the 6 months to 30 June 2019, up 27% year-on-year (6 months to 30 June 2018: £377k)
· Contracted orders and deferred revenue increased by 113% to £1,208k from £566k at 31 December 2018
· Operating costs of £1,416k (6 months to 30 June 2018: £1,289k)
· EBITDA loss of £1,017k (6 months to 30 June 2018: £965k)
· Net loss before tax £1,189k (6 months to 30 June 2018: £1,274k)