At the AGM of Forbidden Technologies plc this morning the Companys Chairman, Mr Vic Steel commented as follows:
At last years AGM I commented that the tough economic conditions had accelerated the interest of the broadcast industry to replace old and inefficient workflows with modern internet-based workflows using FORscene. Users were saying that FORscene saves time and money.
In the Annual Accounts before you today (which are available on the company website www.forbidden.co.uk), I also refer to the high level of repeat business coming from existing customers and an increase in the number of potential customers approaching the company.
In this brief update I am pleased to report that not only have the above trends continued, but they have increased in momentum. Forbiddens customers are showing increasing confidence, with Forbiddens sales at this point of the year in line with its ambitious internal sales plan.
Since the end of 2008, the number of UK post production customers has increased with notable use of the FORscene web-based system by such key post production houses as Endemol, who used FORscene on an international production and who commented: "FORscene has been an eye-opener. With filming in LA our UK based producers saved many hours travelling by providing editorial input via FORscene throughout the actual filming period". We are also benefiting from increasing levels of introductions through post houses such as Blue, who facilitated the use of FORscene in the production Kill It, Cook It, eat It for the BBC. In another branch of the professional video industry, Ogilvy Public Relations used FORscene for its recent work launching two new Nissan models at the Geneva Motor Show.
In the USA our partner BIM is developing its use of FORscene and is planning to increase FORscenes use this Autumn.
In Europe, Forbiddens return this year to the International Broadcasting Convention (IBC), Europes biggest Broadcast Show, is heralded by the use by IBC TV News of FORscene to facilitate the delivery of their news content across multiple channels, including the IBC and exhibitors web-sites, IPTV news channels and to multiple broadcasters worldwide.
With the above exciting developments in mind, your Board looks forwards to good progress for the 2009 year.
For further information, please contact:
Forbidden Technologies plc
Stephen Streater, Chief Executive (020 8879 7245)
Brewin Dolphin Investment Banking, Nominated Advisor
Neil Baldwin (0845 213 4726)