The following statement is being made at todays Annual General Meeting by Vic Steel, Chairman, Forbidden Technologies plc.
"Following the successful fund-raising activities in 2013, we are mid-way through a major programme of redesigning the majority of our activities and resources as we equip ourselves to become a global leader in our key markets.
The cloud now shapes market thinking in many video markets, creating opportunities to scale up and roll out Forbiddens technology platform well beyond its traditional functions of review, logging and editing for broadcast. This development is supported by a steady build-up of R&D resources, with seven extra team members added this year. The new team members bring valuable new expertise in web interfaces (which we use for the administrative elements of the Platform) and mobile development, an important facet of Forbiddens strategy which I will talk about in a moment.
At NAB (the worlds biggest broadcast trade show) in April, we revealed an extensive range of new initiatives. Having spent some months re-designing the face of Forbidden and Forscene, we unveiled our new look to the trade public. We launched our new North American organisation and team, which generated a high level of interest. We demonstrated the availability of Forscene as a part of Microsofts flagship cloud platform, Azure, by presenting on the Microsoft stand. We also showcased Forscene on the Sony stand and became the first cloud post-production platform to demonstrate a real TV production using Sony wireless adapters for their cameras.
Since NAB, our North American team has generated significant interest in both broadcast post-production and in sports. It has successfully placed evaluation servers in eight prospective clients allowing them to experience Forscene working in their own environment. Product interest is now being built in Eastern USA and Canada and we are in the process of establishing our sales presence in these areas.
The impressive funnel of potential clients continues to grow, made up of a wide range of influential companies looking to move their workflows to the cloud in line with the emerging market trend.
In UK broadcast post-production we continue to add new clients and programmes. First half 2014 revenue is likely to be broadly flat, due in part to the later commencement of major continuing series. Despite this, Forscene has increased gross profit over the period to date with software licences taking a bigger proportion of our sales to the sector.
After years of development, Forbidden has now successfully combined three of the most interesting areas of technology: mobile, video and cloud. The launch of a "prosumer" app, Clesh, three years ago – which has since received over 100 upgrades – has given us an unrivalled insight into this opportunity. In a similar vein, Forbidden launched a professional tablet version of Forscene at NAB. This is the next step in the Companys long term plan to dominate the mobile video creation space.
Using the experience gained through the development of the prosumer app, the final pieces of the Forbidden jigsaw are now being fashioned in earnest: a mass market consumer platform fronted by a new mobile video editing app. The current generation of smartphones, tablets and "phablets" has vastly superior screens, supports high resolution video capture, and is able to benefit from fast internet speeds. Indeed, the rapid global growth of 4G is expected to give the typical mobile device worldwide the ability to stream HD video, driving video traffic growth much faster than data growth as a whole. Just as 3G enabled the explosion of mobile social networks, the emergence of 4G has set the scene for an explosion in mass market video creation and sharing and we have the resources and expertise to capitalise on this opportunity.
Forbiddens new consumer team is being led by a new appointee, Aziz Musa, as Director of Consumer Products. He has also joined our Exec Team and this week appointed his User Experience Architect. These two, together with our mobile developers, the head of R&D (who also has a strong mobile background) and the CEO, with his unparalleled enthusiasm and knowledge of mobile video app technology, are creating a team with real energy and ambition. We are anticipating a vibrant period of development for our consumer video offering, which is planned for launch in the final quarter of this year.
The Board looks forward to updating the market in the coming months as we take the necessary steps to maximise all these significant opportunities."
Forbidden Technologies plc
Tel: +44 (0)20 8879 7245
Stephen Streater, CEO
Cenkos Securities plc (Nominated Adviser and Broker)
Tel: +44 (0)20 7397 8900
Bobbie Hilliam, Corporate Finance
Alex Aylen, Sales
Redleaf Polhill (Financial PR)
Tel: +44 (0)20 7382 4730
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
The Company develops and markets the powerful cloud video platform, Forscene, which is used by broadcasters, in professional web video, in education and by consumers. Forscene is one of the worlds most advanced browser-based and mobile applications.