David Main, Forbidden Technologies plc’s Chairman will make the following statement at the Company’s Annual General Meeting, to be held today at 11.00am at the Company’s offices, Tuition House, 27-37 St George’s Road, Wimbledon, London, SW19 4EU.
“On 13 March 2017, the Company announced its preliminary results for the year ended 31 December 2016. As at 31 December 2016, the Company was debt free with a cash balance of GBP3.7 million. During 2016, the Company enjoyed continued growth in its invoiced sales which were up 42% at GBP1,007,074. Deferred revenues grew year on year by 593% and recognised revenues rose by 9% to GBP774,825, up from GBP708,717 in 2015. In addition, the Company successfully completed two fundraisings during 2016, restructured its organisation to be more commercially focused and repositioned its products into one cloud based video platform, Forscene, to focus exclusively on selling B2B.
Since the beginning of the year the Board has continued to build the Company’s commercial capabilities in North America, through relationships with value added resellers in both the US and Canada. In the UK we have just completed the hiring of a new sales director who will be focused on driving our sales performance outside of North America. Finally, we are continuing to focus on adding additional third-party channels to market and we are looking at technology licensing opportunities.
We are making good progress in our search for a new CEO. We are working with a leading executive search firm in London and we expect to finalise a short-list of talented individuals within a few weeks and hope to make an appointment soon.
We started 2017 with a larger pipeline of business than at the beginning of 2016 and with an increased focus on the live market versus the traditional broadcast market.
Whilst this pipeline has larger deals sizes than before we are currently experiencing a slower conversion rate than we had expected. However, since the beginning of the year we have announced two multi-year deals with Deltatre, including one in the last week. In addition, two weeks ago we announced a deal with Gfinity, our first client in the rapidly growing market of eSports. In the coming months we are expecting to continue to build our sales through larger deals with longer terms than we have historically signed.
In support of our commercial efforts, we have recently launched Blackbird 9 which will continue to strengthen the value of our Forscene platform to our customers. We are also continuing to undertake developments in response to specific customer needs.
The Board is confident in the commercial opportunities for the Forscene platform going forward and looks forward to reporting further progress in due course”.
Forbidden Technologies plc
David Main, Chairman
Jonathan Lees, Chief Financial Officer
Tel: +44 (0)20 8879 7245
Allenby Capital Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 3328 5656
Redleaf Communications (Financial PR Adviser)
Tel: +44 (0)20 7382 4730
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
Company develops and markets a powerful cloud video platform with multiple applications which can be used by rights holders, broadcasters, sports and news video specialists, post-production houses, other mass market digital video channels, corporates and consumers. The platform applications help customers improve their time to market on time sensitive content, and efficiently exploit the full value of their content.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”)