Interim Results, June 2003
30th Sep, 2003
Interim Results for the six months ended 30th June 2003
In the six months to 30th June 2003 the company had sales
of £15,333 (2002: £5,350) and incurred a loss of £233,919
(2002: £147,906). The increased loss was mainly due to planned increases
in development and marketing resources and the establishment of our compression
bureau. Cash balances remain strong at £2.4 million.
During the first six months of the year the technology
marketplace showed signs of renewed interest in innovative developments
at both consumer and business levels. Whilst the vast majority of Internet
users continue to depend upon modems, broadband is now increasing its
penetration and popularity. Our data rate-sensing product, which automatically
detects each receiver’s connection speed, allows us to service all internet
viewers appropriately. Mobile devices continue to grow in volume and variety,
particularly Symbian mobile phones.
Our product development has continued to make excellent progress
producing a range of attractive shippable products. We have run successful
beta tests on our compression software and can now deliver compressors to volume customers.
Development of a superior suite of tools for use by video production
companies is now in progress. Used with our compression technology,
this will offer customers a valuable tool which speeds up and eases
the video post production process.
Our progress in the business services sector is accelerating with customers
such as Cantos, Misys and others using our technology increasingly.
We are increasingly successful at attracting partners. Recent partners,
Siteseer in Japan and Siteseer UK, are reporting good progress.
The highlight of our recent product innovations
is the announcement and demonstration of our live product, FORlive.
This can provide live transmission of video over the Internet via
a standard web server. It appears in a web page, viewed with a standard
web browser and needs no plug-ins. This product provides a major
enhancement to our existing product range.
The recent launch of FORlive at the international
media exhibition, IBC in Amsterdam, created huge interest from a
wide range of potential customers. In the days following this
exhibition the company had a sustained surge in the number of visits
to our website (www.forbidden.co.uk) and a high demand for our shares.
The opportunities offered by FORlive for smaller broadcasters was
recognised as was its use for previewing archive material. Both have
produced multiple expressions of serious interest.
"We believe that the increasing acceptance of our
innovative products augurs well for significant growth over the years ahead."
"Our business development team is achieving increasing success in
unlocking the doors that can lead to participation in a huge and varied
market-place of Internet based video for business and pleasure applications."
Victor Steel
Chairman
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