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Thursday 14 September 2017

A challenging H1 for Forbidden Technologies

Forbidden Technologies LogoIt’s been a challenging start to the year for Forbidden Technologies, with revenue for the six months ended 30 June 2017 down 3% to £316k (H1 FY16: £327k), and invoiced sales falling 20% to £355k (H1 FY16: £445k). However, pre-tax losses for the AIM-listed cloud video platform provider narrowed slightly to £1.2m from £1.3m at the same point last year.

Forbidden has been prioritising live sports broadcasting, adding the licensing of its Forscene platform as a core component of its business and building international growth (see Transitional year for Forbidden Technologies in FY16). It is picking up longer-term and higher value contracts, including with Deltatre and Gfinitiy (see Forbidden Technologies takes first step into eSports), but these type of deals take longer to convert and have had an impact on invoiced sales. Forbidden starts the second half of the year with contracted orders including deferred revenue of £587k up from £351k in H1 FY16.

The resignation of CEO Aziz Musa in February 2017 had an impact on its commercial capacity during the first half of the year, but Forbidden has now appointed his successor. Ian McDonough joined as CEO at the beginning of September. He was Senior Vice President and Managing Director for Turner Northern Europe. Prior to that McDonough was Executive Vice President for the CEMA region at BBC Worldwide, a role that included television channels, content sales, consumer products, production, digital and home video. Forbidden also appointed a new sales director in July 2017.

There are opportunities out there for Forbidden to build growth in both broadcasting and over-the-top content, particularly in the rapidly expanding e-sports sector. However, there are still plenty of challenges for Forbidden to overcome and McDonough will look to make his mark in H2. 

Posted by Dale Peters at '09:55' - Tagged: results   video   H1   broadcasting  

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