blinkx posts narrower H1 loss, stock jumps
AIM-listed Internet video search company blinkx Plc (BLNX.L: Quote, Profile, Research, Stock Buzz) on Monday reported a narrower first-half loss and said it expects to report strong growth in the second half and beyond, sending its shares up 12.7 percent.
The company posted a pretax loss of $3.4 million for the six months ended Sept. 30 on revenue of $6.4 million.
Last year, it posted a pretax loss of $12.9 million for the 23-week period April 23 to Sept. 30, 2007 on revenue of $3.0 million.
blinkx said it introduced four new products during the period, signed a host of top-tier partners including ITN, MSN UK and Getty Images and realised substantial advertising revenue through its platform.
“With a 681 percent growth in traffic between June 2007 and July 2008 in the UK alone, blinkx has cemented its position as the remote control for online television,” Founder and Chief Executive Suranga Chandratillake said in a statement.
Separately, the company said it entered into a content partnership with Time Warner Inc’s (TWX.N: Quote, Profile, Research, Stock Buzz) celebrity news site People.com.
Financial details were not disclosed.
Under the terms of the agreement, blinkx said it would add people.com’s original video programming to its index.
At 0818 GMT, shares of the company were up 12.7 percent at 20 pence on the London Stock Exchange.