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MARKET REPORT: Video search engine is a hit

A company making a killing from video appears to be drawing admiring glances from the big guns of the internet.

blinkx, the world’s largest and most advanced video search engine, reported daily video searches in March rose by 169pc to 22.6m on the same month last year. The impressive statistic was a feature of full-year results that easily exceeded City expectations.

The company made a transformational profit in the second half of the year and reported full-year revenues had soared by more than 140pc to £33.7m.

The news revived speculation that Google or Yahoo! will now try and swallow the company, which is the second-fastest growing website in video after Facebook.

Rumours of a 60p-a-share cash offer from Google helped the shares soar to 19.75p before closing 6.25p or 48pc higher at 19.25p on hefty turnover of 30.6m shares. blinkx was spun out of internet security group Autonomy (55p down at 1714p) at 45p three years ago. Citigroup rates the stock a speculative buy and has set a fair value price of 55p.