STOCKS NEWS EUROPE- blinkx gains on upbeat outlook
Shares in blinkx < BLNX.L > rise 11.8 percent after the video-search engine company says it expects to beat first-half market estimates, helped by higher search volumes and partnerships with the BBC and Accuweather.
The firm says revenue in the six-months to end-September doubled to about $27 million.
“A very encouraging result, indicating that blinkx continues to post triple-digit growth in both search volumes and advertising revenues,” says analyst Alan Howard at Canaccord Genuity.
With its business model remaining robust and blinkx moving into maiden first-half pretax profitability, Howard sees upside to his profit forecast of $5.9 million for fiscal 2011 and $20.9 million for fiscal 2012.
The broker keeps his price target of 101 pence on the “buy”-rated stock.