blinkx hails exceptional half as advertisers scramble for coverage
Video search engine blinkx (LON:BLNX) posted bumper revenues as advertisers scrambled to get coverage during the Olympics and US presidential elections.
Sales rose by 84% to US$82 million in the half year to September, with underlying profits 69% higher at US$8.37 mln.
New chief executive Brian Mukherjee said the improvement reflected the “powerful secular trends” that are driving the growth of video advertising.
Mukherjee, who took over when founder Suranga Chandratillake became president and strategy head, cited the proliferation of broadband and connected devices, and the accelerating migration and consumption of video online as drivers of the trend.
blinkx added today that chief financial officer Jonathan Spira is also stepping down and will be replaced by Edward Reginelli who steps up from group controller.
Mukherjee added: “This has been an exceptional first half for blinkx. The business demonstrated strong underlying growth, which was accelerated by the ahead-of-schedule integration of Burst and PVMG. The progress of this integration enabled us to serve a greater number of high value ads to a wider audience at robust monetization rates.
“Overall trading remains in line with the comments made in our trading update of 29 October 2012 and based on our performance this period and the fundamentals of the sector, we remain confident in our outlook for the rest of the year.”
Shares rose 3% to 72.8p.