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Record results boost blinkx shares

blinkx (LON:BLNX) beat forecasts with its annual results, helping the video search engine pioneer’s shares up more than 5% on Monday.

The company grew revenues by 73% to US$198mln, which is above the US$180-US$185mln it raised its guidance to in February.

Adjusted pre-tax profits were US$24.6mln, an increase of 129% from the year before.

blinkx said the London Olympics and the Presidential elections helped the industry last year as web users logged on to view videos from 2012’s two big events.

Brian Mukherjee, blinkx chief executive, said: “This has been an exciting year for blinkx and we are delighted to report a record performance.

“The business demonstrated strong underlying growth, stability and efficiency, which was accelerated by the ahead-of-schedule integration of the acquisitions that we made last year.”

He added: “The scale, scope and reach of these acquisitions enabled us to serve a greater number of advertisements to a wider audience at robust monetization rates, which helped drive our growth.”

Shares lifted 5% to 112p each.