blinkx pre-tax profits soar
Internet media platform blinkx posts pre-tax profits of $10.8m for the six months to the end of September - 335% up on last time.
Revenues rose by 36% to $111.5m and adjusted earnings before interest, tax, depreciation and amortisation increased by 76% to $18.2m. Adjusted pre-tax profits were 93% up at $15.2m.
Chief executive S. Brian Mukherjee said: “This has been an exciting first half for blinkx and we are delighted to report another strong performance. The business continues to demonstrate robust underlying growth and stability.
“The success of our strategic initiatives, realignment of internal resources, acquisition of the Grab Media platform and the launch of several product lines, including bVA, our video syndication platform for publishers and advertisers, enhanced our performance.
“These initiatives enabled us to serve a greater number of advertisements to a wider audience at better monetization rates, helping to drive our growth.
“Importantly, our year on year performance was achieved against a sector backdrop that did not include benefits of increased marketing spends from one time events that we experienced last year.
“The online advertising industry continues to experience robust growth, within which video advertising remains the fastest growing segment. Several structural tailwinds are fueling these trends, including widespread broadband adoption, proliferation of connected devices and the escalating migration and consumption of video online. Our growth underscores not only the vitality of the sector but also that of our business model.
“The opportunity for blinkx lies in expanding demand, content and audiences. We expect to achieve this through sales, product innovation, and the capture of new and emerging revenue streams that augment our scope and scale as an enterprise.
“We are also fortunate to have an expanding universe of organic and inorganic opportunities. Based on positive sector trends within the broader macro economic environment and the unique capabilities of our technology and team, we remain confident in our underlying growth prospects.”