Forbidden Technologies' revenues surge on video coverage of Olympics
Forbidden Technologies' (LON:FBT) revenues surged in 2012 driven by the widespread use of its video editing technology during the Olympics.
The company said sales growth had exceeded the 50% predicted by analysts by a "respectable margin".
FORScene, Forbidden's flagship cloud-based video editing software, was used by NBC and YouTube for web video coverage of the Games, with thousands of hours of content handled by its software.
NBC used FORscene to edit video for web, mobile and some broadcast delivery. Outside NBC, the web video for over 60 countries was edited in FORscene, said Forbidden.
Reflecting that, revenue from the News and Sport sector grew by over 80% in the year.
That Olympic success has also sparked a lot of interest for work in future with partnerships developing with both major news and sport broadcasters, and the potential for significant licence annuity sales in both areas.
In addition, the potential for sales through Systems Integrators (SIs) has strengthened with the developing relationship with Atos in South Africa, Forbidden said.
There was also strong growth in UK broadcast post-sales over 2012 with the strategy of selling through post-production houses increasing the rate of profitable hardware sales. Sales growth of FORscene in the Broadcast Post-Production sector in 2012 are expected to exceed 50%.
The company also said it has been developing an Android app version of its Clesh (consumer/prosumer) cloud video editor.
"Its unique architecture is designed to handle vastly higher volumes and Forbidden is positioning Clesh for a much bigger role, in due course," the company said.
"Operating expenses have continued in line with the interim results 2012, reflecting on-going commitment to investment for growth. 2013 has begun with a strong pipeline and the board looks forward to continued growth," the company added.
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