Growing awareness of cloud-based platforms helped Forbidden Technologies to post an increase in sales, according to the company’s chief executive.
Revenue for the AIM-listed company was £181,839, up 8% on the same period last year, while costs for the period increased from £214,730 to £318,842.
The operating loss for the period was £157,200, compared with £53,853 last year. Gross profit for the first six months of the year stood at £155,950, down from £158,375
Forbidden chief executive Stephen Streater attributed the rise in costs to additional staffing, with two new hires in the company’s research and development department to concentrate on APIs and two new recruits in sales and marketing.
“People are much more aware of the cloud, and now we can say 12,000 hours of footage a week is passing through the system people see it is not a toy,” Streater said.
He said that previously the company’s turnover was mainly generated by those using the service for logging, but now an increasing amount are using the software for rough cut, with 94% of Forbidden’s turnover generated by post production facilities.
Chairman of Forbidden Technologies Vic Steel said: “Looking ahead, the company expects to see continuing growth in the broadcast post production market as more producers adopt FORscene and repeat orders are placed by satisfied users.
“The now frequent extension of FORscene use into editing underpins the value of the FORscene platform as we enter new value-added markets where editing plays a more important role.”