Forbidden losses narrow
StockMarketWire.com - Forbidden Technologies' net pre-tax losses fell to £1,166,000 in the six months to the end of June - down from £1,313,000 a year ago.
Invoiced sales totalled £355,000 (H1 2016: £445,000) and revenues of £316,000 were down from £327,000 last time.
Deferred revenue increased by 74% to £262,000 and contracted orders, including deferred revenue not recognised, rose by 67% to £587,000.
Chairman David Main said: "We started 2017 with a larger pipeline of business than at the beginning of 2016 and with an increased focus on the live market versus the traditional broadcast market.
"Whilst this pipeline has larger deal sizes than before, it is characterised by a slower conversion rate. Consequently, while we have seen an increase in deferred revenue and contracted order book not yet recognised in revenue, we have seen a slow-down in invoiced sales in the first half.
"Our commercial capacity was certainly impacted by the resignation of Aziz Musa as Director and Chief Executive Officer in February, since he was primarily focused on global sales.
"After a period of six months where the Company focused on identifying a suitable successor, I am delighted that Ian McDonough has joined the Company as Chief Executive Officer.
"Ian brings a wealth of experience and a strong track-record of delivering growth in the global media sector. He adds real strength to our commercial capabilities with significant international experience, extensive broadcast and OTT experience and a strong record of commercialising innovative solutions.
"We are confident that we now have the commercial leadership in place to resume a growth path for the business."
At 8:15am: (LON:FBT) Forbidden Technologies PLC share price was -1.5p at 5.13p
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