StockMarketWire.com - Video-editing group Blackbird posted a first-half loss after rising revenue was more than offset by expenses.

Pre-tax losses for the six months through June amounted to £1.17 million, compared to year-on-year losses of £0.94 million.

Revenue increased to £0.87 million, up from £0.71 million.

'I am delighted to once again deliver record revenues for the six-month period,' chief executive Ian McDonough said.

He added that the company had made strong progress against its sales strategy both for original equipment manufacturing and direct.

'Importantly, in a landmark deal for the company, we signed our first 'Powered by Blackbird' licensing contract for the core video technology post period,' McDonough said.

'As well as being long term and the largest financial deal to date for the company at a minimum expected value of €2 million, this is also of strategic importance and provides substantial evidence of the value of our IP outside of our own Blackbird product which we have been talking about for some time.'


Story provided by StockMarketWire.com