(Alliance News) - Blackbird PLC on Monday said it notched record revenue in 2020 as the cloud video editing firm secured a series of deals with football clubs and sports broadcasters.
Blackbird shares were 9.9% lower at 25.00 pence each in London on Monday morning, though it is up 27% so far in 2021.
Revenue in 2020 rose 45% to GBP1.6 million from GBP1.1 million in 2019. Blackbird's pretax loss narrowed to GBP1.9 million from GBP2.2 million.
"I am pleased to again report record revenues for the year of GBP1.57 million, up 45% on the previous year despite the very challenging industry environment having a large impact on live sport and post-production, two of our key markets. The company also made strong progress in reducing its cash burn," Chief Executive Officer Ian McDonough said.
"The evidence of confidence returning to our markets can be seen in a spate of recent contract wins. As Covid-19 vaccinations are rolled out, with an accelerated shift to cloud and remote workflows and with us taking a leadership role in the reduction of carbon emissions across the industry, Blackbird is very well positioned to prosper."
Blackbird has secured contracts with English Premier League football clubs Arsenal FC and Liverpool FC. It has also teamed with production firm Whisper's world with Formula One.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Blackbird (BIRD)