Forbidden Technologies grows sales, reduces costs in first half

Cloud video platform owner Forbidden Technologies announced its interim results for the six months to 30 June on Tuesday, with an increase in invoiced sales by 25% to £445k.

The AIM-traded firm had revenues £327k, precisely in line with the result a year prior, and deferred revenue of £150k, up from £39k in the six months to 31 December.

Its operating costs were £1,323k, down from £1,399k in the six months to 30 June 2015.

Forbidden Technologies narrowed its EBITDA loss to £1,041k, compared with £1,119k a year prior.

Operating cash outflow reduced to £965k, from £1,324k, and the compant received an additional £1,201k from the issue of new shares, net of costs.

Liquid funds were £1,803k at 30 June, up from £1,676k at the beginning of the period.

“I am pleased with our progress in the first half having secured 25% growth in invoiced sales over the corresponding period last year,” said Forbidden Technologies CEO Aziz Musa.

“This builds on the early momentum in the second half of 2015.”

Musa said in addition to that, the company successfully secured new funding, welcoming new investors to support the its development, and completed an organisational restructuring saving around £1m in operating and capitalised costs on an annualised basis.

“Finally, an increase in direct sales capacity has given us a stronger top-line focus, and I look forward to seeing our growth continue in the second half.”