Blackbird to save £0.5m per year in completed restructure

Video editing technology developer Blackbird announced on Monday that it has recently undergone a restructuring of its existing business.

The AIM-traded firm said that as a result, a number of individuals had departed the company.

It said the reorganisation would achieve annual savings of about £0.5m.

“Our streamlined team located across the major media markets of London, Los Angeles and New York, will continue to service and manage our global clients to an excellent standard,” said chief executive officer Ian McDonough.

“We are focusing on key direct and original equipment manufacturer (OEM) growth opportunities in North America, Latin America, and Europe.

“We also see future scale coming from our direct-to-creator software-as-a-service (SaaS) platform and we are resourcing this opportunity appropriately.”

McDonough said he was “excited” about the company’s prospects - both from the conversations it was holding in the media and entertainment area, and with its new SaaS platform.

“We are well funded with circa £9m of cash, and I look forward to updating shareholders on progress over the coming months.”

At 1004 BST, shares in Blackbird were down 3.84% at 6.01p.

Reporting by Josh White for Sharecast.com.