logo-loader

blinkx profits and revenues slide

Published: 18:48 08 Apr 2015 AEST

boardroom_350_5524ece7db93c

blinkx (LON:BLNX) has blamed a ‘transformational year’ in the online advertising sector for a slide in revenues.

The video search engine said turnover would be 15% down in the financial year ended 31 March compared to the previous year at US$210mln, versus US$247mln, while underlying profits would be US$3mln - almost 25% lower than a year ago.

The second half was broadly in line with half year results, which also showed a sharp decline in income.

blinkx, spun out of data search group Autonomy, indexes and powers video searches for thousands of media companies.

Brian Mukherjee, chief executive, said: "In a sector characterised by rapid change, we made transformational moves to stabilise and strengthen our core revenue streams.”

Mukherjee said that despite the lower revenues it had made significant progress during the year.

Shares dropped 7% after the announcement to 28p.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

3 hours, 51 minutes ago