(By Philip Carnelley, Nov 3 2009, 17:30 - updated Nov 4, 08:00) AIM-listed video search engine company (and Autonomy spin-off) Blinkx has reported sharply increased revenues for the 6 months to 30 September, together with a share placing raising £5m. Autonomy – which remains Blinkx’s largest shareholder, with 19% before the placing – underwrote the issue and took some of the shares. It's not yet announced how much Autonomy took.
For the half year, reported revenue rose 106% yoy, to $13m, and usage grew dramatically with a 238% increase in advertising campaigns over the previous half; video streams increased by 170% and the company entered the “Top 10 Video Sites” measured by comScore and Neilsen. But operating losses widened from $4.3m to $7.4m, and cash burn rose from $4.7m to $8m - hence the need for the placing. That sum does include $1.4m of infrastructure investment. Blinkx shareholders have seen pretty poor returns since the 2007 IPO: the shares have never regained their price of 65p reached immediately post-launch, and fell 10% on the day's news to 17.5p. Perhaps shareholders' best hope is that the company will soon be bought!
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