blinkx predicts better profits

blinkxVideo search engine blinkx has provided a trading update for the financial year ended March 31st 2013. Highlights include:

• Revenues for the yearare  expected to be approximately $196 million, ahead of the previously upgraded range of $180 to $185 million, an increase of 71 per cent from the year ended March 31st 2012.
• Adjusted EBITDA is expected to be approximately $26 million, an increase of over 200 per cent from $12.8 million on last year.
• Profit before tax, including one-time costs and amortisation of purchased intangibles, is expected to be approximately $15 million, an increase from $1.9 million on last year.

The outperformance during the financial year can be attributed to:
• Strong growth in the broader online advertising industry in general and the video advertising sector in particular
• An increase in advertising spend driven by two major events this financial year, namely the Summer Olympics and the US presidential year elections, which delivered a one-time boost to revenue
• The well-executed integrations of the acquisitions which have allowed the Group to expand the scale, scope and reach of blinkx’s offerings

S. Brian Mukherjee, CEO of blinkx, commented, “This has been an exceptional year for blinkx. Widespread broadband adoption, proliferation of connected devices and the accelerating consumption of video content online continue to fuel the growth of the industry. This sector momentum, along with one-time events, strengthening fundamentals of the business and the effective integration of the acquisitions have been critical to our success and growth this year.”

The Company expects to announce its audited financial results for the financial year on May 13th 2013.

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