blinkx, the online advertising company, has reported a fall in annual revenues on but claimed to have made “transformational moves” to turn its business around. In a trading update for the year to the end of March, blinkx said it expected to report revenues of “at least $210 million” — down from $247 million in the previous year — and its first fall in annual sales.

Brian Mukherjee, chief executive, said: “In a sector characterised by rapid change, we made transformational moves to stabilise and strengthen our core revenue streams while positioning the company in the emerging high-growth areas of the industry.” But investors were unconvinced and blinkx’s share price declined 13 per cent.

Shares in the company have fallen sharply since January 2014, when an associate professor at Harvard Business School, raised questions about the legitimacy of its business model.

The company has been attempting to break into the market for advertising on mobile devices — the fastest-growing segment of the digital advertising market.

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