BlackRock lifts blinx stake
January 25, 2013
Investor BlackRock has lifted its stake in the company above 10 per cent as shares rose on the launch of its new web site.
Nonetheless , at 65p, shares in the advanced video search engine are still short of last year’s 80p high. Weakness in the online advertising market, on which blinkx’s revenues depend, have hit the price. The company which was floated on Aim at 45p in 2007.
Analysts raised their forecasts for 2013 at the end of last year following better than expected pre-tax profits for the six months to September: $2.48 million, against $1.48 million the year before. Revenues were up 80 per cent year on year in the period, as advertising increased during the US election and the Olympic games.