Blinkx upgrades fiscal 2012 revenue outlook to $196Mn

Parent Category: 26-04-2013

blinkx revenues for the year are expected to be about $196 million, ahead of the previously upgraded range of $180 to $185 million, and an increase of 71% from the year ended 31 March 2012. Profit should come in at $15 million, up from just $1.9 million one year earlier.

The online ad company has issued brief trading update for the financial year ended 31 March 2013, showing that adjusted EBITDA is expected to be about $26 million, an increase of more than 200% from $12.8 million for the year ended 31 March 2012.
"This has been an exceptional year for blinkx," said S Brian Mukherjee, CEO of blinkx, in a statement. "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."
Basic earnings per share are expected to be approximately 4.4 cents, a 400% increase from 1.1 cents for the year ended 31 March 2012. And net cash at year-end is expected to be approximately $55 million, an increase from $38.4 million.
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, the company said, especially driven by the Summer Olympics and the US presidential elections, which delivered a one-time boost to revenue.