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12 Mar 2019 | 14:46

Forbidden Technologies losses deepen as costs mount

Cloud video platform technology supplier Forbidden Technologies posted a deeper annual loss after higher spending overshadowed an increase in sales.

Net losses for the year through December amounted to £2.6m, compared to losses of £2.3m in 2017.

Revenue rose 15% to £870k, but operational spend, including capital expenditure, rose to around £3.0m.

'We have started 2019 in a strong position with higher deferred revenue and contracted orders at the beginning of the year than last year,' chief executive Ian McDonough said.

'To date we are ahead of our invoiced sales figure recorded this time last year.'

'The board is confident that our strategic focus and stronger sales capability, especially in North America, means we will continue to win new higher value business and grow revenue from our existing client base.'

At 2:46pm: (LON:FBT) Forbidden Technologies PLC share price was -0.8p at 6.95p

Story provided by StockMarketWire.com
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