LONDON (ShareCast) - Forbidden Technologies reported Wednesday a 74 per cent increase in sales as its video technology FORScene was used to edit and upload footage of the London Olympic Games.

Sales increased to £0.81m for the year to December 31st, 2012, compared £0.46m in 2011.

FORScene contributed to the results as sales of the cloud-based video editing software grew by 61% year-on-year in the broadcast post-production sector and 88% in news and sports.

News and sports sales were supported by the London Olympics during the year as FORScene was used to upload video for YouTube at US broadcaster NBC.

However, the company widened its net loss to £0.21m, up from £0.18m, which reflected investments in research and development, marketing and sales resources.

Administrative expenses climbed to £0.96m from £0.67m.

Loss per share grew to 0.25p from 0.22p the year before.

Nevertheless, the Chairman, Vic Steel, said its flagship product showed promise.

"In broadcast post-production, FORscene is gaining increased recognition for its time and cost saving benefits and for the value of its availability any time, any place on any desktop or laptop that has broadband access. Our ambition over time is to extend our international penetration of this sector,” Mr. Steel said.

"This year in news and sport, FORscene has demonstrated through its work on the Olympics for YouTube and NBC that it fulfils the key requirements of speed of delivery, cost efficiency and ability to operate from diverse and sometimes remote locations… we expect news and sport to continue to be a major growth area for the company, as cloud-based technology becomes the standard platform internationally."

The company recorded a cash balance at the end of the year at £0.45m, down from £0.69m the previous year.

Shares rose 2.0% to 25.50p at 12:05 Monday.

RD

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