LONDON (ShareCast) - Forbidden Technologies widened its annual losses as the developer of cloud video platform FORscene invested in expanding the business.

The loss for the year through December 2013 came to £797,547, up from £216,715 the previous year.

Revenue fell to £772,180 from £812,744 a year earlier, reflecting the one-off effect of the 2012 London Olympic Games. Excluding the sporting event, revenue was up 33% on an organic basis.

The cost of sales was 20% lower than in 2012, helping to boost gross profit margin to 86.39% from 83.7%.

Following a fund raising in July 2013, the balance sheet strengthened to positive liquid funds of £7.8m at the end of the period, compared to £459,787 at the close of 2012.

"2013 has been a significant year for the company, with a successful equity placing and extensive investment undertaken to create a solid platform for growth,” said Chief Executive Stephen Streater.

This year the group has launched a US subsidiary, which Streater said will help the group “maximise the potential of our direct and partner sales channels in order to grow our customer base in 2014 and beyond”.

RD

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