Shares in Blinkx Plc (LON:BLNX) advanced by 3% to 76.5p this morning on news that the video search engine group was on course to beat consensus profit expectations for the first half of the year. Ahead of its interim result for the period to September, 30, 2010, blinkx said year-on-year revenues were set to grow by 100% to $27m and the operating profits were expected to be above $1m against forecasts of $0.63m. The group said the number of video searches and ads served grew significantly during the period and that its cash position had increased by approximately $2m to around $17m.

Suranga Chandratillake, the founder and chief executive of blinkx, said: “Video advertising is the fastest-growing format online - eMarketer estimates continued growth in spending of almost 500% over the next four years to $11.3 billion in 2014. This powerful momentum underscores the vitality of our business model. Over the last six months, blinkx has continued to experience strong user demand, with ever increasing numbers of searches placing blinkx.com in the Quantcast.com Top 100 sites. We also continue to exploit new applications and platforms that represent additional markets for our existing search engine and content partnerships. We expect to further accelerate the growth of our business and given our market position remain confident of the outlook."

So far this year blinkx has signed premium content partnerships with the BBC, AccuWeather and Internet Video Archive and begun attacking the mobile market with the launch of m.blinkx.com and distribution deals with Evri, Mobica, and Samsung which brought blinkx to iPhone and Android devices. Click here to read a Stockopedia interview with Suranga Chandratillake.

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here