REG - Blackbird PLC - AGM Statement

BlackbirdAnnouncement

19/06/2023 07:00

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RNS Number : 0748D  Blackbird PLC  19 June 2023

19 June 2023

 

Blackbird plc

(the "Company")

 

Chairman's Annual General Meeting statement

 

Blackbird plc (AIM: BIRD; OTCQX: BBRDF), the technology licensor, developer
and seller of the market-leading cloud video editing platform, is holding its
Annual General Meeting (the "AGM") today at 10:30am at the Company's offices
at Tuition House, 27-37 St George's Road, Wimbledon, London, SW19 4EU.

 

Ahead of the formal business of the AGM, Andrew Bentley, Chair of Blackbird
plc, will make the following statement:

 

 "Before proceeding with the formal part of the AGM, I should like to take
the opportunity of commenting on the Company's progress since we last met.

 

We published our audited results for the year ended 31st December 2022 on 22nd
March 2023.

 

We started 2022 with a continuation of the progress and momentum that has been
building at the Company since Ian joined as CEO.  Specifically, we have:

 

·    seen record revenues for the 5th consecutive year, up 38% on the
previous year;

·    a strong balance sheet as a result of a successful fundraising in
December 2021, resulting in a year end cash position of £10.1million;

·    successfully executed the EVS contract with the jointly created
product, IPD VIA Create, being rolled out to a US broadcaster and used at a
global sporting event at the end of 2022; and

·    expanded our addressable market to prosumers and professional teams
with a significant refocussing of the team and key hires in Product,
Engineering and Product Marketing.

Additionally, we have reduced headcount in the UK sales and marketing areas in
order to focus our resources and maximise our return on investment.

 

The cyclical and structural changes in the Media and Entertainment industries
have led to major media corporations seeking cost savings which have impacted
this part of our business, most prominently our deal with A+E Networks, which,
as we announced on 12 May 2023, will terminate at the end of June. Through our
streamlined team, now located closer to the market, we are focusing on larger
deals and OEM partnerships.

 

We have evolved our strategy to position ourselves to benefit from the fast
growth of the creator sector by investing in our creator SaaS product. The
development of this creator SaaS platform, led by our Chief Product Officer,
Sumit Rai, is well underway.  The new creator SaaS platform will provide
significant benefits by reducing implementation friction and via its intuitive
interface for non-professional users. Sumit will give a presentation on the
creator SaaS platform after the formal part of the AGM.

 

Finally, as already announced, David Main, a non-executive director of the
Company, is not seeking reelection as a director and will step down from the
board at the end of this meeting. David has been with the Company for a long
time, including a period as Chair. I would like to thank him on behalf of the
board for his frequent and consistent contributions, his sound advice and his
personal commitment and support. Blackbird enjoys exceptional standards of
governance for a company of its size, for which David's contributions have
been a major factor. I would also like to thank him personally for his
support, mentorship and sage advice."

 

 

Enquiries:

 Blackbird plc                                           Tel: +44 (0)20 8879 7245
 Ian McDonough, Chief Executive Officer
 Stephen White, Chief Operating and Financial Officer

 Allenby Capital Limited (Nominated Adviser and Broker)  Tel: +44 (0)20 3328 5656
 Nick Naylor/Piers Shimwell (Corporate Finance)
 Amrit Nahal (Sales and Corporate Broking)

 

About Blackbird plc

 

Blackbird plc operates in the fast-growing SaaS and cloud video market. It has
created Blackbird®, a market-leading suite of cloud-native computing
applications for video, all underpinned by its lightning-fast codec. Blackbird
plc's patented technology allows for frame accurate navigation, playback,
viewing and editing in the cloud. Blackbird® enables multiple applications,
which are used by rights holders, broadcasters, sports and news video
specialists, esports, live events and content owners, post-production houses,
other mass market digital video channels and corporations.

 

Since it is cloud-native, Blackbird® removes the need for costly, high-end
workstations and can be used from almost anywhere on almost any device. It
also allows full visibility on multi-location digital content, improves time
to market for live content such as video clips and highlights for digital
distribution, and ultimately results in much more effective monetisation.

 

Blackbird plc is a licensor of its core video technology under its 'Powered by
Blackbird' licensing model. Enabling video companies to accelerate their path
to true cloud business models, licensees benefit from power and carbon
reductions, cost and time savings, less hardware and bandwidth requirements
and easy scalability.

 

www.blackbird.vide (http://www.blackbird.video/) o

www.linkedin.com/company/blackbird-cloud
(http://www.linkedin.com/company/blackbird-cloud)

www.twitter.com/blackbirdcloud (http://www.twitter.com/blackbirdcloud)

www.facebook.com/blackbirdplc (http://www.facebook.com/blackbirdplc)

www.youtube.com/c/Blackbirdcloud (https://www.youtube.com/c/Blackbirdcloud)

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