Blackbird PLC on Tuesday reported a widened loss and lower revenue in the first half of 2023 but hailed ‘significant’ progress of its Creator software-as-a-service platform.

Shares in the firm dropped 11% to 8.49 pence on Tuesday morning in London.

Blackbird reported a pretax loss of £1.6 million in the six months ended June 30, widened significantly from a £603,691 loss the previous year.

Revenue from continuing operations fell 36% to £985,115 from £1.5 million the year prior.

The drop in revenue can largely be explained by two non-recurring items earned in the first half of 2022, Blackbird said: the development fees on its ’Powered by Blackbird’ licensing deal and the revenue from the global winter games.

Blackbird said as at August 31, it has £1.8 million in secured revenue for 2023 and £2.0 million in contracted but unrecognised revenue.

This compares to £2.7 million in secured revenue and £4.0 million in contracted but unrecognised revenue at the same time in 2022.

Blackbird is a technology licensor, developer and seller of the cloud video editing platform, Blackbird. On Tuesday, it boasted ‘significant’ progress on its Creator SaaS platform.

‘[The Creator SaaS platform] builds on our core technology and will expand our addressable market. This product represents an exciting future for the company and our strong balance sheet will enable us to launch it. Regular updates will be provided to shareholders, including a special event on 13 September 2023, ahead of an expected launch in early 2024,’ the company said.

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