Blackbird PLC on Tuesday struck an optimistic tone about the future despite reporting a sharp dive in revenue and a widening of loss.

The London-based technology licensor, developer and seller of cloud video editing platform said pretax loss widened 29% to £2.6 million from £2.0 million. Revenue fell 32% to £1.9 million from £2.8 million.

Looking ahead, Chief Executive Officer Ian McDonough said: ‘I am very excited about 2024 and progressing elevate.io to general release. The creator economy represents a massive opportunity for the company to open up our addressable market and, through elevate.io‘s self-service model, we anticipate this significantly accelerating our revenue growth’.

Blackbird shares fell 5.5% to 5.91 pence each on Tuesday afternoon in London.

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