(RTTNews) - blinkx plc (BLNX.L) Wednesday reported, in preliminary results, a narrower loss for the year ended March 31, 2010 as revenues more than doubled, sending the online video search engine's shares up over 26% in morning trade.
For the full year, London-based blinkx posted a loss before tax of US$ 8.91 million compared to a loss of US$ 9.33 million last year.
Loss attributable to equity holders narrowed to US$ 8.52 million or 2.94 cents per share from US$ 8.87 million or 3.19 cents per share for the comparable quarter a year ago.
Revenues from continuing operations grew over 140% to US$ 33.66 million from US$ 13.93 million a year ago.
Chief executive officer Suranga Chandratillake, commented, "This exceptional performance was driven by the success of our unique advertising platform, which delivers targeted, ROI-guaranteed, brand advertising in online video, and has enjoyed widespread adoption by over 800 global brands."
During the past year, the number of brands advertising with blinkx rose 112%.
The company's roster of premier media partnerships rose to over 720, including the addition of top tier content from Cars.com, the Meredith Corporation and NBC Digital Media. Traffic for blinkx surged 204% in the UK during the period, making it the second fastest growing video site after Facebook, according to comScore.
Gross margin declined to 65.1% from 70.6% last year. Operating expenses were higher for fiscal 2010. Research and development expenses increased to US$ 10.61 million from US$ 4.53 million, and sales and marketing expenses rose to US$ 17.81 million from US$ 13.95 million a year ago.
Further, the company said it extended its partnership with Ask.com to power video search as part of Ask.com's new Universal Search interface, and launched a broadband TV offering for Brazilian media giant, ELO, in the Latin American market during the period.
BLNX.L is currently trading at 16.50 pence, up 3.50 pence or 26.92% on a volume of 4.65 million shares on the London Stock Exchange AIM.