BLINKX’S chief executive hailed a blockbuster year for the video search engine yesterday and said there is still plenty of room for growth, as his company reported an eightfold rise in profits.
The firm, which powers video searches on websites including AOL and Ask.com, revealed a 73 per cent increase in revenues in the year to May, which S Brian Mukherjee put down to the rapidly expanding online video advertising market, as well as the impact of the Olympics and the US Presidential election.
This led to profits rising from less than $2m (£1.3m) in the previous year to $16.7m, on the back of revenues of $198m. Mukherjee said that around 10 per cent of Blinkx’s sales had been down to the Olympics and elections, but that the company was well placed for growth this year even without these one-off events.
“The [online video advertising] industry grew 46 per cent and we enjoyed a [disproportionate] share of that. We expect to continue with that growth” Mukherjee told City A.M. “70 to 80 per cent of the time we don’t have any adverts so we have more than enough organic growth.”
Blinkx, which was spun out of software firm Autonomy before listing in 2007, saw shares rise to their highest level for 18 months.