TIDMBIRD
RNS Number : 8384T
Blackbird PLC
22 March 2023
22 March 2023
Blackbird plc
("Blackbird" or the "Company")
Audited full year results for the year ended 31 December
2022
Blackbird plc (AIM: BIRD, OTCQX: BBRDF), the technology
licensor, developer and seller of the multi award-winning
cloud-native video editing platform, Blackbird , announces its
audited full year results for the year ended 31 December 2022.
Ian McDonough, CEO of Blackbird, commented:
"I am delighted to report record revenues for the fifth
consecutive year of GBP2.85 million, up 38% on the previous
year.
"2022 has been a transformational year for the Company. Firstly,
the Company delivered against the statement of work for EVS, its
first technology licensee. EVS' resulting product, IPD VIA Create,
was subsequently used by a US broadcaster on a major global
sporting event towards the end of the year. We have high hopes that
this deal will be lucrative for the Company in the future as EVS
rolls out IPD VIA Create to their customer base. Secondly, the
Company has continued to serve high-profile customers, with both
FIFA and NCSA, amongst others, onboarded during the year, enabling
them to have trusted, fast, efficient content creation tools on
their valuable content. Finally, on the back of the fundraise in
December 2021, the Company has employed new talent, including Sumit
Rai, Chief Product Officer, Mo Volans, SVP Product Marketing and
Morgan Henry, VP Engineering. They have already made a great mark
and have set out their exciting vision for the next phase of our
strategic direction in the public cloud via our Blackbird SaaS
platform.
"Our Blackbird SaaS platform will be built on our core
technology and open up a wider addressable market and accelerate
sales growth as we move beyond our existing media and entertainment
base into the creator space. Development is progressing well and we
look forward to sharing further details with shareholders as the
year progresses ahead of a product launch towards the beginning of
next year.
"We start 2023 in a strong position financially, with GBP10.1
million in cash and short-term investments at 31 December 2022, a
healthy order book of GBP3.4 million and some exciting
conversations around 'Powered by Blackbird'. I am really excited
about our future prospects and look forward to working with the
Blackbird team to deliver further success."
Operational highlights (post year end)
-- Deal signed with Argentinian station Telefe, part of the
Paramount Global group and introduced by the CBS sports team, for
football highlights
-- In conjunction with leading research consultancy, Caretta
Research, launched a video industry study 'Going native: production
in the cloud'
o the report highlights increased cost and inefficiencies from
lift-and-shift cloud workflows
-- GBP1,618k* revenue secured for 2023, at end of February 2023,
which is down 20% year on year (2022 comparative at end of February
2022: GBP2,025k) mainly due to no 'Powered by Blackbird'
development fees being scheduled for 2023 (2022 comparative of
GBP454k)
-- Contracted but unrecognised revenue of GBP3,099k* at end of
February 2023. Of this, GBP1,281k* is to be recognised in 2023, a
further GBP1,065k* in 2024, with the remainder in 2025 and
beyond
*Unaudited and subject to exchange rate fluctuations
Operational highlights (during the year)
-- First technology licensing deal delivered and with the first
end user customer being a major US broadcaster
o endorsing the value that Blackbird's technology can bring to a
third party's infrastructure
-- Key hires made and progress made on the Blackbird SaaS platform
o self service product being developed to widen addressable
market and accelerate sales growth
-- Successful deployment at the winter games in February 2022,
allowing editors to work remotely from another continent
o validating that Blackbird can be trusted on the most valuable
content
-- Expansion within the Univision and 'global financial news service' accounts
o reaffirming our 'land and expand' approach
-- Successful FIFA deployment
o now extensively used on their FIFA+ OTT service
o expansion into live workflows
-- Multi-year deal signed with Next College Student Athlete
(NCSA), who are a part of the IMG group
-- Deal signed with SBS Belgium to produce media assets for its OTT platform
-- LiveU/Blackbird solution used in coverage of a further two German elections
-- One of a few partners chosen to be on Microsoft's stand at
the NAB and IBC industry shows
-- Achieved AWS Technology Partner status and completed Foundational Technical Review
o stepping stone to launching the Blackbird SaaS platform in a
public cloud which will open up the Company's addressable
market
-- Strategic white papers released by the Company on
o Blackbird architecture: highlighting the 'magic' behind
Blackbird's cloud native solution and the associated unique
benefits
o sustainability: endorsed by Hannah Mills and leading a call
for action to the industry to reduce carbon at
source in video production
-- Multiple award wins, including the 'Queen's Award for
Enterprise: International Trade' and IABM's 2022 'Broadcast / Media
Company of the Year'
Financial highlights
o Record revenues of GBP2,847k for the 12 months to 31 December
2022, up 38% year-on-year (12 months to 31 December 2021:
GBP2,066k)
o Contracted but unrecognised revenue of GBP3,426k down 8%
year-on-year (as at 31 December 2021: GBP3,732k). The reduction
year-on-year is due to no technology development fees being in the
order book at 31 December 2022 (31 December 2021: GBP454k)
o GBP1,597k of this balance is to be recognised in 2023 (as at
31 December 2021: GBP1,810k to be recognised in 2022),
o GBP1,045k in 2024 (as at 31 December 2021: GBP731k to be
recognised in 2023),
o GBP481k in 2025 and the remainder in 2026
o Operating costs, excluding LTIP provision, increased to
GBP4,510k (12 months to 31 December 2021: GBP3,107k) predominantly
due to GBP822k costs associated with the Blackbird SaaS platform; a
further GBP467k from increased staff costs and GBP95k increased
marketing costs mainly from attendance at trade shows again post
the pandemic
o Adjusted EBITDA loss (pre LTIP and share option costs),
increased GBP609k year on year due to increased operating costs,
offset by higher revenue
o LTIP provision credit to income statement of GBP350k (2021:
debit of GBP358k) booked in the year based on the release of the
2021 year end provision less a payout of GBP106k for the first LTIP
period
o Net loss after tax GBP1,917k (12 months to 31 December 2021:
net loss after tax GBP2,135k) due to a worse EBITDA pre LTIP
provision and share option costs offset by the LTIP movement and a
higher R&D tax credit in 2022 compared to the prior year
o Net cash outflow, ignoring proceeds from share issues and
transfers into short-term deposits, increased to GBP2,746k (12
months to 31 December 2021: GBP1,468k) due to GBP793k costs
associated with our Blackbird SaaS platform and GBP491k increase in
trade debtors due to timing of payments from a few customers (these
balances were settled in 2023)
o At 31 December 2022 the Company had cash and short-term
deposits of GBP10,099k (2021: GBP12,839k) and no debt
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 Tel: +44 (0)20 3328
and Broker) 5656
Nick Naylor / Piers Shimwell (Corporate
Finance)
Amrit Nahal (Equity Sales)
About Blackbird plc
Blackbird plc operates in the fast-growing SaaS and cloud video
market. It has created Blackbird(R), the world's most advanced
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(R) 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(R) 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.
Chairman's statement
2022 was another year of industry recognition with the Company
winning multiple awards, including the Queen's award for
Enterprise: International trade and IABM's Broadcast/Media Company
of the year 2022, demonstrating that we lead the field in cloud
native video production technological capabilities.
Our claim that Blackbird is the world's fastest, most powerful
professional cloud video editing and publishing platform has
resonance across the industry. Blackbird enables remote editing via
a fully featured browser-based editor. In addition, a key feature
is how we empower collaborative working for distributed teams.
Furthermore, Blackbird is significantly "infrastructure light" and
requires only limited bandwidth making us an ultra-green technology
platform. As such, we will become increasingly more important to
our clients in achieving their carbon emissions Scope 3 reduction
targets as set out in their ESG goals.
Strategy
Our strategy is about building upon our strengths, for which we
have a two-fold approach:
Firstly, to leverage our technology to broaden our addressable
market through OEM partners beyond our existing blue chip customers
within Media and Entertainment (M&E). Being a vital and
integral part of an end-to-end solution will increase our market
applicability and allow us to scale quickly and efficiently. In
2022, we successfully executed the embedding of our technology
within the EVS ecosystem, who in turn are successfully deploying
their integrated platform into a major US broadcast client. Other
similar licence deals are in discussions with industry leading
partners across their large global client base as well as to new
prospects.
Secondly, to make our platform more accessible and frictionless
thus widening the market potential beyond M&E. Our focus is on
creating a self-service SaaS platform provided on a public cloud
("Blackbird SaaS"). We continue to drive innovation, creating
valuable IP in the process. On the back of our successful placing
in December 2021 we have expanded our team to bring on board,
product, engineering and marketing talent to enable us to initially
address the Prosumer and Pro Teams markets. Our focus groups and
prospect leads indicate demand and significant interest. According
to market research, management believes that the industry comprises
around 100 million creators(1) focused on film making and podcasts
and around 50 million from enterprises(2) . As such, the Company
views its total addressable market as around 150 million potential
users. We are very excited about this opportunity and anticipate
launching our first stand-alone subscription product in early
2024.
Governance
During the last year, I engaged a third party consultant to
review the Board's composition, skills and experience. The results
showed a relevant and acceptable experience within the Board and a
compliant degree of independence in line with QCA' Corporate
Governance Guidelines. The Board remains committed to ensuring that
the experience of the Directors remains relevant to the future
strategy of the Company and will on occasion make any necessary
changes to its membership or composition.
Outlook
Looking forward, our 'Powered by Blackbird' strategy has the
potential to significantly increase our addressable markets.
Similarly, our new product development team are developing a
self-service platform that will be relevant to Pro Teams and
Prosumers as well as professional broadcasters, who continue to
look for more effective solutions. The benefits of these solutions
will include improved remote collaboration and convenience.
'Powered by Blackbird' enables our partners to license our
technology and incorporate it within their ecosystem, driving
efficiencies and carbon emissions reductions and positioning
Blackbird for meaningful growth.
Andrew Bentley
Chairman
(1) Source Adobe 'Future of Creativity' study September 2022.
With around a third of the 303million creators generating video
content and podcasts
(2) Gartner December 2019 article 'When we exceeded 1 billion
knowledge workers'. Management estimate 5% will utilise tools
available in Blackbird SaaS
Chief Executive Officer's statement
I am delighted that for the fifth consecutive year the Company
has once again delivered record revenues of GBP2.85 million, up 38%
on 2021.
2022 has been a transformational year and despite significant
global headwinds in the media and technology sectors the appeal of
Blackbird as the fastest, most carbon efficient, cost-effective,
professional web editing platform and technology has gained
momentum.
The key highlights during the last year include the Company
executing its first technology licensing deal, directly playing a
part in some of the biggest international sports events including
the global football tournament in Qatar, the winter games in
Beijing and the pinnacle of the American football season and
winning several awards in the process including a prestigious
Queen's Award for Enterprise.
Blackbird SaaS
We have also focused on the long term strategy for the business
by initiating our strategy for a self-service model architected
natively in a public cloud (Blackbird SaaS). Following our
fundraise for this product in December 2021 we have hired the core
of the team to design, build and roll out this new platform. We are
excited about the opportunities presented by Blackbird SaaS and
will be progressing our investment in this platform during the rest
of this year.
The Blackbird SaaS platform's aim is to simplify the video
production process for professional teams and prosumers.
Development of the Blackbird SaaS Platform is well underway
utilising the Company's existing intellectual property and core
technology.
The Blackbird SaaS platform will be targeted at the creator and
enterprise markets and provide users with access to tools and
technologies which are usually only available to professionals
within the media industry. Within these markets, the first targeted
customers are expected to be: i) 'Prosumers' (which includes, inter
alia, freelance creators, monetised YouTube producers, video
podcasters); and ii) 'Professional teams'.
The Company's intention is to offer the Blackbird SaaS platform
at various monthly subscription price points depending on the level
of the Blackbird SaaS platform's functionality and features.
We have remained true to our strategy to evolve from selling to
direct infrastructure customers through to OEM partnerships and
eventually to a self-service via a native public cloud integration.
We are excited to be delivering on these stated aims.
In terms of serving direct customers, we have brought in new
customers this year including those from FIFA, NCSA, All3Media and
SBS amongst others. FIFA was probably the most high-profile direct
relationship of the year and they used Blackbird for every game
during the 2022 global football tournament in December to create
and publish match highlights to the FIFA+ platform. It really was a
privilege to be a part of such a well-received global event. The
FIFA+ platform is a very good place to see our software in action
as all match highlights there are created fully using
Blackbird.
We continue to be trusted with existing customers too as we have
expanded our presence in the TelevisaUnivision and global financial
news service accounts and in IMG through NCSA. We also extended our
presence in the CBS account, post the year end, striking a deal
with Telefe in Argentina.
By far the biggest project to be executed within the year, or
any year for us so far, was to deliver fully against the statement
of development work for EVS, the Company's first 'Powered by
Blackbird' technology licensing deal. The core technology at the
heart of our platform is recognised as a solution that can bring
the multiple benefits of the codec and surrounding video libraries
to the media and entertainment industry at scale. The product the
two companies have created together, IPD Via Create was announced
to the industry in December and is currently being rolled out to a
major US broadcaster.
IPD VIA Create will enable companies to edit live footage while
it is being captured in the EVS Via production asset management
system bringing a high degree of functionality and increased speed
to live workflows in sports, news and entertainment. EVS has an
excellent reputation and is a global player in the production of
live events with 15 offices around the world and headquartered in
Belgium.
The relationship between the two companies is strong with
aligned values particularly around sustainability. EVS showcased
IPD VIA Create as well as the Blackbird integration with IP
Director and MediaHub at the IBC show in Amsterdam in September. We
are currently in negotiations around a second statement of work
which would be an extension to the functionality allowing EVS to
win further customers. The technology licensing arrangement
includes not only a development fee but also a revenue share of any
seat sold plus a fee for every additional channel provisioned. As
the product is rolled out to the market over the next months and
years, we expect this to be a significant source of revenue.
The launch created a stir in the media and entertainment market
and we continue to discuss further rollout of the 'Powered by
Blackbird' with other industry prospects.
With regards to the future product development for our
self-service model, we have made significant advances this year. We
succeeded in attracting Sumit Rai as our Chief Product Officer from
his role leading the development of the editing platform Vegas Pro
- one of the world's leading editing platforms by numbers of users.
In Sumit's own words he has joined Blackbird because he believes
that 'cloud migration for editing, production and distribution is
set to continue unabated and those that succeed in cloud tools will
dominate the sector'. Blackbird has already solved many of the
challenging problems for making this a vision a reality with our
patented codec and video libraries and therefore is at significant
advantage to other industry players in both speed to market and
resilience.
We have also strengthened our product engineering team, bringing
in Morgan Henry as VP of Engineering. Morgan now manages the
product engineering team and has allowed Stephen Streater, together
with a small R&D team, to focus on technology innovation and
Blackbird 10 in particular - a core tenet of the new Blackbird SaaS
platform.
The December 2021 fundraise allowed us to strengthen across the
board in engineering and in product marketing. Mo Volans has joined
us as SVP Product Marketing from Vegas where he previously worked
with Sumit.
Blackbird's profile has remained high during the year, and we
are delighted to have won a prestigious Queen's Award for
Enterprise for overseas trade. I was lucky enough to visit
Buckingham Palace and talk to Princess Anne, the Princess Royal and
the now King Charles III about Blackbird.
We also won the 2022 IABM Broadcast/Media Company of the Year as
a result of our commercial successes, innovation and work we have
done to make Blackbird the most carbon efficient platform on the
market and to raise awareness of the subject.
In terms of thought leadership, we published four white papers
this year. One was a second part to the carbon paper published in
2021 where the wider impact of the media sector on the environment
was analysed. Two papers, compiled in conjunction with Caretta
Research, focused on how cloud tools are used in the media sector
and where the issues are. The most significant conclusion from
these were that cloud tools are not generally being used
efficiently due to replicating on premise infrastructure in the
cloud which is highly inefficient. The fourth paper was the results
of a speed test in which Blackbird was pitted head-to-head against
traditional non-linear editors and was found to be up to four times
faster.
To conclude, there has never been a more exciting time for
Blackbird. We enter 2023 as an established brand in the media and
entertainment sector where we are recognised as a leader and
innovator. We have blue chip clientele for our platform and our
technology now forms the core of IPD Via Create which we hope will
be rolled out far and wide in the next few years. Finally, we are
executing on our strategy of taking the Blackbird SaaS platform to
a broad appeal audience through a self-service model in the public
cloud.
Ian McDonough
Chief Executive Officer
Financial review
Revenue
In the year ended 31 December 2022, the Company recorded
revenues of GBP2,847k (2021: GBP2,066k), which represented an
increase of 38% year-on-year. Our first technology licensing deal
with EVS drove the majority of this increase, with development fees
and the first annual sales minimum guarantee accounting for GBP611k
revenue in the year.
Operating Costs
Operating costs, excluding LTIP provision, during the year to 31
December 2022 were GBP4,510k compared to GBP3,107k in the
corresponding period in 2021. GBP822k of the increase came from
costs, mainly staff, associated with the development of the
'Blackbird SaaS' platform. A further GBP466k came from increased
staff costs on the current platform from salary increases, a full
year of 2021 hires and additional R&D staff. GBP95k increase
came from increased marketing costs predominantly from attendance
at trade shows again, post the pandemic.
Performance measures
The Company has identified certain metrics such as: i) Adjusted
EBITDA pre LTIP provision and share option costs; and ii) cash burn
excluding proceeds from share issues and transfers into short-term
deposits, which whilst they are non-GAAP metrics, assist in the
understanding of business performance. These alternative
performance measurements may not be directly comparable with other
companies' measures and are not intended to be a substitute for any
International Accounting Standards performance measures. The
Company believes that EBITDA pre LTIP provision and share option
costs is the best measure to reflect core operational performance
and that cash burn, excluding proceeds from share issues and
transfers into short-term deposits, provides the best measure of
the cash being utilised by the business until it can be
self-generating.
Adjusted EBITDA pre LTIP provision and share option costs
The EBITDA pre LTIP provision and share option costs loss
increased to a loss of GBP1,806k (2021: a loss of GBP1,197k). This
was due to higher operating costs, which are explained above,
partially offset by higher revenue.
LTIP
The first LTIP period came to an end during 2022. The 2021 year
end LTIP provision was based on a share price of 30.75 pence. As
forecast in last year's annual report the Company's share price
fell in line with the sell off of global technology stocks. The
LTIP payout for the first LTIP period was GBP105,508 based on a
share price of 16.93 pence. As no further LTIP units relating to
the second LTIP period were issued during the year a credit of
GBP350k was taken to the Income statement during the period (2021:
GBP358k expense in Income statement).
Net loss
The net loss for the year was GBP1,917k compared to a net loss
of GBP2,135k in 2021 due to a worse EBITDA pre LTIP provision and
share option costs offset by the LTIP movement compared to prior
year, both of which are explained above, and a higher R&D tax
credit in 2022 compared to the prior year.
Cash burn excluding proceeds from share issues and transfers
into short-term deposits
During the year the Company's cash burn, excluding proceeds from
share issues and transfers into short-term deposits, increased to
GBP2,746k from GBP1,468k in 2021, a result of GBP793k additional
costs incurred on developing the 'Blackbird SaaS' platform and a
GBP491k increase in trade debtors due to timing of payments from a
few customers. These balances were settled in 2023.
The Company ended the year with a strong balance sheet including
GBP10,099k of cash and short-term deposits (31 December 2021:
GBP12,389k) and no debt.
Outlook
The Company started the year with a healthy contracted but
unrecognised revenue balance of GBP3,426k (2021: GBP3,732k) down on
prior year as the 2021 balance contained GBP454k of EVS development
fees with no comparative at the end of 2022. GBP1,597k of the
year-end balance relates to revenue to be recognised in 2023 (2021
comparative: GBP1,810k revenue to be recognised in 2022). We
anticipate the 'Blackbird SaaS' platform to be launched towards the
start of 2024. This will open up our addressable market and
accelerate sales growth through the self-service model.
Stephen White
Chief Operating and Financial Officer
Income statement and statement of comprehensive income for the
year ended 31 December 2022
2022 2021
GBP GBP
CONTINUING OPERATIONS
Revenue 2,847,202 2,066,271
Cost of Sales (143,149) (155,691)
======================================================== ============== =====================
GROSS PROFIT 2,704,053 1,910,580
Operating costs excluding LTIP
provision and share option costs (4,509,938) (3,107,283)
======================================================== ============== =====================
ADJUSTED EARNINGS BEFORE INTEREST, TAXATION,
DEPRECIATION, AMORTISATION AND LTIP PROVISION
(ADJUSTED EBITDA pre LTIP and share option
costs) (1,805,885) (1,196,703)
(357,712)
Movement on LTIP provision 350,431 (176,583)
Employee share option costs (168,981)
EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION,
AMORTISATION (EBITDA) (1,624,435) (1,730,998)
Depreciation (144,677) (117,199)
Amortisation (383,330) (337,078)
(528,007) (454,277)
OPERATING LOSS (2,152,442) (2,185,275)
Net Finance income 141,414 18,382
======================================================== ============== =====================
LOSS BEFORE INCOME TAX (2,011,028) (2,166,893)
Income tax 94,178 32,167
LOSS FOR THE YEAR (1,916,850) (2,134,726)
Other comprehensive income - -
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (1,916,850) (2,134,726)
Earnings per share expressed in pence per
share
Basic - continuing and total operations (0.52p) (0.63p)
Statements of financial position as at 31 December 2022
2022 2021
GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 1,270,231 1,195,736
Property, plant and
equipment 202,204 256,655
-------------------------------------- ------------------ -------------
1,472,435 1,452,391
CURRENT ASSETS
Trade and other receivables 862,549 395,315
Stock 662 895
Current tax assets 94,178 32,167
Short-term investments 4,366,342 4,169,186
Cash and bank balances 5,732,350 8,670,274
-------------------------------------- ------------------ -------------
11,056,081 13,267,837
---------------------------------- ------------------ -------------
TOTAL ASSETS 12,528,516 14,720,228
====================================== ================== =============
EQUITY AND LIABILITES
CAPITAL AND RESERVES
Issued share capital 2,941,044 2,940,524
Share premium 34,038,746 34,034,228
Capital contribution
reserve 125,000 125,000
Retained earnings (25,904,774) (24,156,905)
-------------------------------------- ------------------ -------------
TOTAL EQUITY 11,200,016 12,942,847
NON-CURRENT LIABILITIES
Lease and other payables 29,783 131,908
29,783 131,908
CURRENT LIABILITIES
Trade and other payables 1,298,717 1,645,473
-------------------------------------- ------------------ -------------
TOTAL LIABILITIES 1,328,500 1,777,381
-------------------------------------- ------------------ -------------
TOTAL EQUITY AND LIABILITIES 12,528,516 14,720,228
====================================== ================== =============
Statement of changes in equity for the year ended 31 December
2022
Issued Retained Share Capital Total equity
share earnings premium contribution
capital reserve
GBP GBP GBP GBP GBP
Balance at 1 January
2021 2,696,433 (22,198,762) 26,516,613 125,000 7,139,284
Changes in equity
Issue of share capital 244,091 - 7,517,615 - 7,761,706
Share based payment - 176,583 - - 176,583
Total comprehensive loss
for the year - (2,134,726) - - (2,134,726)
========================== ============ ============= ============= ============= =============
Balance at 31 December
2021 2,940,524 (24,156,905) 34,034,228 125,000 12,942,847
Changes in equity
Issue of share capital 520 - 4,518 - 5,038
Share based payment - 168,981 - - 168,981
Total comprehensive loss
for the year - (1,916,850) - - (1,916,850)
========================== ============ ============= ============= ============= ================
Balance at 31 December
2022 2,941,044 (25,904,774) 34,038,746 125,000 11,200,016
S ta tement of cash flows for the year ended 31 December
2022
2022 2021
Notes GBP GBP
Cash flows from operating
activities
Cash used in operations A (2,194,724) (901,066)
Interest paid on lease
liabilities (7,692) (11,979)
Tax received 32,166 25,415
------------------------------------------ ------------ ------------
Net cash from operating
activities (2,170,250) (887,630)
------------------------------------------ ------------ ------------
Cash flows from investing
activities
Payments for intangible
fixed assets (470,200) (443,657)
Payments for property,
plant and equipment (90,226) (65,288)
Transfer into short-term
investments (197,156) (2,551,366)
Interest received 82,041 25,393
------------------------------------------ ------------ ------------
Net cash from investing
activities (675,541) (3,034,918)
------------------------------------------ ------------ ------------
Cash flows from financing
activities
Share issues (net of
expenses) 5,038 7,761,706
Payment of lease liabilities (97,169) (96,905)
Net cash from financing
activities (92,131) 7,664,801
------------------------------------------ ------------ ------------
(Decrease)/Increase
in cash and cash equivalents (2,937,924) 3,742,253
Cash and cash equivalents
at beginning of year 8,670,274 4,928,021
------------------------------------------ ------------ ------------
Cash and cash equivalents
at end of year 5,732,350 8,670,274
========================================== ============ ============
A. Reconciliation of loss before income tax to cash used in operations
2022 2021
GBP GBP
Loss before income tax (2,011,028) (2,166,893)
Depreciation 144,677 117,199
Amortisation charges 383,330 337,078
Finance income (141,414) (18,382)
Earnings before interest,
taxation, depreciation and
amortisation (1,624,435) (1,730,998)
Adjustment for LTIP (350,431) 357,712
Adjustment for Employee share
option costs 168,981 176,583
Movements in working capital:
(Increase) in trade and other
receivables (372,821) (94,400)
(Decrease)/Increase in trade
and other payables (16,018) 390,037
Cash used in operations (2,194,724) (901,066)
====================================================== ============= ======== ==============
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR GLGDXRUDDGXD
(END) Dow Jones Newswires
March 22, 2023 03:00 ET (07:00 GMT)
Blackbird (LSE:BIRD)
Historical Stock Chart
From Apr 2024 to May 2024
Blackbird (LSE:BIRD)
Historical Stock Chart
From May 2023 to May 2024