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January 25, 2013 1:20 pm
Shares in Blinkx rose on Tuesday, as the Cambridge and San Francisco-based website launched its redesigned search engine for video and audio clips.
News also emerged last week that BlackRock had lifted its stake in the company above 10 per cent.
However, at 65p, Blinkx shares are still short of last year’s 80p high. Fears over the health of the online advertising market, on which Blinkx’s revenues depend, have buffeted the price of late. So, too, have concerns that the group, which was spun out of Autonomy and floated on Aim at 45p in 2007, has been expanding too fast.
In spite of this, analysts raised their forecasts for 2013 at the end of last year following better than expected pre-tax profits for the six months to September: $2.48m, against $1.48m the year before. Revenues were up 80 per cent year on year in the period, as advertising increased during the US election and the 2012 Olympics.
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