Source - SMW
Forbidden Technologies posts a pre-tax loss of £1,313,481 for the six months to the end of June - down from £1,350,969 a year ago.

The group's  key growth metric of invoiced sales was up 25% to £445k versus £355k in the corresponding period last year.  Invoiced sales relate to licences and services sold for a series of productions or events over a period of usually up to 12 months.

Revenue earned in the period from invoiced sales was £327k, flat with the corresponding period last year. 

Deferred revenue on the balance sheet to be earned in future accounting periods was £150k, up from £39k as at 31 December 2015.

After cost of sales the gross profit generated in the period of £283k continued to produce a high gross margin of 86.5% similar to the corresponding period last year. 

Operating costs were £1,323k (30 June 2015: £1,399k), net of capitalised development costs of £177k (2015: £227k). 

The EBITDA loss for the period was £1,041k (30 June 2015: £1,119k).

Chief executive Aziz Musa said: "I am pleased with our progress in the first half having secured 25% growth in invoiced sales over the corresponding period last year. This builds on the early momentum in 2HY2015.

"In addition to this we successfully secured new funding, welcoming new investors to support the Company's development, and completed an organisational restructuring saving circa £1.0m in operating and capitalised costs on an annualised basis.

"Finally, an increase in direct sales capacity has given us a stronger top-line focus, and I look forward to seeing our growth continue in the second half."

At 9:04am: (LON:FBT) Forbidden Technologies PLC share price was -0.63p at 8.88p

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