Bluefish expects return to profit by year end

Video card developer Bluefish should return to profitability in the last quarter of FY11, predicts the Melbourne-based company and its 30 per cent-owner First Growth Funds (ASX:FGF)

Melbourne-based Bluefish Technologies is forecasting a return to profitability in the last quarter of FY11.

The video card developer made the projection in a market update after sustaining 20 per cent quarter-on-quarter revenue growth so far this year.

Bluefish, which trades under the Bluefish444 name, said it had grown its customer base to around 13,500 broadcast, feature film and post-production companies in a result attributed to growing demand for its Epoch video capture and management technology.

Recent wins include new OEM customers in India, China, the US and Europe, the company said.

The company is also forecasting “strongly increasing profits” after its return to the black, and said its unit sales are close to long-term average despite “difficult exchange rates.”

In the update, Bluefish investor First Growth Funds (ASX:FGF) said it had recently increased its holding in the company to 30 per cent.

First Growth Funds has been a Bluefish investor for over three years, and the stake is its only remaining holding outside the carbon sector.

FGF shares doubled during Tuesday's trading to $0.002.

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Tags businessprofitrevenue growthBluefish Technologies

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