News blog
Zoo Digital
- BY: Andrew Hore |
- POSTED: 05/09/2008 |
- COMMENTS: Add yours
Zoo Digital is raising £512,000 to provide additional working capital.
The cash is being raised at 15p a share, compared with a share price of 12p before it was announced. The shares haven’t been as high as 15p since May. Chief executive Stuart Green, Herald Investment Trust and South Yorkshire Investment Fund subscribed for the shares. The cash will be used for working capital.
Sheffield-based Zoo has developed software that helps speed up the production of DVDs and makes it easier to add additional features. It means that making foreign language versions of a DVD is quicker. The core customer base is in Hollywood and it includes Disney and Sony.
Turnover fell from £4.21m to £3.26m in the year to March 2008 as Zoo concentrated on its core operations. Most of the revenues are earned in the US. The loss of £2.18m was double the previous year but Zoo says it has made a trading profit in the first five months of this financial year.
Scope Seven was acquired last year to enable Zoo to provide services directly to the Hollywood studios. Its revenues fell because it shed its low margin work. Zoo’s technology has enabled Scope Seven to rebuild its revenues.
The cash balance had fallen to £675,000 by the end of March 2008. The latest cash raising will help replenish the cash pile. Zoo capitalised £310,000 of development and patent costs. Zoo continues to spend money on a Blu-Ray version of its software so this capitalisation will continue. Even if Zoo makes a small profit there is likely to be a cash outflow.
There will be a trading update at the AGM on 6 October.
At 13p a share, Zoo is valued at £2.62m – before the latest fundraising.
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