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DDD Group

  • BY: Andrew Hore |
  • POSTED: 15/08/2013 |

3D technology developer DDD Group has licensed its technology to China’s Chongqing JOMVS Photoelectricity Company Ltd, who wants to be the biggest manufacturer of 3D displays in western China by 2017. 

The software being licensed automatically converts film and photos from 2D to 3D. DDD will receive quarterly royalties based on the number of units shipped.

DDD has also broadened its licence agreement with Samsung to include 2D to 3D conversion of content for 3D cinema screens. The original deal with Samsung for 3D video processing technology for consumer products has been extended until the end of 2015. The technology has also been licensed to Hampoo Science & Technology which will produce the world’s first 10.1” glasses-free 3D tablets for mass production.

In 2012, revenues jumped from $5.53m to $8.62m and a loss of $96,000 was turned into a profit of $1.31m. Excluding share based payments, the profit improved from $525,000 to $2.05m. Edison forecasts a further improvement in profit to $3.4m in 2013 as more of the additional revenues fall through to profit. That includes little contribution from the Yabazam 3D video streaming business, which should start to build up its revenues.

The number of licences shipped increased from 9.1m to 15m in 2012. So far, the revenues have mainly come from demand for TVs but mobiles and tablets will be an increasing market – even though the ending of the life of a smartphone product hit last year’s revenues from this area.

DDD has been cash hungry for years but that is changing. Enough cash was generated from operations to more than cover the capitalised development costs. Net cash improved to $3.6m at the end of 2012 and there should be a further small improvement in 2013. 

At 13.13p a share, DDD is valued at £17.9m. The shares are trading on around 11 times prospective 2013 earnings.

DDD recently switched its nominated and adviser from Canaccord Genuity to Peel Hunt.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2013_47.pdf

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