Pioneering Sheffield-based entertainments technology group ZOO Digital is raising more than half a million pounds of additional working capital as it begins to reap the rewards of its innovative DVD authoring software.
The news comes at the end of a financial year during which the Furnival Square firm signed a 15-year deal, worth at least $15 million, with world famous cartoon studio Walt Disney and a deal for Sony Pictures Entertainment to use its technology to pr
oduce standard definition DVD titles.
ZOO says planned investment and the cost of integrating its US acquisition, Scope Seven, has meant pre-tax losses have mounted to £1.4 million from £900,000 on sales down from £4.2 million to £3.3 million.
Revenues from Scope Seven, a top US DVD authoring company, initially fell short of expectations as the business moved from serving leading Hollywood studios through an intermediary, to pursuing direct relationships, but ZOO believes there will be long term advantages as the previous relationship prevented it dealing directly with several studios.
ZOO says it has been able to replace the revenues with business from a broader base of clients and, by the end of the year, revenues had recovered to anticipated levels .
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