8th May 2015 07:58
LONDON (Alliance News) - DDD Group PLC Friday said its results for 2014 reflected the implementation of its turnaround plan during the year.
In a statement, the advanced imaging and 3D technology company said its net loss was flat at USD2.9 million in 2014.
Pretax loss, which excludes losses from the Yabazam 3D streaming movie service discontinued in December, narrowed to USD1.8 million from USD1.9 million. Revenue was down to USD2.5 million from USD3.4 million, while administrative expenses decreased to USD4.6 million from USD5.7 million.
"Having completed a strategic review and streamlined the group's operations to focus on emerging opportunities for our expertise and IP in scaleable 2D growth markets, the results reflect the turnaround plan that was implemented during the year. The plan resulted in research and development resources being deployed to deliver new software products and accompanying patents, whilst exiting from unprofitable aspects of the 3D market," Chief Executive Chris Yewdall said in a statement.
"For 2015, the Group will focus on commercialising the new 2D products with our distribution partners in the PC video conference and gaming markets, delivering the Android versions of these new products to enable the Group to address new mobile opportunities in the digital photography and social media markets and assisting Dominion Harbor in concluding licensing discussions with prospective licensees," Yewdall said.
DDD shares were untraded early on Friday morning. The stock last traded at 2.25 pence.
By Samuel Agini; [email protected]; @samuelagini
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