We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ddd Group | LSE:DDD | London | Ordinary Share | GB0031129355 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.30 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMDDD
RNS Number : 9354Y
DDD Group PLC
23 May 2016
RNS: 23 May 2016
Time: 7:00am GMT
Headline: 2015 Results and Posting of Accounts
23 May 2016
DDD Group plc
Final Results for the fiscal year ended 31 December 2015
Los Angeles, California: DDD Group plc (AIM: DDD; OTCQX: DDDGY), the advanced imaging and 3D solutions company, announces its final financial results for the year ended 31 December 2015. Copies of the Annual Report and Accounts are now available from the Company's website at www.dddgroupplc.com.
The Group expects to post to shareholders its Annual Report and Accounts for the financial year ending 31 December 2015 on Tuesday 24 May 2016.
Operational Highlights:
-- Launched TriDef(R) SmartCam, a background replacement solution for the video conferencing and video gaming markets, in June 2015
-- 184,000 copies of TriDef Smartcam were shipped in the second half of 2015 (2014:0 total)
-- Signed two agreements with SplitmediaLabs, makers of XSplit Gamecaster and XSplit Broadcaster products for affiliate marketing and OEM bundling of TriDef SmartCam
-- 4m units of DDD TriDef 2D to 3D conversion solutions shipped primarily by TV licensees in period (2014: 13m total TV, PC, and mobile); cumulative total TriDef unit shipments of 55m at 31 December 2015
-- Extended the 3D TV license agreement with Samsung Electronics until December 2016
-- Commenced a patent litigation with Quinn, Emanuel, Urquhart, & Sullivan LLP as lead counsel against LG Electronics in Los Angeles, California related to the automatic 2D to 3D conversion technology featured in LG's range of 3D TVs
-- Secured additional patents for 2D technologies that strengthen the patent protection underlying the new products
Financial Highlights:
-- Revenues of $706,000 (2014: $2,533,000) -- Gross profit margin remains strong at 98.7% (2014: 99.8%) -- Adjusted EBITDA* loss from continuing operations of $1,826,000 (2014: loss of $285,000) -- Loss from continuing operations of $3,178,000 (2014: loss of $2,209,000) -- Loss per share from continuing operations $0.019 (2014: $0.015) -- Cash at 31 December 2015 $164,000 (December 2014: $697,000) -- The Group raised capital through the issue of
o approximately $1,256,000 (net of expenses) through two equity placings during the year and
o approximately $534,000 (GBP350,000) of long-term debt through the Convertible Unsecured Loan Note program
*Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortisation adjusted for the non-cash share based payment expense required under IFRS
Subsequent to Period End
-- The Group raised $1,550,000 through the issuance of two Secured Loan Notes
-- Signed AVerMedia as an affiliate marketing partner for TriDef SmartCam to support their RE Central gamecasting software
-- Launched UPix, an interactive social photography app for Android phones via the Google Play store
-- Launched TriDef SmartCam for Mac OS X available at www.tridef.com
-- The Board has determined that the cost of continuing the AIM admission outweighs the benefits and is recommending a special resolution to cancel the AIM admission which will be voted on by shareholders at the 29 June 2016 AGM. If the resolution is approved by 75% of the voting shareholders, the cancellation would be effective on 7 July 2016.
Chris Yewdall, Chief Executive said:
"During the year, the Company commenced the transition from its legacy 3D business into our new offering of the 2D TriDef SmartCam solutions that target scalable opportunities in the gamecasting and video conferencing markets. We have been encouraged by the positive response from end users and prospective partners to the new TriDef SmartCam products where distribution is now in excess of 30,000 units per month. We have recently expanded the TriDef SmartCam range with a version that is compatible with Apple's Mac OS X platform which is popular within the business video conferencing user base.
"Leveraging the core image analysis technology that the Company has pioneered, we have also launched UPix, an innovative new social photography app, that simplifies the process of taking 'selfie' photographs and also makes them interactive, allowing friends to add themselves to the 'selfie' photo and share it on.
"Additionally, the Company appointed Quinn Emanuel Urquhart and Sullivan LLP, a leading US intellectual property law firm, to pursue patent infringement litigation in the US against LG Electronics related to LG's range of 3D televisions. The case is currently progressing as expected.
"Revenues from the 3D TV market were lower due to the transition of the use of Company's TriDef 3D conversion technology from HDTVs to UHD/4K TVs which occurred at the end of the first quarter. 3D TV revenues recovered towards the year end in line with the continued growth in sales of UHD TVs. The Company also extended its license agreement with Samsung until the end of 2016.
"During the transition from stereo 3D products to 2D solutions the Company continues to carefully manage costs and expenses to maximize the working capital as the Company returns to break-even. Despite the careful cost control, the Company has seen a decline in its turnover in the last two years, making it much harder to generate profits at the present time. This has caused a substantial price decrease and reduction in the liquidity of the stock making it difficult for the Company to raise sufficient capital to fully fund its growth plans for products and applications beyond the 3D market.
"The AIM listing expense has become excessive for the size of the business and more importantly does not help to generate any additional revenue or profit. The Board's view is that the Company is not receiving the benefits for which the AIM listing was originally sought, nor is there any possible chance of the situation changing in the foreseeable future. Accordingly the Board has concluded that in their opinion, it is in the best interests of the Company and its shareholders to seek a cancellation of trading from the AIM market. This will cut significant expense and enhance the possibility of potential dividends in the future."
Enquiries
DDD Group Chris Yewdall, President & CEO Victoria Stull, CFO +1 310 566 3340 Peel Hunt LLP (UK Nomad/Broker) Richard Kauffer / Euan Brown +44 (0)207 418 8900 Beaufort Securities (Joint broker) Elliot Hance +44 (0)207 382 8300 Berns & Berns (US PAL) Michael Berns, esq. +1 212 332 3320
About DDD Group
DDD transforms the visual experience. Its advanced imaging and TriDef(R) solutions are licensed by leading brands for use in TVs, smartphones, tablets and PCs. Over 56 million products have been shipped by DDD's licensees and affiliates worldwide. DDD's shares are quoted on the London Stock Exchange's AIM Market (AIM: DDD) and the OTCQX (DDDGY). For more information please visit www.dddgroupplc.com.
________________________________________________________
EXHIBIT A -
2015 ANNUAL RESULTS EXCERPT
CURRENT TRADING AND OUTLOOK
The growing number of affiliates for the TriDef SmartCam software and the increasingly positive response to its capabilities from end users in the gamecasting/webcasting market underscores the applicability of the Group's unique approach to these growing markets. By making TriDef SmartCam compatible with existing technologies and popular applications used by the intended audience, the barriers to end-user adoption are greatly reduced. The affiliate business model is also proving popular since unlike a traditional OEM licensing approach, it helps the affiliate create incremental revenue from their customers which is directly attributable to the value their customers place on the features delivered by the TriDef SmartCam application. Allowing the end user to purchase directly also greatly improves the per license revenue since the value to the end user is a combination of the features and performance of the product, the convenience of an electronic download and the competitive price when compared to the cost of a green screen system or a specialized infrared sensor webcam.
Following the introduction of TriDef SmartCam in mid-2015, nearly 184,000 copies of TriDef SmartCam were downloaded or pre-installed by end users prior to the year end. By comparison, it took approximately two years for this quantity of licenses of the Group's TriDef 3D software to be shipped with 3D PC products, underscoring the scalability of the new markets.
Since the beginning of 2016, the Group has also observed a growing number of larger companies who are becoming aware of the TriDef SmartCam capabilities and are considering how best to deliver it to their customers that number in the millions of users.
During 2016, the Group will continue to consolidate the product offerings for the current apps, including the delivery of an OS X version of TriDef SmartCam which is compatible with Apple PCs and the delivery of an iOS version of UPix which will allow iPhone and iPad users to take advantage of the UPix app.
The Group will continue to work closely with Quinn Emanuel to address the unlicensed use of its patent claims with the objective of securing license fees for the use of the Group's international patent library claims in various 3D consumer products and professional services.
BUSINESS REVIEW OF OPERATIONS
2D TECHNOLOGY LICENSING BUSINESS
Recognising that the 3D market was not growing as quickly as had originally been forecast, the Group developed a turnaround plan with the goal of delivering a new range of technologies that can return the Group to profitability.
The turnaround plan was shaped around a series of criteria:
-- The new markets should leverage the Group's existing technical expertise, products and patents
-- The new markets should be significant in size, non-niche and show strong near term growth potential
-- The new solutions should not be constrained by the need to add special hardware to the target devices
-- The route to market should include direct to consumer app licensing in addition to OEM licensing
-- The new solutions should address existing and future requirements for the Group's OEM customers
One of the key objectives in the turnaround plan has been to separate the new 2D licensing business from the existing 3D licensing business. A new wholly-owned US subsidiary, GenMe Inc., was created which is responsible for the sales, marketing and licensing of the new solutions. GenMe is a concatenation of the words Generation Me which describes the diverse audience of end users who increasingly share their daily lives and experiences online through social media. The GenMe Inc. office is located in the heart of 'Silicon Beach' in Los Angeles, which has rapidly become the second largest technology community outside Silicon Valley, providing access to the human and investment capital necessary to execute on the full potential of the new solutions. As part of the effort to reinforce the move away from the 3D market, the Group changed its website address to DDDGroupplc.com at the end of 2015 and disposed of the DDD.com domain.
During 2015, TriDef SmartCam, the first of these new products was introduced to simplify and reduce the cost of 'green screen' background replacement for consumers in the gamecasting/webcasting market. At the core of these new solutions lies the Group's leading expertise in automatically analyzing and deriving the depth in a 2D image.
Real time background substitution
In recent years, the widespread availability of high speed broadband and mobile data services has dramatically increased the number of business and consumer users who participate in video conference or video chat sessions. Business video conferencing platforms like Webex host over 50 million video attendees per month and consumer video chat platforms such as Microsoft Skype boast over 80 million peak concurrent users each month. In new emerging markets such as gamecasting where game players record and share their video gameplay online, platforms such as Twitch.tv have rapidly risen to become the top sources of internet video with over 1.8 million game videos being contributed each month that are watched by over 100 million viewers per month.
As a consequence, many participants are looking for solutions that provide more flexibility as to where they can receive and make video calls so that they don't have to find a tidy, uncluttered space that looks presentable to the other participants on the call. The availability of low cost ultra high definition displays coupled with high definition video cameras means video call participants can now discern sensitive information written on whiteboards or computer screens in the immediate environment, creating a need for visual security for certain professional such as government, legal or financial services users.
The TriDef SmartCam software was launched in May of 2015. TriDef SmartCam accurately identifies and tracks the end user in real time as they are filmed by their webcam. The user's head and torso is then separated from their immediate background, allowing their natural background to be replaced with an alternate image. The principal is similar to the 'green screen' or chroma-key technology that is used in professional broadcasting to overlay a live weatherperson on a local weather map. Unlike a green screen system however, no specially coloured background is required since TriDef SmartCam uses the Group's proprietary image analysis technology to separate the user from their background.
Prior to TriDef SmartCam, background substitution has either required the end user to have an expensive and cumbersome 'green screen' located behind them or requires the use of a special hardware sensor such as Intel's RealSense. The value proposition for TriDef SmartCam in background substitution is that no special coloured background screen is required and that the TriDef SmartCam software makes use of the existing 2D webcam in the user's PC, smartphone or tablet, making it compatible with millions of pre-existing devices already available to consumers and eliminating incremental hardware cost for the PC, smartphone or tablet manufacturers.
Addressable market:
As a 'middleware' application, TriDef SmartCam is presently compatible with over twenty popular applications including business video conferencing solutions such as Cisco's Webex, Citrix GoToMeeting and Zoom, video chat applications including Skype, QQ from Tencent Holdings, ooVoo and Lenovo's Youyue. In addition to video chat/conferencing, TriDef SmartCam is compatible with popular webcasting/gamecasting applications including SplitmediaLabs' XSplit Broadcaster and XSplit Gamecaster, AVerMedia's RECentral and Open Broadcaster Software (OBS). Importantly, this approach allows the Group to retain control of how quickly end users can use TriDef SmartCam with their intended application as opposed to waiting while the application's developer schedules the time and resource to test and integrate support for the TriDef SmartCam.
Business video conferencing platforms like Webex host over 50 million video attendees per month and consumer video chat platforms such as Microsoft Skype boast over 80 million peak concurrent users each month. In new emerging markets such as gamecasting where game players record and share their video gameplay online, platforms such as Twitch.tv have rapidly risen to become the top sources of internet video with over 1.8 million game videos being contributed each month that are watched by over 100 million viewers per month.
Since TriDef SmartCam is compatible with webcams already owned by PC users as well as being compatible with multiple video conference, video chat and webcasting/gamecasting applications, the addressable markets combined represent well over 1 billion end users worldwide.
Initially the company has concentrated its business development resources on the rapidly growing market for video gamecasting, primarily in the United States. Video game players are known to be strong early adopters of new technologies and the low cost, try-before-you-buy alternative to costly green screen or 3D camera systems appeals to these younger, budget-conscious consumers.
Business Model
As noted, a key aspect of the new business model is to place less emphasis on licensing to Original Equipment Manufacturers (OEMs). While the 3D products are 'premium' products, the webcams, PCs and other devices that drive the use of TriDef SmartCam are lower cost 'mainstream' products with significantly lower retail prices. Consequently the opportunity for the Group to earn reasonable per unit royalties from the OEMs is significantly reduced.
The Group has launched an 'affiliate' licensing program whereby the Group partners with software developers of video conferencing, video chat, webcasting and gamecasting software applications to bring the innovative new TriDef SmartCam features to their end users. In this approach, the affiliate promotes the TriDef SmartCam software to their end users who are then able to download an evaluation version of the TriDef SmartCam software. At the end of the evaluation period, the end user can elect to purchase the TriDef software license directly from DDD's TriDef.com online store. End user revenue received as a result of the affiliate's involvement in the end user sale is then shared with the affiliate on a calendar quarterly basis with the Group typically retaining 70% of the end user revenue after transactional fees are deducted.
Unlike the OEM licensing model, the affiliate program seeks to assist the partner in generating incremental value from their existing customers as well as providing a point of differentiation from their competitors. As such, it is commercially attractive to the affiliate and the value created by TriDef SmartCam from their end users is readily identifiable.
The Group still offers OEM licensing to licensees who wish to make the TriDef SmartCam features available to their end users as part of their product offering.
GenMe's TriDef SmartCam software business model currently includes:
-- the licensing of the TriDef SmartCam software to developer/publisher affiliates of webcasting, gamecasting, video conferencing and video chat applications yielding end user software purchases (software sales revenue); and
-- the licensing and sub-licensing via affiliates of the TriDef SmartCam software to Original Equipment Manufacturers (OEMs) for PC, webcam and related accessories yielding license fees (licensing revenue) and per unit royalties (royalty revenue); and
-- the sale of TriDef SmartCam software directly to end users from the Group's website yielding per unit license fees (software sales revenue).
Specific Risks
Competitive risk exists in the market as follows:
-- unlicensed use of the Group's intellectual property;
-- alternative background removal methods such as infrared hardware sensors which may be used by some OEM manufacturers;
-- license agreement renewal terms and non-renewals; and
-- changes in affiliate marketing methods due to economic conditions or market demand for their products.
Enhanced social photography
With the widespread availability of high quality digital cameras in smartphones and tablets, the sharing of personal photographs and 'selfies' through social media and other online forums has grown significantly in recent years. In mid-2014, Google estimated that 93 million selfies are shared daily on social media.
During 2015 the Group developed an Android version of the background replacement technology to create the new UPix app which was launched in beta in the Google Play store in February 2016. The UPix app simplifies the process of creating better selfies and enables a revolutionary capability of making selfies interactive, allowing friends and family to become part of the user's photo.
An increasing number of popular venues and museums are banning the use of 'selfie sticks' which are used to provide a wider camera angle of the background behind the user. With UPix, the user can capture the ideal background shot of the scene using the rear-facing camera before the front-facing camera captures their head and shoulders shot. The UPix app then crops their head and shoulders shot and places it in the background scene allowing the user to re-size, move and re-colour their headshot so it appears in the perfect position in their selfie. UPix also allows the user to save their favorite head/shoulder shots for re-use on later selfies.
In a unique first, UPix also makes selfies interactive, allowing friends to add themselves into the original selfie and share it on. The interactive selfies, or 'groupies', are created by downloading and using the original selfie as the UPix background and using UPix to add a second person's head and shoulder selfie into the original picture before saving it and re-sharing it. The UPix app allows others to become part of the groupie at any time and from anywhere in the world.
UPix also enables the creation of virtual selfies, where fans can create and share selfies with their favourite musicians, actors and sports stars. With the continual growth in the use of social media with television shows and films, this creates a closer bond between the stars and their fans all over the world.
Business Model
The distribution of the UPix app is achieved by making it available as a free download in popular online app stores such as the Google Play store. The Android version of UPix is currently compatible with Android 4.0 and later, representing over 97% of the devices serviced by the Google Play store. Since some countries limit end user access to platforms like Google Play, the Group also expects that it will make localised versions of UPix available in other brand-specific app stores that are operated by phone/tablet manufacturers in countries such as China.
Each photo created with the UPix app is watermarked with the UPix logo to raise end user awareness when they encounter pictures created with the UPix app. An in-app purchase is available for end users who wish to remove the watermark from their photos. The transaction is processed through the Google account associated with the app and the Group receives 70% of the in app fee net of transaction costs.
GenMe's UPix software business model currently includes:
-- the licensing of the UPix software directly to end users from online app stores website yielding in app purchase revenues (software sales revenue).
Specific Risks
Competitive risk exists in the market as follows:
-- consumers may not adopt the social photography capabilities to improve their selfie photographs resulting in lower uptake of the app by consumers;
-- unlicensed use of the Group's intellectual property; and -- alternative background removal apps being launched by competitors.
In addition to the TriDef SmartCam and UPix apps, the Group also pursued the potential markets for improved video signal encoding for streaming video and mobile video conferencing. Bearing in mind the limited development resources available and the positive reception to the new 2D solutions, the executive management elected to focus on capitalizing on the early successes in the background replacement and social photography markets and temporarily ceased work on the improved video signal encoding projects. The Group has identified additional innovative applications that leverage existing skills and technologies for mass market use cases and will seek to develop and release these as suitable resources become available or commercial partnerships are secured.
3D TECHNOLOGY LICENSING BUSINESS
Automatic 2D to 3D conversion
The technology to automatically recover 3D depth information from a 2D image and convert the 2D image into a 3D image is licensed into the market for consumer 3D products including televisions, personal computers, smartphones and tablets. The value proposition is simple as there is insufficient 3D content from film studios and from television production companies to support a 24 hour/day, seven day/week 3D TV channel; therefore having the capability to automatically convert existing 2D TV shows, movies and games in the home is an important feature for consumer electronics manufacturers and consumers alike. For the consumer, it ensures that a diverse range of 3D content is instantly accessible upon purchase of the 3D product. For the consumer electronics manufacturer, the inclusion of this capability overcomes the consumers' concern over lack of available 3D content when purchasing their 3D product.
Addressable market:
Of the markets in which the Group is currently active, the market for 3D consumer devices is the most mature with the 3D Television market representing the strongest licensing contribution. The Group saw shipments of licenses for 3D TV chips decrease by 70% year over year as the Group's main TV licensee, Samsung Electronics, reduced TV production capacity by 30% as a result of restructuring their TV business unit and switched the use of the 3D feature from their High Definition (HD) TV range to their Ultra High Definition (UHD) premium TV range during the first half of 2015. While UHD TVs represent the fastest growing category in the TV market growing 173% year on year to an estimated 32 million units globally in 2015, UHD TV shipments still only made up 14% of the 224 million LCD TVs sold in 2015 (Source: IHS Technology).
As noted in the Annual Report and Accounts for 2014, licensing and royalty revenue from the Groups TriDef 3D software the PC and Android mobile phone/tablet markets continued at minimal levels in 2015, and the Group does not expect that these markets will contribute materially to future 3D technology licensing revenues.
Business Model
DDD's TriDef 2D to 3D conversion software business model currently includes:
-- the licensing of the TriDef 3D software to Original Equipment Manufacturers (OEMs) for TV, PC, monitor, mobile and tablet markets yielding license fees (licensing revenue) and per unit royalties (royalty revenue); and
-- the sale of TriDef 3D software directly to end users from the Group's website and the Google Play store yielding per unit license fees (software sales revenue).
Specific Risks
Competitive risk exists in the market as follows:
-- unlicensed use of the Group's intellectual property;
-- alternative 2D to 3D conversion methods which have been used by some manufacturers that yield lower quality visual results;
-- license agreement renewal terms and non-renewals; and -- changes in licensee production due to economic conditions or market demand for 3D products.
The Group has partnered with a suitable intellectual property licensing specialist in order to address unlicensed use of the Company's patent claims which are further discussed below. During the year, the Group renewed the license agreement with Samsung Electronics for the use of the Group's 2D to 3D conversion in Samsung's range of 3D TVs. Where possible the Group seeks to renew license agreements on terms that are as close to the original license agreement terms as is possible. In certain cases, since the royalties adjust based on cumulative shipment of the Group's technologies by the licensee, the per-unit royalties reduce as production increases. The Group monitors feedback from its licensees as well as from independent market research firms and adjusts its product development strategies and support resources in line with developing market trends.
Patent Licensing
To date, the majority of the Group's licensing revenue has been derived from the 2D to 3D conversion technology licensing program, whereby the Group provides a software application or reference design to the licensee for inclusion with the licensee's 3D products.
During the year, two patents were granted in the United States, expanding the patent library with two new inventions as a result of the Group's research and development activities into non-3D markets. The first invention relates to improved methods for creating depth models of the human face and upper torso and is part of the underlying intellectual property used in the new TriDef SmartCam and UPix background replacement solutions. The second invention relates to the efficient encoding of high dynamic range video images within existing video distribution standards. As the first of the Group's 3D patents are due to start expiring at the end of 2016, it is important that the Group continues to expand the patent library with inventions that support the licensing business model of the latest products and markets.
With over 56 million 3D consumer products that include the Group's TriDef 3D technologies shipped by leading manufacturers since early 2010, there is now an established value for the internationally registered patent claims on which DDD's solutions have been built. As new revenue streams continue to be developed, the Group expects that patent licensing revenue will grow as the Group establishes its patent rights with prospective licensees. The patent licensing program also has the potential to create license and royalty revenue from applications in 3D markets that are outside the scope of the current technology licensing program. In July 2015, the Group's Australian subsidiary, DDD Research Pty. Ltd., initiated a patent infringement lawsuit in the courts of Los Angeles, California alleging unlicensed use of certain of the Group's US patent claims by the automatic 2D to 3D conversion feature of LG Electronics 3D TV models sold in the United States. The law firm of Quinn Emanuel Urquhart and Sullivan LLP was appointed to act as legal counsel in the litigation with LG. As the lawsuit progresses through the legal system, the Group expects to provide additional updates as and when appropriate.
Business Model
DDD's patent licensing business model currently includes:
-- the licensing of the patent rights to appropriate vendors to utilise the claims of the patents in various business processes, yielding license fees (licensing revenue) or per unit/per minute royalties (other licensing royalty revenue); and
-- when appropriate, initiating litigation against parties whom the Group has a good faith basis to believe are using the claims of the Group's patents without a license, potentially yielding license fees (licensing revenue) and additional damages as allowed by the applicable law (other licensing royalty revenue).
Specific Risks
Competitive risk exists in the market as follows:
-- the Group's intellectual property lawyers may be unsuccessful in assisting in the expansion of the licensing program;
-- litigation initiated to assert the applicable patent rights may not be successful;
-- defendants against whom such patent infringement lawsuits are brought may seek to challenge the validity of the patented invention with the relevant authorities resulting in some granted claims being reduced in scope or cancelled if such a challenge is successful; and
-- the financial cost of asserting the patent rights by litigation may be too significant for the Group to bear when compared to the value of the resulting license fee.
The Group has thoroughly investigated the available options for licensing its patent rights and plans to implement an approach that maximises the success of the program whilst minimising the financial risks to the Group. Through partnering with an established intellectual property litigation specialist, the Group is able to take advantage of industry best practices when asserting its patent rights. The pre-existing technology licensing royalties provide an established value by which license fees can be calculated, mitigating the risk that prospective licensees will seek unfavourable licensing terms since additional licenses can be granted on fair, reasonable and non-discriminatory terms.
Looking forward - 3D Technology licensing direction
During 2015, the Group realised the majority of its revenues from technology licenses in the 3D television market. With the marketing emphasis in the consumer television market now being placed on features including ultra high definition (UHD) televisions, and 3D having become an expected feature on many larger premium TVs, the Group has shifted research and development emphasis away from 3D towards markets with stronger growth potential.
In the PC and Android markets, the Group will continue to maintain software and game support for the OEM and consumer market for as long as continuing in the 3D PC and mobile market remains sustainable.
The Group continues to monitor developments in the 3D market and remains well positioned to take advantage of any emerging opportunities for new 3D devices through its existing products and solutions.
FINANCIAL REVIEW
Revenues from continuing operations for the year ended 31 December 2015 were $706,000 (2014: $2,533,000). The decrease is directly due to a softening demand in the TV market that led manufacturers to reduce production capacity by between 20% and 30% in the first half coupled with the transition to the use of the Group's 2D to 3D conversion technology exclusively in the new Ultra High Definition (UHD) 4K premium TV category. Many manufacturers phased out 3D capable HDTVs during the first half in favour of 3D UHD TVs. The UHD TV market is in high growth mode according to market research firm IHS/DisplaySearch with annual sales of UHD TVs growing to approximately 32 million TVs during 2015 from 4 million in 2014.
Gross profit decreased to $697,000 (2014: $2,528,000) and gross margin remained strong at 98.7% (2014: 99.8%).
Other administration expenses for continuing operations decreased by 11.4% to $2,793,000 (2014: $3,153,000) due to continued cost reduction measures. These savings were supplemented by the net foreign exchange impact of the US dollar against the Australian dollar and British pound during the period.
Other income net of other expense decreased to $270,000 (2014: $340,000).
The non-cash share-based incentive cost decreased to $38,000 (2014: $148,000).
Adjusted Group loss before tax and share-based incentive costs from continuing operations totalled $3,116,000 (2014: $1,672,000). The reported pre-tax loss from continuing operations was $3,154,000 (2014: $1,820,000).
The total taxation charge was $24,000 (2014: $389,000). Taxation includes foreign withholding taxes withheld at source as well as local sales taxes, adjusted by the movement in the Deferred Tax Asset and Liability accounts.
The Group recorded a loss per share from continuing operations of 1.9 cents per share (2014: 1.5 cents per share) and a total loss per share during the year of 1.9 cents per share (2014: loss 2.0 cents per share).
Net cash used in operating activities was $1,160,000 (2014: $918,000). Investing expenditure was $1,172,000 (2014: $1,894,000) of this, $17,000 (2014: $72,000) was a building lease security deposit as required by the new US office lease agreement (2014 as a result of new Australian lease agreement) and the remainder was investment in fixed and intangible assets. This cash flow was supplemented by $534,000 of net proceeds raised from the issue of new unsecured convertible loan notes and $1,256,000 of net proceeds raised in equity placings (2014: $836,000 net from issuance of convertible loan notes), resulting in cash of $164,000 at the end of 2015 (2014: $697,000).
In February 2016, the Company received $800,000 as a secured loan from its largest shareholder, Arisawa Manufacturing Company to augment the working capital. An additional $750,000 was arranged in May 2016. (See Note 6 for further details of both agreements).
Hot Features
Premium
Consolidated statement of
comprehensive income for
the year ended 31 December
2015
31 Dec 31 Dec
2015 2014
$'000 $'000
--------- ---------
Revenue 2 706 2,533
Cost of sales (9) (5)
--------- ---------
Gross profit 697 2,528
Depreciation/amortisation
expense (1,225) (1,282)
Share based payments (38) (148)
Other administration expenses (2,793) (3,153)
Total administrative expenses (4,056) (4,583)
Other income 270 340
--------- ---------
Operating loss (3,089) (1,715)
Analysed as:
(Loss) before interest, taxes,
depreciation, amortisation
and share based payments
(Adjusted EBITDA) (1,826) (285)
Depreciation/amortisation
expense (1,225) (1,282)
Share based payments (38) (148)
--------- ---------
(3,089) (1,715)
Finance expense (65) (105)
Loss from continuing operations
before tax (3,154) (1,820)
Income tax expense (24) (389)
--------- ---------
Loss for the period from
continuing operations (3,178) (2,209)
Loss of the discontinued
Yabazam 3D streaming movie
service - (700)
--------- ---------
Loss for the year (3,178) (2,909)
========= =========
Other comprehensive income/(loss)
for the year:
Exchange differences on translation
of foreign operations which
will be subsequently reclassified
to profit and loss 148 (42)
--------- ---------
Other comprehensive income/(loss)
for the year, net of tax 148 (42)
--------- ---------
Total comprehensive loss
for the year (3,030) (2,951)
========= =========
Loss per share:
Continuing Operations -
Basic & Diluted (per share) 3 ($0.019) ($0.015)
========= =========
Total Operations - Basic
& Diluted (per share) ($0.019) ($0.020)
========= =========
Consolidated statement of financial
position as at 31 December 2015
31 Dec 31 Dec
2015 2014
$'000 $'000
--------- --------------------
Assets
Non-current assets
Intangible assets 4 2,755 3,041
Property, plant and equipment 12 32
Security Deposits 82 72
Deferred tax asset 1,096 1,096
---------
Total non-current assets 3,945 4,241
Current assets
Trade and other receivables 322 571
Cash and cash equivalents 164 697
--------- --------------------
Total current assets 486 1,268
--------- --------------------
Total assets 4,431 5,509
========= ====================
Equity and liabilities
Capital and reserves
Issued capital 6 12,735 12,636
Share premium 6 17,207 17,467
Merger reserve 19,656 20,627
Share based payment reserve 1,651 1,849
Translation reserve 2,718 124
Retained earnings (52,605) (49,605)
--------- --------------------
Total equity 1,362 3,098
Non-current liabilities
Financial liabilities 5 573 912
Deferred tax liabilities 480 582
---------
Total non-current liabilities 1,053 1,494
Current liabilities
Trade and other payables 1,218 917
Financial liabilities 5 798 -
Total current liabilities 2,016 917
--------- --------------------
Total liabilities 3,069 2,411
--------- --------------------
Total equity and liabilities 4,431 5,509
====================
Consolidated statement of cash flows
for the year ended 31 December 2015
12 months 12 months
to to
31 Dec 31 Dec
2015 2014
$'000 $'000
------------ ------------
Cash flows from operating activities
Loss for the year (3,178) (2,909)
Finance expense in the consolidated
statement of comprehensive income 65 105
Tax in the consolidated statement
of comprehensive income 24 389
Debt issuance costs in the consolidated
statement of comprehensive income - 70
Amortisation 1,201 1,363
Depreciation 24 58
Loss on disposal of assets 323 399
Share based payments 38 148
Decrease in inventory - 6
Decrease/(increase) in trade and
other receivables 249 (65)
Increase/(decrease) in trade and
other payables 301 (10)
Net cash used in operations (953) (446)
Income tax paid (126) (453)
Net Interest paid (81) (19)
------------ ------------
Net cash used in operating activities (1,160) (918)
Cash flows from investing activities
Increase in leasehold security (17) (72)
Payments for intangible assets (1,147) (1,818)
Payments for property, plant and
equipment (8) (4)
Net cash used in investing activities (1,172) (1,894)
Cash flows from financing activities
Proceeds from the issue of loan
note 534 906
Proceeds from issue of equity 1,388 -
shares
Issuance costs (132) (70)
Net cash generated by financing
activities 1,790 836
------------ ------------
Net decrease in cash and cash
equivalents (542) (1,976)
Exchange gains 9 12
------------ ------------
Total decrease in cash and cash
equivalents (533) (1,964)
Cash and cash equivalents at the
start of the year 697 2,661
------------ ------------
Cash and cash equivalents at the
end of the year 164 697
============ ============
Consolidated statement of changes in equity
for the year ended 31 December 2015
Share
based
Share Share Merger payment Translation Retained Total
capital premium reserve reserve reserve earnings equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 January 2014 13,414 18,543 21,898 1,861 (3,072) (46,743) 5,901
Transactions with
owners
Issue of shares - - - - - - -
Share based payment
reserve transfer - - - (47) - 47 -
Equity settled share
options - - - 148 - - 148
Foreign exchange
differences (778) (1,076) (1,271) (113) 3,238 - -
--------- ---------- ---------- --------- ------------ ---------- ----------
Total transactions
with owners (778) (1,076) (1,271) (12) 3,238 47 148
Comprehensive income
Total profit for
the year - reported - - - - - (2,909) (2,909)
Other comprehensive
income - Foreign
exchange - - - - (42) - (42)
--------- ---------- ---------- --------- ------------ ---------- ----------
Total comprehensive
income - - - - (42) (2,909) (2,951)
--------- ---------- ---------- --------- ------------ ---------- ----------
At 31 December 2014 12,636 17,467 20,627 1,849 124 (49,605) 3,098
Transactions with
owners
Issue of shares 694 562 - - - - 1,256
Share based payment
reserve transfer - - - (178) - 178 -
Equity settled share
options - - - 38 - - 38
Foreign exchange
differences (595) (822) (971) (58) 2,446 - -
--------- ---------- ---------- --------- ------------ ---------- ----------
Total transactions
with owners 99 (260) (971) (198) 2,446 178 1,294
Comprehensive loss
Total loss for the
year - - - - - (3,178) (3,178)
Other comprehensive
loss - Foreign exchange - - - - 148 - 148
--------- ---------- ---------- --------- ------------ ---------- ----------
Total comprehensive
loss - - - - 148 (3,178) (3,029)
--------- ---------- ---------- --------- ------------ ---------- ----------
At 31 December 2015 12,735 17,207 19,656 1,651 2,718 (52,605) 1,362
SELECTED NOTES TO THE SUMMARY FINANCIAL STATEMENTS
1. Selected financial data disclosure
The financial information set out above does not constitute the company's statutory accounts for the years ended 31 December 2015 or 2014 but is derived from those accounts. Statutory accounts for 2014 have been delivered to the registrar of companies, and those for 2015 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report except for an emphasis of matter in relation to going concern in 2014 and 2015 and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
Going Concern Review:
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 3 to 13 of the full Annual Report and Accounts.
During the first half of 2016, the Group received two working capital secured debt loans from its largest shareholder who continues to support the Group during these challenging times. The Directors have prepared cash flow forecasts up to 30 June 2017 which indicate the Group will have access to sufficient cash. The Group will require additional funding within the next 12 months. The forecasted revenue in the cash flow includes conservative estimates of existing contracts and limited new revenue streams arising from contracts which are in the final negotiation phase; however there remains uncertainty that funding and contract negotiations will be finalised. If there are material adverse variances against these forecasts, the Group would need to implement further mitigating actions to manage cash resources.
The Directors have concluded that the combination of these circumstances represent a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. Nevertheless after making enquiries, the Directors have a reasonable expectation that the Group will have access to adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the annual report and accounts.
2. Segmental reporting
In accordance with IFRS 8, operating segments are reporting in a manner that is consistent with the internal reporting provided to the Board of Directors by the executive Directors, the chief operating decision makers. Management information that is regularly reported to the Board for the purposes of allocating resources and monitoring performance is the monthly board report. The Board report contains an analysis of revenue for the Group's activities.
2015 2015 2015 2015 2014 2014 2014
2D 3D Parent Total 3D Parent Total
Ops Ops Ops
$'000 $'000 $'000 $'000 $000's $000s $'000
-------- -------- -------- -------- -------- -------- --------
REVENUES:
License fees - - - - 20 - 20
Royalties from
OEM units shipments - 596 - 596 2,367 - 2,367
Other licensing
royalties - 25 - 25 29 - 29
Software sales
- direct to consumer 8 77 - 85 117 - 117
--------------------------- -------- -------- -------- -------- -------- -------- --------
Total revenue 8 698 - 706 2,533 - 2,533
Cost of goods
sold (2) (7) - (9) (5) - (5)
--------------------------- -------- -------- -------- -------- -------- -------- --------
Gross profit 6 691 - 697 2,528 - 2,528
Margin 75% 99% 98.7% 99.8%
OPEX (1,933) (137) (723) (2,793) (2,385) (768) (3,153)
Technology License
fee (500) 500 - - - - -
Other Income - 270 - 270 340 - 340
--------------------------- -------- -------- -------- -------- -------- -------- --------
EBITDA Adjusted (2,427) 1,324 (723) (1,826) 483 (768) (285)
Depreciation/Amortisation (1) (1,224) - (1,225) (1,282) - (1,282)
Share based expense - - (38) (38) - (148) (148)
--------------------------- -------- -------- -------- -------- -------- -------- --------
Net Income/(Loss)
before interest
and taxes (2,428) 100 (761) (3,089) (799) (916) (1,715)
--------------------------- -------- -------- -------- -------- -------- -------- --------
For the Statement of Financial Position, the majority of the Group's assets/liabilities and equity are that of the 3D operation. The new 2D operation pays an annual technology license fee to the 3D operation for use of the patent claims included in the new products.
Major customers
The customers contributing over 10% to the gross revenues of the Group are as noted in the following table:
2015 2014
$000 % $000 %
------ -------- -------- --------
Samsung
(2015/14: 100% Royalties) 608 86.1% 2,339 92.3%
------ -------- -------- --------
Major customer total 608 86.1% 2,339 92.3%
All other sources 98 13.9% 194 7.7%
------ -------- -------- --------
Total gross revenues 706 100.0% 2,533 100.0%
====== ======== ======== ========
3. Loss per share
2015 2014
$'000 $'000
-------------- --------------
Continuing Operations loss for
the year attributable to equity
shareholders (3,178) (2,209)
Continuing Operations loss per
share:
Basic & Diluted (per share) $ (0.019) $ (0.015)
Total loss for the year attributable
to equity shareholders (3,178) (2,909)
Total loss per share:
Basic & Diluted (per share) $ (0.019) $ (0.020)
============== ==============
Shares Shares
Issued ordinary shares par 1p
at start of the year 143,663,572 143,663,572
Ordinary shares issued in the 46,925,000 --
year (see Note 21)
-------------- --------------
Total outstanding ordinary shares
at end of the year 190,588,572 143,663,572
============== ==============
Weighted average number of ordinary
shares for the year 165,337,819 143,663,572
============== ==============
Deferred shares:
Issued deferred shares(1) at
the start and end of the year 74,416,547 74,416,547
============== ==============
Total share capital (Issued
& Outstanding) 265,005,119 218,080,119
============== ==============
(1) Deferred Shares:
On 5 July 2008 the share capital of the Company was split so that a total of 74,416,547 ordinary shares of par value 10 pence became 74,416,547 deferred shares of par value 9 pence plus 74,416,547 new ordinary shares of par value 1 penny.
The holders of the deferred shares shall not be entitled to receive any dividend out of the profits of the Company available for distribution. On a distribution of assets on a winding-up or other return of capital (otherwise than on conversion or redemption or purchase by the Company of any of its shares) the holders of the deferred shares shall be entitled to receive the amount paid up on their shares after distribution (in cash or in specie) to the holders of the new ordinary shares the amount of GBP100,000,000 in respect of each new ordinary share held by them. The deferred shares shall not entitle their holders to any further or other right of participation in the assets of the Company. The holders of deferred shares shall not be entitled to receive notice of or to attend (either personally or by proxy) any general meeting of the Company or to vote (either personally or by proxy) on any resolution to be proposed. No certificates will be issued in respect of the deferred shares. The diluted loss per share does not differ from the basic loss per share, as these shares are anti-dilutive.
For 2015 and 2014, the diluted loss per share does not differ from the basic loss per share as the exercise of share options would have the effect of reducing the loss per share and is therefore not dilutive under the terms of IAS 33.
4. Intangible assets
Capitalised Patents Other Total
development intangibles
costs
$'000 $'000 $'000 $'000
------------- ----------- -------------- --------
Cost
At 1 January 2014 7,698 332 569 8,599
Continuing operations:
Additions 1,623 87 - 1,710
Disposals (597) (55) - (652)
Exchange rate differences (149) - (3) (152)
Discontinued operation(1)
(Note 9):
Additions 54 - 54 108
Disposal (239) - (539) (778)
At 31 December 2014 8,390 364 81 8,835
Continuing operations:
Additions 1,094 53 - 1,147
Disposals (1,183) (56) (51) (1,290)
Exchange rate differences (25) - (2) (27)
At 31 December 2015 8,276 361 28 8,665
============= =========== ============== ========
Amortisation
At 1 January 2014 5,017 308 183 5,508
Continuing operations:
Charge for the year
(restated) 1,185 14 25 1,224
Disposals (594) (55) - (649)
Exchange rate differences (42) - (2) (44)
Discontinued operation(1)
(Note 9):
Charge for the year 54 - 85 139
Disposals (141) - (243) (384)
------------- ----------- -------------- --------
At 31 December 2014 5,479 267 48 5,794
Continuing operations:
Charge for the year 1,161 25 15 1,201
Disposals (916) (18) (34) (968)
Exchange rate differences (115) (1) (1) (117)
At 31 December 2015 5,609 273 28 5,910
============= =========== ============== ========
Net book value
At 31 December 2013 2,681 24 386 3,091
At 31 December 2014 2,911 97 33 3,041
At 31 December 2015 2,667 88 - 2,755
============= =========== ============== ========
(1) Due to the nature and size of the discontinued operation in regards to the intangible assets, the presentation has been separated to identify the continuing operation.
There is no impairment to the intangibles in any of the reported periods.
5. Convertible Loan Debt
2015 2014
$'000 $'000
--------- -------
Opening balance 912 --
Value of Notes on issuance 534 906
CTA - unrealized FX
movement during the
year (58) (80)
Finance charges during
the year (17) 86
--------- -------
Financial liability
element of Note 1,371 912
========= =======
Current portion:
2014 Notes 798 --
Long-term portion:
2014 Notes -- 912
2015 Notes 573 --
--------- -------
TOTAL 1,371 912
========= =======
On 30 July 2014, the Company issued Convertible Unsecured Loan Notes ("2014 Notes") totalling GBP535,000 ($906,000 at historical exchange rate) to certain Directors of the Group and to Arisawa Manufacturing Company, pursuant to the existing authorities granted to the board of Directors. The 2014 Notes can be converted by the holders into ordinary shares of 1 pence each in the capital of the Company ("Shares") at a conversion price of 10 pence nominal amount of 2014 Notes per Share. The Company has the option to redeem the 2014 Notes at any time at a 5% premium to their nominal value plus accrued interest.
On 6 March 2016, the Company issued Convertible Unsecured Loan Notes ("2015 Notes") totalling GBP350,000 ($534,000 at historical exchange rate) to certain Directors of the Group and to Arisawa Manufacturing Company, pursuant to the existing authorities granted to the board of Directors. The 2015 Notes can be converted by the holders into ordinary shares of 1 pence each in the capital of the Company ("Shares") at a conversion price of 5 pence nominal amount of 2015 Notes per Share. The Company has the option to redeem the 2015 Notes at any time at a 5% premium to their nominal value plus accrued interest.
The 2014 Notes and the 2015 Notes have an annual interest rate of 7%. Interest payments are made semi-annually on 28 June and 28 December of each year.
The 2014 Notes have conversion rights to equity and mature in January 30, 2016 (18 months from the date of issue). The 2015 Notes have the same rights but mature in March 2017 (24 months from the date of issue). As such they are treated as compound instruments. The valuation of the liability is achieved by discounting the maturity value of the note at the rate available to the Group on a simple loan. Given the Group had no pre-existing debt (or simple loans); an estimated rate of 9% was used for this calculation. The residual value is the equity element of the instrument.
The present value of the convertible notes' equity element is considered an immaterial amount at the time of the establishment of the loan and therefore the financial liability element is $1,371,000 or GBP926,000 (2014: $912,000 or GBP587,000). The change in the valuation in the denominated currency is charged to the consolidated statement of comprehensive income as finance charges.
Subsequent to the year end, the Company authorised a noteholder resolution to extend the 2014 Notes for twelve (12) months at which time any outstanding notes will, at the option of the Company, be repaid in cash or settled by the issue of Shares at the conversion price; in both cases accrued interest will be payable in cash. The compound instrument calculations will reflect the change effective the date of the extension.
6. Issued share capital
The issued share capital of the Group is issued by the parent Company in Pounds Sterling. The attached parent Company accounts provide the currency of issue reconciliation of the share capital. For the Group accounts, the shares outstanding at the end of the period are converted to US Dollars using the closing spot rate while the transactions during the period are converted using the average rate for the period. The resulting difference is a foreign exchange adjustment on the balance translation.
Nominal Premium Total
value net of
costs
Shares $'000 $'000 $'000
------------ -------- -------- --------
Deferred shares (par
9p)
In issue 1 January
2014 74,416,547 11,046 -- 11,046
Foreign exchange
adjustment -- (641) -- (641)
------------ -------- -------- --------
31 December 2014 74,416,547 10,405 -- 10,405
Foreign exchange
adjustment -- (491) -- (491)
------------ -------- -------- --------
31 December 2015 74,416,547 9,914 -- 9,914
============ ======== ======== ========
Ordinary shares (par
1p)
In issue 1 January
2014 143,663,572 2,368 18,543 20,911
Foreign exchange
adjustment -- (137) (1,076) (1,213)
------------ -------- -------- --------
In issue 31 December
2014 143,663,572 2,231 17,467 19,698
Share placing(1) 22,500,000 333 250 583
Share placing(2) 24,425,000 361 312 673
Foreign exchange
adjustment -- (104) (822) (926)
------------ -------- -------- --------
In issue 31 December
2015 190,588,572 2,821 17,207 20,028
============ ======== ======== ========
All shares
In issue 31 December
2015 265,005,119 12,735 17,207 29,942
In issue 31 December
2014 218,080,119 12,636 17,467 30,103
============ ======== ======== ========
Key Movements in the Share Capital and Share Premium accounts are as follows:
(1) On 9 March 2015, approved by shareholders at an EGM held 31 March 2015, the Company raised $668,000 (GBP450,000) before expenses through a private placement of 22,500,000 ordinary shares of 1 penny each in the capital of the Company at a placing price of 2 pence per share.
(2) On 22 September 2015, the Company raised an additional $746,000 (GBP483,500) before expenses through a private placement of 24,175,000 ordinary shares of 1 penny each in the capital of the Company at a placing price of 2 pence per share. An additional 250,000 ordinary shares were issued to Beaufort Securities under the terms of their placing agreement.
7. Events after the balance sheet date
Financial:
In January 2016, the 2014 Notes which were due Jan 2016 were approved for extension for a period of twelve (12) months until January 2017.
On 4 February 2016, the Company entered into a short-term Secured Loan Note agreement (Feb16 Loan) with Arisawa Manufacturing for $800,000. The interest on the note is at 10% and payments are due quarterly in arrears. The Feb16 Loan is secured by the Company's US 2D to 3D conversion patent number 6,477,267 and its international counterparts.
On 24 February 2016, Dr. Sanji Arisawa purchased 400,000 ordinary 1p shares in the Company through the open market at 2.5 pence per share.
On 18 May 2016, the Company entered into a second short-term Secured Loan Note agreement (May16 Loan) with Arisawa Manufacturing for $750,000. The terms are similar to the Feb16 Loan however the loan is secured by the Company's US 2D to 3D conversion patent number 7,489,812. At the same time, the Feb16 Loan due date was extended until 31 December 2016 through mutual agreement of the parties.
The Board has determined that the cost of continuing the AIM admission outweighs the benefits and is recommending a special resolution to cancel the AIM admission which will be voted on by shareholders at the 29 June 2016 AGM. If the resolution is approved by 75% of the voting shareholders, the cancellation would be effective on 7 July 2016.
Operational:
In February 2016, the Company announced a second affiliate licensing agreement for its SmartCam technology with AVerMedia, a leading producer of game-casting enabling devices. The agreement integrates the SmartCam technology into the LGX Live Gamer Extreme capture devices for use with the RE Central 2 software for game capture and game-casting/. The Beta was released to the public on 19 February 2016 and is scheduled to be completed in May 2016.
In February 2016, the Company launched the UPix app in the Google Play(TM) store.
In May 2016, the Company launched the Mac OS X version of TriDef(R) SmartCam, an innovative real time background replacement solution for popular Apple Mac applications.
The Group's published regulatory announcements can be found on the Group's website at http://www.dddgroupplc.com/investors/rns-announcements/.
8. The Group's full Annual Report and Accounts is available on the Company's website and is expected to be posted to shareholders on 24th May 2016.
9. The Annual General Meeting of DDD Group plc will be held at Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ at 10.30am on Wednesday 29th June 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR AKKDDOBKDQPB
(END) Dow Jones Newswires
May 23, 2016 02:00 ET (06:00 GMT)
1 Year Ddd Group Chart |
1 Month Ddd Group Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
