Gulf starts at Sheikh Adi-2 25/05/2012
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Zoo Digital raises £1.7m
Workflow software specialist Zoo Digital (ZOO) has secured £1.7 million following a successful placing at 40p a share - a slight premium to its share price.
The Sheffield headquartered firm was originally involved in computer games, however this operation was sold off and the US based Scope7 business was acquired. This has shifted Zoo's skill set towards developing software that can be used to work alongside, and ideally replace, labour intensive services.
It has been working with a major Hollywood studio to help develop its technology in the filmed entertainment market, however the AIM counter believes there is a real opportunity to adapt its products to target the eBooks sector. The industry was estimated to be worth $1 billion in the US last year, with the expectation of this surpassing $3 billion by 2015.
By using its software Zoo reckons it will be well suited to the production of media rich eBooks, including picture books, comics, cookery books, travel guides and encyclopaedias. To help fund this the intention is to recruit more software developers as well as sales and marketing staff.
In the year to March sales dipped to $13.8 million (2010: $15.1 million) as Zoo exited low margin work, however this helped it record a pre-tax profit of $511,000 (2010: $868,000 loss). House broker finnCap predicts 2012 sales of $13.8 million, pre-tax profits of $1.1 million and EPS of 3.3 cents.
Herald Investment Management have backed the cash call, along with a number of existing shareholders, including chief executive Stuart Green who has invested £100,000. At the current share price of 40p, there is clearly a hugely exciting opportunity for Zoo and its suite of patented products. Buy.
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