Revenue to fall short at Zoo Digital

13th Apr 2011 08:15

Shares of film software firm Zoo Digital tanked 17% after it warned full year revenue would be slightly below company expectations.EBITDA and operating profit are expected to be in line its previous views of around $2.2m and $1.3m respectively. However revenues for the year are expected to be $14m, below the figure for the previous year. Chief executive Stuart Green said he was pleased with the group's bottom line performance despite revenue falling slightly short of expectations. "The short term slowdown in revenues from a major customer is now reversing and I am encouraged to see activity levels in line with our previous expectations. We are also currently working with a number of new customers and prospects to apply our proprietary software to a broader range of authored content, addressing substantial additional markets."The cash balance at 31 March 31 was $0.6m.CJ