Zoo Digital encouraged by progress

22nd Sep 2011 07:10

Film software firm Zoo Digital said whilst it is still early in the current financial year, it believes that it is on track to meet market expectations.The group recently raised cash through a share placing to help fund the rollout of software in new markets, particularly eBooks."Following the completion of our recent fundraising and the restructuring of our convertible loan notes, we are pleased to report that ZOO has a sound balance sheet and a solid platform for further growth," the group said in a company statement.Zoo said it continues to add to its suite of software and is looking for additional uses for its workflow management tools. It believes it has a much broader offering and addressable market than ever before. "Whilst the mainstay of our business remains working with the major Hollywood studios, we have managed to diversify our product offering to be relevant to a much greater audience," it added. Zoo said the recent upheaval in the filmed entertainment industry, which has affected its workflow from major customers, has settled down and the recovery in work 'has been encouraging.'---CJ