|
23/01/06 Profit warning issued
Zoo has suffered a
collapse in its traditional video games trading and expects its full-year results to be significantly below expectation as a result. The Company has blamed difficult market conditions and although the industry is
certainly suffering from its long-expected transitional market stagnation, Zoo's games division focuses on games for PC and handheld devices, platforms which have not been materially impacted by the console
market-led transition problems. The Company does, however, retain confidence in the interactive DVD and DVD technology licensing markets and has announced that it will undertake a strategic review to determine the
best way forward for the Company.
01/02/06
In what appears to have been a remarkably
short period of time for such an important review (no doubt due to financial pressures), Zoo has announced that it has completed its strategy and management assessment and proposed to implement some major changes.
CEO and founder Ian Stewart is to step down from his executive roles (but will continue in a non-executive capacity) and is being replaced by CTO Stuart Green. The Company has decided to mothball its traditional
video games publishing activities although the publishing business will remain, focused on interactive DVDs which have continued to perform to management expectations. The Company will also retain its focus on its
interactive DVD technology licensing business and is currently trying to find a suitable distribution partner for the US market.
05/04/06 Closure of non-iDVD gaming business
As
announced in February, Zoo has now closed its traditional computer and video games business, It has sold the publishing business' assets to a former director for £250k and has closed the Brighton development studios
(formerly Hothouse Creations) too. The Zoo publishing division is to be renamed Zoo Interactive Video as the Company scrambles to disassociate itself from the traditional games business.
|
