OMG's profits sink after Stan Lee project hits the rocks
Nick Clark is the arts correspondent of The Independent. He joined the newspaper in June 2007, initially reporting on the stock markets. He has covered beats including the City, and technology, media and telecoms and made the switch to arts in December 2011. He has also contributed articles to the sports section.
Friday 02 December 2011
OMG, the British company whose technology is used in top-selling films and video games including Call Of Duty, saw it full- year profits fall 80 per cent after a project drawn up by Stan Lee of Marvel Comics hit the rocks.
The Oxford-based company, which provides three-dimensional mapping software used in special effects for films and games, said its full-year pre-tax profits fell to £700,000 from £3.7m a year earlier.
The group's technology has been used in Call Of Duty: Modern Warfare 3 as well as Assassin's Creed games and films including Black Swan.
It had enjoyed strong growth, smashing analysts' expectations a year ago, yet the failure of the Guardian Project dragged on its results in the 12 months to the end of September.
Nick Bolton, the chief executive of OMG, said: "A significant amount of good work and a number of important, positive developments have taken place this year which are, to a degree, masked by the financial results announced today."
The company said the economic conditions facing the entertainment industry had affected its profits but the single largest factor was the failure of the Guardian Project.
The venture involved comic book legend Stan Lee, who created Spider-Man and the X-Men, to draw superheroes in collaboration with the National Hockey League.
OMG's technology was to be used in animating the characters.
South Korea ferry passengers who were told to stay put 'got trapped' aboard sinking ship
Are beards attractive? Ryan Gosling says yes, but science says no. Take the A-list facial hair challenge and find out who's right
Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
Oscar Pistorius trial: Defence witness 'unqualified' to testify
Oscar Pistorius trial: Defence witness contradicts athlete's version in new blow for defence team
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
- 1 Poveglia: 'World's most haunted island' up for sale...is anyone brave enough to buy it?
- 2 Babies cry at night to stop mothers procreating, scientists claim
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
- 5 Mrs Doubtfire 2: Robin Williams set to star in sequel to 1993 comedy
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...