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.
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