DDD Group, an AIM-listed 3D solutions company, on Tuesday posted a 61 per cent slump in annual revenues, pushing the group into the red.
For the 12 months ended December 31st, turnover fell to $3.4m from $8.62m a year earlier, which was primarily due to a decline in shipments from the 3D PC market.
Adjusted group loss before tax and share-based incentive costs totalled $1.56m, compared to a profit of $2.05). The reported pre-tax loss was $1.99m (2012: profit $1.3m).
The group generated a loss per share of 1.86 cents, compared to a profit of 0.57 cents in 2012.
Chris Yewdall, Chief Executive said: "Despite the disappointing performance of the PC market during 2013, the group made solid progress in the development and delivery of its objectives in the 3D market and also for new technologies that are intended for use in significant growth markets beyond the niche of 3D."
Looking ahead, the group expects to augment the current technology licensing income from the 3D market with licensing revenue from new opportunities in the emerging 2D markets as the new depth sensor and video pre-processing solutions are deployed to video conferencing and streaming video licensees.
It explained this should reduce its reliance on the performance of the 3D market and create diversified licensing income.
"Despite the challenges that were faced during 2013, the board is confident that the group can return to the growth performance that was demonstrated in recent years as the new technologies are delivered and the licensees are secured during 2014," it added.
Revenues slipped lower in the first half, Europa Oil & Gas admitted on Tuesday, after it was hit by a decline in the average number of barrels of oil equivalent per day slipping from 177 to 170.
Turnover fell from £2.2m to £2.1m, but pre-tax profit doubled to £0.45m from £0.2m, lifted by a reduction in the cost of sales, from £1.45m to £1.1m.
Chief Executive Officer Hugh Mackay said: "Europa is fully funded for four exploration wells. Onshore UK we expect two exploration wells, Wressle and Kiln Lane, will be spudded in 2014, and we have further drilling candidates to follow. This summer we expect a drilling decision for our offshore Ireland licences which if positive may lead to two exploration wells, one in FEL 2/13 and one in FEL 3/ 13.
"Europa's costs for both these potential wells are already funded by farm-in and the first one could be as early as 2015. Finally in France we have commenced well planning and permitting for a Berenx Shallow exploration well in parallel with farm-out activity. Exploration success in the UK will boost cash flow and will enable portfolio growth; we believe exploration success in France or Ireland would be a company maker."
Net cash generated from operations was £0.6m (H1 2013: £1.0m) and it collected £0.3m from Kosmos in connection with their farm-in to Ireland.
This, combined with the proceeds of a placing and open offer, resulted in a period-end cash balance of £4.8m, up from £0.7m at the end of July 2013.