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Image Metrics revenues up 154%

Half year revenues beat the whole of fiscal 2009, but net losses still increase in second quarter

Facial animation technology firm Image Metrics has seen half year revenues jump 154 per cent to $4 million, exceeding the total for the whole of the 2009 financial year.

During the company's second quarter, revenues rose from just $0.2 million to $1.6 million - primarily driven by new videogame, rather than film, clients. These included Ubisoft's Assassin's Creed II, Sony's God of War III, Activision's Blur and Rockstar Games' Red Dead Redemption.

Gross profits rose to $0.8 million for the three months ended March 31, with margins of 47.6 per cent. This follows a mostly negative set of results for the previous year.

However, the company is still reporting a net loss of $2.8 million for the quarter, compared to a loss of $2.5 million at the same time during 2009.

"Our investment in building out a sales force over the past year is clearly paying dividends as we have landed new customers and as existing customers have been signing new contracts, thereby dramatically reducing our sales cycle," said CEO Michael Starkenburg.

The company is also pinning hopes on its new Faceware software, which allows developers to add Image Metrics technology into existing 3D applications. The technology was launched in March, with Halo makers Bungie as the first customer.

Image Metrics also recently closed an $8 million round of financing and became a public traded company, by allowing itself to be acquired by shell company International Cellular Accessories (ICLA).