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Broker trims Videologic annual profit forecast

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NEC's difficulties supplying graphics chips for Sega's forthcoming Dreamcast games console continue to bother Videologic. Credit Lyonnais Securities Europe (UK) today reduced its predictions for the UK graphics specialist's annual profit from £4.6 million to £3.2 million. The broker admitted the problems NEC has had adapting the PowerVR 2 3D graphics processor to the Dreamcast design were not the fault of Videologic. However, it clearly expects the delays in shipping chips to Sega, for which the Japanese manufacturer has accepted blame (see NEC admits it delayed Sega Dreamcast), to have a knock-on effect on the payments Videologic receives. Videologic's current fiscal year ends March 1999, the same timeframe Sega recently shifted its 'sell a million units' target to. Longer term, the broker said it believes Videologic's technology has an "excellent" future, thanks to the success it ultimately expects Dreamcast will achieve. Demand for the console is "extremely strong", it added, and anticipated NEC will have ironed out its supply problems in plenty of time for the console's US and European debuts. It expects Videologic to achieve profits of £7 million next year. ® Click for more stories Click for story index

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