boogersandstuff

This tone is what you get when your CEO hasn't slept in 3 days because of anxiety.

Their 2016 annual report notes £120.0m revenue (90 from IP/royalties) and £136.5m in operating expenses with an operating loss of £87.0m. Their new CEO mentions refocusing the company on IP and royalty income. Now Apple, which pays 60% of that income, is ducking out. Ouch.

In the same report, they mention "There are no parties with whom the Group has contractual or other arrangements which are essential to the business of the Group except the contract with Apple Inc." All your eggs in one basket...

What's funny is in their financial risk assessment they focus on bullshit like investment shifts and outside IP threats, but gloss over the whole "what if that huge contract our company depends on happens to fall apart?"

The discussion between Apple and these guys must've really gone south for a nasty and desperate press release like this