By the late 1970s, however, Sinclair Radionics was experiencing serious difficulties. It lost its ability to compete effectively in the calculator market following the launch of a new generation of Japanese-produced calculators with liquid crystal displays, which were much more capable and power-efficient than Sinclair's LED calculators. Projects to develop a pocket television and digital watch turned out to be expensive failures. The company made losses of more than £350,000 in 1975–76, bringing it to the edge of bankruptcy. In July 1977 Radionics was rescued by a state agency, the National Enterprise Board (NEB), which recapitalised it, provided a loan facility and took effective control of the company by acquiring a 73% stake.