Ricoh has announced the release of the GR Digital III compact camera, the successor model to - you guessed it - the GR Digital II.

Ricoh claims the new camera takes the GR line's "traditional high image quality to an even higher level" with a new image processing engine, a new 10-megapixel CCD and the newly developed 28 mm/F1.9 GR lens that's equivalent to 28mm for 35mm film cameras.

Performance is also said to have been enhanced in areas such as quick shooting and overall operability.

The GR Digital III offers a 3-inch, 920,000-dot VGA LCD monitor, the ability to capture up to five RAW images in consecutive shooting and bracketing, new settings to control hue and saturation and will get firmware updates from Ricoh.

The new GR Digital III will be available at £529.99 from the middle of August.