Positive results expected for Zoo as chairman steps down
DVD software specialist Zoo Digital today said that it expects its full year results will be ahead of expectations.
The Sheffield-based company expects its turnover for the 12 months ended March 31 to be around $15m (£9.7m) and EBITDA, excluding exchange losses, of around $1.6m (£1.04m), both ahead of market expectations and the previous year.
Zoo also announced that Dr Christopher Honeyborne is to step down from its board after 10 years as a non-executive director, the last four years of which he has been chairman.
The company expects to make an exceptional provision for the impairment of intangible assets of around $0.8m (£520,247).
It also expects to report a year-end cash position of $1.2m (£780,371), significantly better than market expectations.
Dr Honeyborne will be succeeded by Roger Jeynes who has more than 20 years experience in the technology sector, encompassing senior sales, marketing and general management roles in the UK, Italy and the USA with IBM, Pyramid Technology and EMC Corporation.
His most recent executive position was chief operating officer at technology merchant bank Interregnum, through which he worked on the boards of more than a dozen technology companies.
Zoo’s chief executive Stuart Green said: “I am delighted with this performance in a very tough economic climate. Our ability to deliver outstanding quality software to reduce our clients’ costs and time to market is more compelling than it has ever been.
“On behalf of the board I would like to thank Christopher for his excellent stewardship and wisdom over the last decade.”
Dr Honeyborne said: “I am very pleased with the progress that Zoo has made and I leave confident that the company is well placed for continued, profitable expansion in the future.”
