ZOO Digital’s innovations give it confidence for the future
FILM software specialist ZOO Digital Group has said it has moved into profit at the half year stage as revenues increased by almost a third.
The Sheffield-based group, which now reports its figures in US dollars as its main customers include Hollywood film and TV studios, said that it made a profit before exchange differences on the translation of intercompany balances and borrowings of $400,000 in the six months to September 30 compared to a loss of $500,000 for the same period last year.
However the group still made a pre-tax loss of $232,000 compared to a profit of $113,000 for the first half of 2008.
Revenues increased by 31% to $8.1m from $6.2m last time.
The group had a cash balance of $500,000 at September 30.
In the last six months ZOO has won £350,000 Government support for a new project it is pioneering to restore and enhance feature films to high definition formats such as Blu-ray and launched a system which can translate instructions and legal information for DVDs and Blu-ray discs into a range of languages.
Stuart Green, chief executive of ZOO Digital, commented: “The board has continued to focus on growing the recurring revenue streams, and we are pleased to report significant progress in both of our key areas of software licensing and value-added services. Our software products and staff are becoming increasingly embedded within the operations of our major film studio customers where we enjoy mutually beneficial working relationships.
“The filmed entertainment industry continues to face challenging economic circumstances, which makes ZOO’s time and cost-saving solutions even more compelling, and we look forward to the future with confidence.”
