Revenues rise by a third at listed entertainment industry specialist
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ZOO Digital Group, which provides cloud-based localisation and media services to the global entertainment industry, has reported a 33% rise in revenue, with a total of $39.5m/£28.5m (FY20: $29.8m/£21.5m).
The Leeds-headquartered company’s audited financial results for the year ended 31 March 2021 also include a pre-tax loss of $3.6m/£2.6m and operating profit of $1m/£720,000.
A placing raised £7.4m ($10.3m) in April 2021 to support growth and investment in R&D.
ZOO Digital says cloud software allowed it to continue providing an efficient, secure and uninterrupted service to customers throughout the pandemic.
Increased workflow from preparing back catalogue titles led to significant increase in demand for media services, which the business says more than compensated for the drop-off in new productions.
Stuart Green, CEO, said: “ZOO performed strongly during the year with revenues growing by a third to $39.5m and making good progress towards our ambitious goal of $100m of sales. Adjusted EBITDA more than doubled to $4.5m.
“In a year when the world stayed at home and watched more TV, ZOO worked from home to deliver more content, to more audiences than ever before.
“We support major Hollywood studios and streaming services to globalise their new and catalogue content in all languages.
“The industry in which we operate is huge and is undergoing a structural shift which has markedly accelerated over the past 12 months. ZOO is positioned well to continue to benefit from the unrelenting rise in streaming video.
“Looking forward, we continue to win new business as production of new titles is now resuming and significant orders for catalogue projects continue.
“Our new financial year has begun well, maintaining the momentum achieved last year, and we remain confident of continuing growth and achieving market expectations.”