‘Outstanding’ year of growth forecast for ZOO Digital
Sheffield-headquartered ZOO Digital Group says its revenues for the full year are now expected to be at least $65m/£50m, as it issues an update on trading and the outlook for the financial year ending 31 March 2022.
The latest forecast compares with FY21 revenues of $39.5m/£30m ahead of previous management guidance of at least $57m/£43.4m.
EBITDA is expected to increase by at least 44% from the prior year to at least $6.5m/£5m (FY21: $4.5m/£3.4m).
The business, which provides cloud-based localisation and media services to the global entertainment industry, adds it has continued to benefit from the strong international rollout of existing streaming services and through greater adoption by customers of its dubbing service.
ZOO’s board expects continued revenue growth in FY23, although at a lower rate than that expected in FY22.
Stuart Green, chief executive officer, said: “We expect to report a year of outstanding growth, reflecting ZOO’s role at the heart of the ongoing streaming revolution.
“The adoption of streaming around the world and associated need for localised content is generating strong demand for the Group’s services, not least as we support global media giants to prepare their content for launch in new territories.
“Looking ahead, we are ideally positioned with our scalable, cloud-based proposition to deliver continued strong growth as we take a greater share of an ever-expanding market.”
