Growth expectations upgraded at entertainment industry technology group
ZOO Digital Group, which provides cloud-based localisation and media services to the global entertainment industry, has raised its revenue expectations for the year ended 31 March 2022.
The Sheffield-headquartered business, which has issued a pre-close trading update for the financial year ending 31 March 2022, last month said its revenue was forecast to be at least $65m/£51m and EBITDA at least $6.5m/£5m.
The company now forecasts that for the year ended 31 March 2022, its revenue will be about $70m/£55m (FY21: $39.5m/£31m), a significant acceleration of organic growth over the prior year of 78%.
EBITDA is also expected to be materially ahead of the previously upgraded expectations at approximately $8m/£6.3m, an increase of approximately 78% on the prior year (FY21: $4.5/£3.5m).
Stuart Green, chief executive officer, said: “It has been an outstanding year for ZOO with growth materially above expectations, with our last quarter being a record period.
“We continue to benefit from streaming launches in new territories around the world, while also increasing market share through new service offerings and seeing strong demand from customers across all of ZOO’s operating segments.
“The board has invested heavily in capacity to support further growth and the Group has expanded its international footprint in regions that are strategically aligned with our major customers.
“With a strong pipeline of projects in place, we are confident of delivering further sustainable growth in the year ahead.”