Digital media firm posts record profits
Zoo Digital posted record profits in its first-half interim results as its revenues almost doubled.
The Sheffield company, which provides cloud-based media localisation and digital services, saw EBITDA rise to $7.3 million in the six months to September 30, up from $2.4 million in the same period in 2021.
Revenues were up 91% to $51.4 million. Localisation revenues grew 150% to $32.3 million due to the high proportion of new titles processed, with subtitling doubling in the period and dubbing increasing fourfold. Media services revenues grew by 39% to $18.2 million due to a high volume of work preparing new titles for release on streaming platforms, the firm said in a statement to the London Stock Exchange.
The firm said it had a strong order book for the second half. It would continue expanding its international operations and identified streaming services’ focus on content as a clear opportunity.
Chief executive Stuart Green said, “The fundamental drivers behind our growth remain as strong as ever as streaming continues to globalise and multi language content is required for both new productions, which are now back in full swing, and the migration of back catalogues.
“We have developed our offer to capture demand by investing in the expanding markets of India, South Korea, Turkey, UAE and Denmark, with others still to come.
“We see continuing evolution of the marketplace with demand across each of our service lines remaining buoyant. We are well positioned for long-term sustainable growth and as a result are confident of continued progress for the remainder of FY23 and beyond.”