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Zinc Media delivers 'record year' in both revenue and profitability
(Sharecast News) - Production company Zinc Media revealed on Wednesday that expects to deliver "a record year" in terms of both revenue and profitability, in line with market expectations Zinc Media, which also noted it had started FY24 with its highest level of forward bookings ever, said full-year revenues had grown more than 30% to £40.0m in 2023, driven by 20% organic growth in television revenues and the impact of The Edge, which was acquired in August 2022.
The AIM-listed firm also noted that adjusted underlying earnings were projected to be roughly £1.0m, up from £100,000 a year earlier and the highest level seen in over a decade.
As far as the new year was concerned, Zinc Media has secured £17.0m in revenues for the year, £2.0m more than at the same time last year and a further £3.0m since its November trading update. £5.0m of revenue was said to be in "highly advanced stages of discussion" for recognition in FY24.
Zinc also highlighted that it has a "robust balance sheet", with cash of £4.9m as at 31 December, a £1.3m increase in cash driven by "a positive trading performance" and working capital inflows.
As of 1500 GMT, Zinc shares were up 8.43% at 86.20p.
Reporting by Iain Gilbert at Sharecast.com
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