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Zinc Media underlying earnings grow in FY24
(Sharecast News) - Television and audio production group Zinc Media said on Monday that adjusted underlying earnings had grown in FY24 despite a drop in revenues. Zinc Media said adjusted EBITDA had increased 50% to £1.5m, in line with market expectations and despite an £8.0m year-on-year drop in revenue from continuing operations to £32.0m.
The AIM-listed group added that it had delivered better than expected year-end gross cash of £6.3m, up from £4.9m a year earlier following positive cash generation for the second year running, and £1.3m net cash
Zinc Media also highlighted a "strong forward order book", up 24% on the same point last year, with £21.0m secured for FY25 as of 7 February.
Chief executive Mark Browning said: " Forward bookings for the current year are well ahead of the same time last year, and we have a strong pipeline for the year ahead. This level of activity demonstrates the strength of our reputation in the industry and underpins our confidence in the continuing profitable growth of the group."
As of 1155 GMT, Zinc Media shares were up 6.85% to 66.25p.
Reporting by Iain Gilbert at Sharecast.com
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