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Zoo Digital shares tank as Hollywood strikes delay projects
(Sharecast News) - The share price of Zoo Digital plummeted on Wednesday after the AIM-listed media tech group delivered a profit warning as a result of delayed customer orders in the aftermath of the writers' and actors' strikes in Hollywood last year. The company, which provides end-to-end cloud-based localisation and media services to the entertainment industry, said that after a resolution of the strikes in November, production companies have taken longer than expected to resume and complete projects. It had been predicted that projects would start to complete in January and February.
However, while Zoo expects a strong recovery in activity, revenues for the fourth quarter ending 31 March will be "significantly lower than anticipated leading to a greater loss than previously expected for the full year".
Its order pipeline is consistent with market expectations for the next financial year, ending March 2025, and a return to profitability.
However, shares were down 26% at 42.95p by 1017 GMT.
"The board expects further clarity on the timing of projects and therefore revenue for the rest of the year in the coming weeks and will update the market further as necessary in due course."
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