Zinc Media Group PLC (AIM:ZIN) said it expects results for last year to show record revenue and profitability, with 2024 starting on the front foot with record levels of forward bookings.
In a full-year trading update, the television and content production group indicated that revenue for 2023 climbed 30% year on year to above £40 million, of which around 20% was organic growth and the rest from the 2022 acquisition of The Edge.
Zinc said its efforts to diversify meant that TV production accounted for roughly 60% of revenues, with production for brands and businesses generating the remaining 40%, while almost a third of turnover now comes from outside the UK.
Underlying profit (EBITDA) is seen coming in at around £1 million, the highest in a decade and in line with City forecasts.
Chief executive Mark Browning said the company’s performance has “bucked wider market trends and our organic investments have delivered excellent growth which is reflected in our significantly improved EBITDA position”.
He said The Edge continues to perform well, with major new corporate clients won recently. A new venture has been set up to target FTSE 100 companies in the UK, with another two ventures established in international markets where it already secures significant revenues and has a long-term client base.
Looking forward, the pipeline of opportunities includes £17 million of revenue secured for 2024, roughly £2 million more than a year ago and a further £3 million since Zinc’s last update in November.
Cash stood at £4.9 million at the end of December, up £1.3 million over the year.