Zoo Digital Group PLC Year End Trading Update and Notice of Results (7030L)
23 April 2018 - 4:00PM
UK Regulatory
TIDMZOO
RNS Number : 7030L
Zoo Digital Group PLC
23 April 2018
ZOO DIGITAL GROUP PLC
("ZOO", the "Group" or the "Company")
Year End Trading Update and Notice of Results
ZOO Digital Group plc, the provider of localisation and digital
distribution services for the global entertainment industry, is
pleased to provide an update on trading for the year ended 31 March
2018.
As previously indicated, the growth experienced in the business
continued through the second half of the financial year. The Group
expects to report full year revenue of at least $28.0m (31 March
2017: $16.5m), leading to Adjusted EBITDA* of at least $2.3m (31
March 2017: $1.8m). Gross cash as at 31 March was $2.4m (30
September 2017: $0.7m), with no other material borrowings other
than its long-term convertible loan notes. Localisation services
(being subtitling and dubbing) have continued to be the main driver
of this growth and will represent in the region of 74% of overall
revenue (31 March 2017: 52%).
The demand for localisation services continues to grow and, in
order to satisfy this demand, ZOO has been steadily increasing the
number of quality voice actors and dubbing professionals with whom
it engages. Pleasingly, the Group's growing reputation in the
market is helping to engage with these professionals, enabling
services to be fulfilled across a growing number of languages.
The Group was also encouraged by the level of industry feedback
and acclaim that ZOOdubs and the associated dubbing service
achieved at the NAB show in Las Vegas, held between 7 - 12 April
2018. The level of interaction with senior individuals from major
players within the industry and the resulting enquiries underlines
the confidence that the Board has in the Group's long-term
opportunity, particularly in respect of its localisation
services.
Given the importance of localisation services, the Group intends
to re-classify the costs of the internal staff responsible for
fulfilling client projects as a cost of sale rather than as a
central overhead as previously, for the purpose of reporting its
final results and on an ongoing basis. The Board believes that this
will be more representative of the Group's trading and will have no
effect on the reporting of its overall profitability.
ZOO expects to publish its full year results in the week
commencing 2 July 2018.
The Company notes that the process for appointing a new Chief
Finance Officer is ongoing.
Stuart Green, Chief Executive of ZOO, commented:
"We are pleased to confirm guidance for the full year results.
We continue to see momentum in the business, driven by our
localisation services, and remain optimistic for the future."
* Adjusted for share-based payments.
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR").
For further information please contact:
ZOO Digital Group plc
Stuart Green, Chief Executive
Officer
Helen Gilder, Chief Finance +44 (0)114 241
Officer 3700
FinnCap
Henrik Persson / Emily Watts
(corporate finance) +44 (0)20 7220
Camille Gochez (corporate broking) 0500
Alma PR
Josh Royston / Caroline Forde +44 (0)20 8004
/ Helena Bogle 4218
About ZOO Digital Group plc:
ZOO Digital is a provider of services allowing TV and movie
content to be subtitled and dubbed in any language and prepared for
sale with all major online retailers. ZOO's clients are some of the
best-known brands in the world including major Hollywood studios,
global broadcasters and independent distributors.
ZOO's point of difference in the marketplace is its development
and use of innovative cloud technology. This ensures that content
is localised in any language and delivered to all the major online
platforms such as Amazon, iTunes, Google and Hulu with reduced time
to market, higher quality and lower costs. ZOO's agile, cloud-based
business model enables clients to respond to market trends, scale
easily with business growth and capitalise on new routes to market
in the fast moving and evolving digital industry.
ZOO operates from the entertainment hubs of Los Angeles and
London with a development and production centre in Sheffield. Its
full-service proposition includes digital distribution, subtitling
& captioning, metadata creation & localisation, dubbing,
artwork localisation, workflow and asset management.
www.zoodigital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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