2588: Mark Browing CEO of Zinc Media: 34% Revenue Growth to £40.2m

Mark Growing CEO of Zinc Media #ZIN discusses their Final Results for the Year Ended 31st December 2023: Financial Highlights: Full year revenue increased by 34% to £40.2m (FY22: £30.1m), ahead of market expectations. o  Revenue growth was driven by 19% organic growth in television revenues of £3.9m alongside a full year contribution of The Edge which was acquired in August 2022. o  The Group has significantly outperformed the UK television production sector with revenues growing by £23m in two years, a compound annual growth rate (CAGR) of 52%. o  80% of revenue was delivered from existing customers, in line with FY22. •     Gross margins have increased from 34.0% to 39.5%, driven by higher margin TV work and the full year impact of The Edge. •     Adjusted EBITDA[1] of £1.0m (FY22: £0.1m), the highest for 13 years and in line with market expectations. o  Profitability was suppressed by some of the Group's businesses still being in an investment stage, where they are delivering rapid revenue growth but are yet to reach profitability and made a combined loss of £1.2m. •     Robust balance sheet with cash of £4.9m as at 31 December 2023 (31 December 2022: £3.6m), a £1.3m increase on FY22 driven by the positive trading performance and working capital inflows. Cash as at 19 April 2023 was £5.8m. •     Loss before tax narrowed considerably to £2.0m (FY22: £3.3m). The loss is largely driven by non-cash items including amortisation related to previous acquisitions, depreciation and one-off costs related to share options. https://zincmedia.com/