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(Alliance News) - Zoo Digital Group PLC on Tuesday said it has received further clarity on the timing of its projects, following its trading statement in late January, and said it expects to beat market forecasts.
Shares in Zoo Digital jumped 30% to 28.49 pence each in London on Tuesday morning.
Zoo Digital is a Sheffield, England-based provider of end-to-end cloud-based localisation and media services to the global entertainment industry.
The firm said it now receiving orders relating to work on feature films and TV shows that have been completed following the industry strikes of 2023 that brought productions to a halt.
"With January invoicing the highest month since April 2023, the company is beginning to see an acceleration of its pipeline with work expanding in March and April 2024," Zoo Digital said.
As a result, it expects to beat revised market guidance for its annual results with revenue of at least USD40 million, but anticipates that adjusted earnings before interest, tax, depreciation and amortisation will be reduced.
In the year ended March 31, 2023, Zoo Digital posted USD90.3 million in revenue alongside USD15.5 million in adjusted Ebitda.
Back in January, Zoo Digital said that it would post lower than anticipated annual results, amid disruptions in the entertainment industry, due to a delay in the completion of entertainment products, following the Hollywood writers strike from May to September last year.
Zoo Digital added that it has now secured improved visibility of work, with some extending until September 2024. It also said its order book for the first quarter of financial 2025 is up 30% on-year.
By Sabrina Penty, Alliance News reporter
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