EARNINGS UPDATES: Zoo Digital swings to annual profit as revenue jumps

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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Zoo Digital Group PLC - provider of end-to-end cloud-based localisation and media services to the entertainment industry - Hails "another year" of "significant progress" as it swings to a pretax profit of USD7.9 million in the year ended March 31 from a loss of USD211,000 the year prior. Revenue rises 28% to USD90.3 million from USD70.4 million the previous year. Notes revenue was "strongly" weighted to the first half of its financial year. Expects to deliver revenue growth in the financial years ahead. Guidance for financial 2024 remains unchanged and its 2023 strategy remains on track. Acknowledges industrial action by writers and actors in the US, says this is causing a delay in completing new programmes which, in turn, is temporarily having an impact on the current volume of localisation and media services work on new titles that are being commissioned.

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Hostelworld Group PLC - online travel agent focused on the hostel market - Says it is "delighted" to report "record" revenue in the first half of the year amid strong bookings growth. Pretax loss in the first half of 2023 totals EUR7.1 million, narrowed significantly from a loss of EUR14.7 million the previous year. Revenue in the half rises 64% to EUR45.8 million from EUR28.0 million. Net bookings total 3.4 million, up 62% from 2.1 million the year prior. Looking forward, remains confident in the "long-term resilience" of its business model and reiterates adjusted earnings guidance in the range of EUR16.5 million to EUR17 million in 2023. In 2022, adjusted earnings before interest, tax, depreciation and amortization totalled EUR1.3 million.

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Argo Group Ltd - AIM-listed alternative investment manager offering an investment platform in global emerging markets - Says it was profitable in the first six months of 2023, mainly due to the positive performance of its investment in The Argo Fund. Records a pretax profit of USD121,000 in the half, swung from a loss of USD3.5 million the year prior. Revenue in the half rises 19% to USD1.5 million from USD1.3 million. Says emerging markets continue to be adversely affected by inflation and higher interest rates, but notes there are signs that disinflation and lower rates have already started ahead of developed markets.

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Ocean Wilsons Holdings Ltd - Bermuda-based investment holding company which, through its subsidiaries, holds a portfolio of international investments and operates a maritime services company in Brazil - Swings to a pretax profit of USD58.3 million in the first half of 2023 from a loss of USD9.7 million the year prior. Revenue in the half climbs 19% to USD229.7 million from USD211.0 million. Says the result is a "clear affirmation" of both the "robust" business model at Wilson Sons and the "longer-term balanced wealth creation strategy" of its investment portfolio. Says its investment portfolio returned 4.5% over the first six months of 2023.

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By Heather Rydings, Alliance News senior economics reporter

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