(Alliance News) - Zinc Media Group PLC on Wednesday reported a narrowed interim loss and a rise in revenue, as it eyes profit in the second half of the year.
For the six months that ended on June 30, the UK-based TV and multimedia content producer said revenue increased by 54% to GBP10.8 million from GBP7.0 million a year ago.
Zinc Media said all divisions saw revenue increases year-on-year, with London TV up 62%, Tern TV up 37% and Zinc Communicate up 78%.
Zinc's pretax loss narrowed to GBP1.8 million from GBP2.1 million a year ago.
Adjusted earnings before interest, tax, depreciation and amortisation decreased by 41% to GBP645,000 from GBP1.2 million.
Chief Executive Officer Mark Browning said: "We are delighted with the current performance of the group which has seen a considerable increase in turnover whilst maintaining an attractive margin, with good visibility of sustainable profitability. The organic growth, coupled with the acquisition of The Edge, provides initial scale and the board is optimistic about the group's outlook and views the future with confidence."
Looking ahead, Zinc Media said it expects to be profitable at an earnings before interest, tax, depreciation and amortisation level in the second half of the year. It said it is trading in line with expectations for the full-year.
In August, Zinc Media bought corporate film making production firm The Edge Picture Co Ltd for GBP1.56 million in cash.
Shares were 1.1% lower at 93.00 pence each on Wednesday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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Zinc Media (ZIN)