(Alliance News) - Zinc Media Group PLC on Wednesday hailed its annual performance as it saw revenue climb and earnings meet market forecasts.
Shares in Zinc Media rose 8.4% to 86.20 pence each in London on Wednesday morning.
The Edinburgh-based television, brand and audio production company said revenue grew 30% to GBP40 million in 2023 from GBP30 million a year before.
This was driven by 20% organic growth in television revenue, Zinc Media said, and the impact of a full year of recognition of Edge Picture Co Ltd, which was acquired for GBP1.2 million in August 2022.
Zinc Media expects adjusted earnings before interest, tax, depreciation and amortisation for 2023 to be GBP1 million, up from GBP100,000 in 2022, and in line with market expectations.
Looking ahead, Zinc Media said it has a strong order book under its belt for 2024, having secured GBP17 million in revenue already. This is GBP2 million more than at the same point last year and reflects a further GBP3 million from the GBP14 million figure it reported back in November.
Looking ahead, the company said it expects the wider UK content production market to continue to remain challenging, especially among the UK television public service broadcasters. However, it said it enters 2024 in a "strong position", citing recent success winning business from global streamers.
Its diversified revenue base and increasing international presence put it in a good position to "weather these latest market headwinds" and deliver further profitability, Zinc Media said.
Chief Executive Officer Mark Browning said: "We are delighted with the progress made in FY23. Our performance has bucked wider market trends and our organic investments have delivered excellent growth which is reflected in our significantly improved Ebitda position. The Edge continues to perform well and the group has a strong pipeline of opportunities.
"Zinc's highly diversified portfolio of companies and excellent organic growth performance continues to provide a significant long-term opportunity as it continues to grow its market share. Whilst market conditions remain challenging, we are confident in the strength of our business and our ability to continue delivering profit growth."
By Sabrina Penty, Alliance News reporter
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Zinc Media (ZIN)