Last checked at 16 Sep 2009 07:00
16 September 2009
ZOO DIGITAL GROUP PLC
("ZOO" or "the Group")
AGM STATEMENT
ZOO Digital Group plc, provider of software and software-led services for the filmed entertainment market, will today hold its AGM. It will take place at 11.30am at the Group's offices at The Tower, 2 Furnival Square, Sheffield. Dr C H B Honeyborne, Chairman will make the following statement:
"At the time of our preliminary results announcement in June, I stated that trading in the current year had been strong and I am pleased to report that this trend has continued, giving us further confidence that 2009 will be another year of trading growth for the Company. The fluctuations in the US Dollar/Sterling exchange rate will have reporting implications on the translation of assets and liabilities denominated in any currency other than our reporting currency.
"With this in mind, and given that revenues are now almost all in US Dollars, the Board, following advice, has decided to change its reporting currency to reflect this. Whilst a proportion of our cost base and balance sheet items will need to be translated from Sterling in future results, we believe that reporting in US Dollars will provide shareholders with the most accurate reflection of the Company's trading performance. This will come into effect immediately and will be the basis for our interim results in December.
"Relationships with our customers go from strength to strength and we are winning new business from different divisions within existing customers as the quality of our offering continues to enhance our reputation. This is evidenced by the launch of our Translation Management System (TMS) which was announced earlier this week. The TMS allows users to input translations and legal information into an on-line database, which can then be processed using our integrated desktop tools and deployed across multiple media from DVD and Blu-ray menus to marketing collateral such as posters and websites. The initial feedback has been extremely positive with evidence that the TMS, used in conjunction with our Media Adaptation Tool, optimises production processes and will deliver operational efficiencies that we expect to result in significant savings of time and cost for our customers.
"We are confident that we can continue to increase our business through winning new customers, as well as increasing the scope of our work with existing clients.
"Another positive development this year has been an improvement in operational efficiencies. We have continued to invest in software tool development and workflow optimisation and the business we acquired from Scope Seven is now highly efficient and productive. As such, the Board is confident that new business can be added without the need for a proportional increase in resources and costs.
"In summary, the 12 months since our last AGM have been a very positive period for the Company. We have diversified our revenue stream, strengthened our key relationships and continue to offer the highest quality and most innovative products to meet our clients' needs. The Board of ZOO Digital looks forward to the future with confidence."
- Ends -
For further enquiries please contact:
| ZOO Digital Group plc | 0114 241 3700 |
| Stuart Green - Chief Executive Officer | |
| Helen Gilder - Group Finance Director | |
| FinnCap | 020 7600 1658 |
| Marc Young/ Charles Cunningham | |
| Threadneedle Communications | 020 7653 9850 |
| Graham Herring/Josh Royston |
Notes to Editors
About ZOO Digital Group plc
ZOO Digital Group plc is a provider of creative media transformation services and software. ZOO works with printed materials, audio and visual content, and can adapt these media to different languages, sizes, and technical formats. ZOO makes this process extremely quick and cost effective and is clearly differentiated in the market.
ZOO's services are built on its proprietary patented software and enable customers to reduce considerably the costs and time to market of regionalized home entertainment titles and marketing campaigns across multiple territories and across a wide range of applications and formats, including printed materials, DVD, Blu-ray Disc, Video on Demand, interactive games and broadcast. Working closely with language translation partners, ZOO's media adaptation software suite transforms computer-based workflows through radical process re-engineering and provides clear differentiation for the company's production, consulting and custom development services.
ZOO is focused on the worldwide creative media production markets and in particular video and print production for entertainment, games and education applications, with customers including major Hollywood studios and other producers and publishers of video-based consumer products.