25th Apr 2024 11:44
(Alliance News) - Zinc Media Group PLC on Thursday revealed the success of its growth strategy.
The London-based television and content production company narrowed its pretax loss by 39% in 2023 to GBP2.0 million from GBP3.3 million the year prior.
Revenue grew 34% to GBP40.2 million from GBP30.1 million over the same period.
Zinc Media continues to pay no dividend to shareholders.
Chief Executive Officer Mark Browning said: "This has been a year of record achievement for the group and comes off the back of significant investment in our people and our businesses along with our acquisition of The Edge 18 months ago. We have big ambitions to scale this group through organic expansion and strategic acquisition."
Looking ahead, Zinc Media expects to see a recovery in the UK television market, which accounted for 77% of revenue, as the broader economy recovers.
The company is optimistic in its prospects for the current year. It said trading has started strongly with GBP24 million of revenue already booked, alongside a pipeline with a further GBP8 million of revenue already at a highly advanced stage.
Zinc Media shares were down 2.5% to 75.55 pence each in London on Thursday morning.
By Elijah Dale, Alliance News reporter
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