18th Mar 2020 12:48
(Alliance News) - Zinc Media Group PLC on Wednesday said it has put in place business continuity plans across all divisions due to the coronavirus pandemic, as it posted a widened interim loss.
The TV and multimedia content producer also warned over some production delays due to the virus outbreak but added that there may be an opportunity for additional production work as TV clients will need new programmes to fill schedules.
Zinc termed 2020 as a "transitional year" and said that revenue growth may "slow or even decline in the period," but longer term revenue and profitability growth prospects remained good.
The company recorded a pretax loss of GBP1.1 million for the six months to end of calendar 2019, versus GBP711,000 a year before, mainly due to higher depreciation and amortisation charges, which jumped to GBP768,000 from GBP408,000.
First half revenue increased 43% year-on-year to GBP14.2 million.
Adjusted earnings before interest, tax, depreciation and amortisation increased to GBP18,000 from GBP12,000. The company said adjusted profit was held back by new investments and and ongoing turnaround of Zinc Communicate and Blakeway North divisions.
Shares in Zinc Media were down 3.6% at 60.25 pence each in London on Wednesday afternoon.
By Tapan Panchal; [email protected]
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