23rd Apr 2021 10:43
(Alliance News) - Zinc Media Group PLC on Friday hailed how it "successfully navigated" the Covid-19 pandemic, with revenue rebounding from a virus hit and more of its content hitting television screens in the UK.
The London-based TV content producer said that in the 18 months to December 31, revenue rose 32% to GBP30.6 million from GBP23.2 million in the 12 months ended June 2019. Its pretax loss stretched to GBP4.1 million from GBP1.7 million, however.
Zinc recently changed its year-end date to December 31.
"The group has successfully navigated the worst of the Covid crisis, which negatively impacted the whole television production market. The bounce back in revenues in H2 2020 demonstrates the resilience of the group and margins continue to improve," Chief Executive Officer Mark Browning said.
Zinc said revenue in the first half of 2020 was GBP7.3 million, down 50% from GBP14.2 million in the second half of 2019. However, in the second half, this improved to GBP9.7 million.
Zinc said it saw "great acclaim" from its Fighter Pilots: The Real Top Gun and The Station: Trouble on the Tracks shows which aired on television channel ITV. Zinc also pocketed a BAFTA nomination for its Psychosis and Me programme.
The company added: "The group has currently booked GBP12.2 million of revenue which is forecast to deliver in 2021. While this is not yet back to pre-Covid-19 levels, it continues to build. In television this includes a new returning series of Emergency Helicopter Medics for Channel 4, a new series for W, a UKTV channel, which is a new buyer for Zinc, and a significant production for another new customer.
"Zinc's radio businesses continue to win new business and the group has won its first ever commission for a brand new original series for Amazon Audible."
Shares in the company were 5.8% higher at 59.25 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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