11th Aug 2015 07:21
LONDON (Alliance News) - ZOO Digital Group PLC Tuesday said it remains "cautiously optimistic" about its future prospects as it reported a narrowed pretax loss for its recently ended financial year, despite its second half being hit by organisational changes in a major client.
ZOO Digital provides software and services for video content production, including subtitling software ZOOsubs.
For the year to end-March the company posted a pretax loss of USD2.1 million, narrowed from a pretax loss of USD2.7 million a year before, as a rise in revenue to USD11.5 million from USD9.6 million was partly offset by higher cost of sales and operating costs.
The company highlighted "significant disruption from corporate activity" in one of its largest customers in its second half, but said that further diversification and expansion of its customer base had helped to offset this. It won new business with BBC Worldwide in February 2015, and continued to work with Apple Inc, which has approved the company to deliver motion picture and television content directly to its iTunes digital store.
Additionally Zoo has been appointed as one of four global partners by Apple to provide localisation and digital packaging services.
"Although we have been impacted by continuing changes that have been taking place in the video entertainment industry, we believe that there is a growing demand for digital distribution, localisation and access services. Our technology platforms provide us with competitive advantage, the means to capitalise on this opportunity and deliver sustained growth, and we remain cautiously optimistic about the company's prospects," said Chief Executive Officer Stuart Green in a statement.
Shares in ZOO were untraded Tuesday morning. It last closed at 7.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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