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Zoo Digital earnings to more than double amid revenue beat

Tue, 20th Apr 2021

Translation services provider Zoo Digital said it expected its annual operating earnings to more than double on the back of a stronger-than-expected revenue performance. Earnings before interest, tax, depreciation and amortisation for the year through March were seen rising to around $4.5 million, up from $2.1 million year-on-year. Revenue was now expected to be $39.5 million, up from $29.8 million and ahead of previous management guidance of at least $38 million. 'The past year has seen an accelerated evolution of the entertainment sector as the pandemic temporarily stalled the production of new titles and consumer take-up of on-demand streaming services has grown considerably,' Zoo Digital said. 'Some film and TV productions have started to resume and the second half of calendar year 2021 is expected to see the completion of significant numbers of new titles.' The company said it had has accelerated investment in its technology, infrastructure and service capacity. Trading in the first weeks of the 2022 financial year, it added, had been 'strong' with a significant pipeline of customer projects committed for the first quarter. 'With a robust pipeline and continued momentum, the board remains confident in its ability to deliver profitable progress in the 2022 financial year,' Zoo Digital said. Story provided by StockMarketWire.com

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