27th Sep 2018 11:13
LONDON (Alliance News) - Zoo Digital Group PLC on Thursday said it expects its revenue to rise in the first half of its current financial year, boosted by its investment strategy and the success of its cloud-based dubbing service.
Ahead of its annual general meeting, the company, which provides software for the entertainment industry, said it continued to expand its service offering in the first half of financial 2019. This includes expansion of Zoo Digital's in-house project coordination team and its global network of freelancers.
As a result, it expects revenue for the six months to the end of September to come in at least 17% higher year-on-year. In the first half of 2017, Zoo Digital reported revenue of USD12.7 million.
The improved performance was helped by the company's cloud-based dubbing service, it said, which outperformed the expectations.
Meanwhile, the company said it has continued to develop affiliate partnerships with in-territory service and facility operators to increase its geographical presence without the high costs of establishing local offices.
Zoo Digital noted that it experienced disruption in the subtitling supply chain during the period but is now seeing normal operations increasingly restored.
Looking forward, the company said it intends to continue investment to meet the growing client demand.
"I am confident that we have put in place the technology and operating capability to continue to execute on our strategy and meet full-year expectations," said Chairman Roger Jeynes.
The company said it will publish its interim results on November 6.
The stock was down 20% on Thursday at 135.50 pence per share.
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