29th Apr 2014 12:21
LONDON (Alliance News) - Zoo Digital Group PLC said Tuesday that it expects its results for the year ended March 31 to be ahead of its previous indications.
The cloud-based media software and services company expects to post revenue of USD9.7 million, and loss before interest, tax, depreciation and amortisation of USD300,000 due to its investment in its ZOOsubs cloud-based subtitle production software.
In February the company lowered its revenue expectations to USD9.5 million, and expected at that time to posted a loss before interest, tax, depreciation and amortisation of no more than USD400,000.
Tuesday Zoo said its ZOOsubs product had continued to gain new client additions, and increase volumes for existing clients. These clients have trended towards outsourced services using the software, Zoo said, which results in lower initial payments but provides better visibility and sustainability.
"We expect this trend to continue into the new financial year and view the future with cautious optimism," said Chief Executive Stuart Green in a statement.
Zoo said that its ZOOcore businesses prospects remained strong, particularly in cross-selling to ZOOsubs clients.
Shares in Zoo Digital were trading up 3.1% at 7.99 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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