30th Apr 2015 08:27
LONDON (Alliance News) - Zoo Digital Group PLC said Thursday it expects to post a wider loss before interest, tax, depreciation and amortisation for the year to end-March, although revenue is expected to rise.
Zoo Digital provides software and tools for the entertainment, publishing and packaging markets.
It expects to post a loss before interest, tax, depreciation and amortisation at constant currency and adjusted for share-based payments of around USD600,000, widened from USD500,000 a year before, on revenue of USD11.4 million compared to USD9.6 million.
Second half revenues were down on the first half due to disruptions with a major customer, and seasonality of projects in the entertainment industry, it said. It has been working towards reducing its historical dependency on its largest customer, it said, and highlighted contract wins with the BBC and Apple Inc.
"We are encouraged by the positive momentum of our cloud-based solutions and the opportunities arising from recent client successes. Although the home entertainment market continues to be volatile and evolve rapidly, the investments that we have made during the year in our language translation capabilities are expected to support improved margins, notably in subtitling services," said Chief Executive Officer Stuart Green in a statement.
Shares in Zoo Digital are trading down 8.7% at 10.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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