6th Nov 2018 11:41
LONDON (Alliance News) - Digital distribution services provider ZOO Digital Group PLC on Tuesday reported a widened loss in the first half of its financial year due to increase in expenses, despite higher revenue.
For the six months to the end of September, the company's pretax loss widened to USD159,000 from USD137,000 the year before, due to increased operating expenses to USD5.3 million from USD4.4 million, coming from higher investment in its operational facilities, particularly in staff.
Revenue however, grew by 17% to USD14.9 million from USD12.7 million, primarily due to dubbing services delivered using its ZOOdubs cloud platform.
ZOO Digital said that trading in the second half of the year has started positively, with the order book stronger than at the start of the first half. As a result, the company's full-year performance is set to be in line with market expectations.
"All the indicators are that the global media localisation market is continuing to grow strongly, fuelled by demand for a greater volume of original content, delivered through an ever-expanding number of digital channels in a growing number of languages. The expansion of our localisation service into dubbing has significantly increased the breadth of our offering, the size of the addressable market and enhanced our competitive positioning. We are just at the very start of our journey and look to the long-term future of the company with great excitement," said Chief Executive Stuart Green.
Shares in ZOO Digital were up 2.1% at 124.50 pence on Tuesday.
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