28th Apr 2016 07:40
LONDON (Alliance News) - Digital distribution and subtitling services company Zoo Digital Group PLC on Thursday said it will make a small profit in the financial year to the end of March, having made a loss a year earlier.
Zoo said it expects to post earnings before taxation, depreciation and amortisation of around USD200,000 in the year to March 31, compared to a USD700,000 loss a year earlier.
Revenue will be around USD11.6 million, edging up on the USD11.5 million made a year earlier as the group scrambled to replace revenue from one of its largest customers, which was acquired by another company during the year. That customer, which Zoo didn't name, had contributed 24% of its revenue for the previous financial year.
Zoo said it continues to work to develop its relationships with various video streaming services providers and said it has invested in its cloud computing business, in addition to launching a series of new products.
"We are entering our 2017 year with a stronger pipeline, a broader range of services and greater sales capability than ever before. The board is increasingly optimistic about the company's potential for growth," said Stuart Green, Zoo's chief executive.
Zoo shares were down 17% to 10.00 pence early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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