Business
Half-year Report
Half-year Report.
About this update from Zinc Media Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5372G\n Zinc Media Group PLC\n 18 March 2020\n \n \n \n \n 18 March 2020\n \n \n \n \n \n Zinc Media Group plc \n \n \n (\"Zinc Media\" or the \"Company\")\n \n \n \n \n \n UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 \n \n \n \n \n \n Zinc Media Group plc, the TV and multimedia content producer, today announces its unaudited interim results for the six months to 31 December 2019.\n \n \n Headlines\n \n \n Management have achieved the first key milestones on the road to transforming the business, namely completing a £3.5m fundraise, restructuring the balance sheet and securing a new fit-for purpose London HQ post period end. Additionally g\n ood progress is being made on\n the\n four strategic priorities\n of the transformation plan:\n \n \n \n \n \n \n Strategic priority\n \n \n \n \n Progress\n \n \n \n \n \n \n \n 1. \n \n \n Improvements in London and Manchester gross TV Margins\n \n \n \n \n \n Production margins improving faster and are now higher than previously expected at this stage of the transformation\n \n \n \n \n \n \n \n 2. \n \n \n Revenue growth and diversification\n \n \n \n \n \n Revenue growth of 44% compared to the same period last year and new TV clients secured in both the UK and US\n \n \n \n \n \n \n \n 3. \n \n \n Cultural and creative renewal\n \n \n \n \n \n Increasing exploitation of Nations and Regions TV profile with new business being developed collaboratively across the portfolio of TV labels\n \n \n \n \n \n \n \n 4. \n \n \n Investment in operational excellence\n \n \n \n \n \n \n \n \n Investments underway in post-production facilities, new London HQ secured at a lower cost than current premises, expanded Glasgow premises and Group functions including finance and HR\n \n \n \n \n \n \n \n \n \n Financial Headlines\n \n \n · \n Revenue growth of 44% to £14.15m (H1 19: £9.86m)\n \n \n · \n London & Manchester TV margins are improving better than anticipated and the impact will be seen in future periods\n \n \n · \n Made outside London (MoL) TV revenues growing, driven by Tern Television\n \n \n · \n Profitable at adjusted EBITDA* level, at £0.02m (H1 19: £0.01m), albeit improvements in profitability offset by investments in the period and ongoing turnaround of Zinc Communica...