Business
Final Results for the Year Ended 31 March 2024
Final Results for the Year Ended 31 March 2024.
About this update from Zoo Digital Group Plc
[{"type":"text","content":"\n\n20 August 2024\nZOO Digital Group plc\n(\"ZOO\", the \"Group\" or the \"Company\")\n Final Results for the Year Ended 31 March 2024\n ZOO recovery gathers pace following year of industry-wide disruption\nZOO Digital Group plc (AIM: ZOO), the leading provider of end-to-end (\"E2E\") cloud-based localisation and media services to the global entertainment industry, today announces its audited financial results for the year ended 31 March 2024.\n \nSUMMARY\nFY24 was an extremely challenging year for the film and television entertainment industry and all those businesses that operate in this wider ecosystem. ZOO was on a strong growth trajectory before the industry disruption, reaching over $90 million in sales in FY23. The significant decline in revenues and profits reported for FY24 is a direct result of the industry-wide hiatus in new productions.\nRecent market research* and insights provided by ZOO's customers are consistent and point to a gradual and extended period of recovery through to late 2025, at which point a return to former levels of industry output is expected. The structural dynamics continue to move in ZOO's favour such that the Company remains well positioned for recovery, able to respond quickly to increased customer demand, leading to long-term growth.\n \nHIGHLIGHTS\nKey Financials\n· Revenue decreased by 55% to $40.6 million (FY23: $90.3 million) due to the industry-wide disruption of 2023 and the hiatus in media production and orders that followed.\n· Operating loss of $19.1 million (FY23: profit of $8.1 million).\n· Reported loss before tax of $20.5 million (FY23: profit of $7.9 million).\n· Net cash at year-end of $5.3 million (FY23: $11.8 million), being significantly higher than previous market expectations and which, together with the Company's debt facilities, providing sufficient working capital for FY25.\nOperational Highlights\n· ZOO selected by major film and TV distributor as a primary vendor for dubbing and subtitling in FY24; orders now being received, and meaningful contribution expected from FY25.\n· Media localisation revenues decreased by 52% in the year to $27.2 million (FY23: $56.6...