By Anthony O. Goriainoff
Zinc Media Group said Wednesday that first-half pretax loss narrowed as organic revenue rose 12%, and that revenue for the year is expected to surpass 2022 as it expects further revenue to be won and recognized in 2023.
The U.K. television and audio production company said Wednesday that pretax loss was 1.6 million pounds ($1.9 million) compared with a pretax loss of GBP1.8 million the year before. The company said this was mainly driven by costs related to the acquisition of film-content business The Edge.
Revenue rose to GBP18.1 million from GBP10.8 million the year before. The company said TV revenue rose 20% to GBP11 million, with content-production revenue rising to GBP7.1 million from GBP1.6 million.
The company said it expects profitability to improve in the second half as television production is typically weighed toward the summer and autumn months.
Zinc Media said it had a strong pipeline of potential new business for 2024 and that it has GBP11 million of revenue already won and expected to be recognized in 2024.
“The investments made in the transformation plan are delivering, every business in the group is growing and we are confident of meeting market expectations for the year,” the company said.
Write to Anthony O. Goriainoff at [email protected]
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