Zinc Media (ZIN), a television, brand and audio production group, has announced a very strong performance since their last update on November 21, 2022, sending its shares 10% higher.
Revenue and adjusted EBITDA for FY22 are expected to be ahead of current market expectations, with Zinc media profitable at an EBITDA level during the second half of the year. The exceptional Q4 performance was boosted by The Edge, which produces films and film-based learning content for brands, governments, and institutions globally. Zinc Media also saw a stream of new commissions and operational highlights since the end of November last year, including the Group’s Tern TV starting the year in production with ten returning series.
The company also said that £15m of current year revenue was already booked, along with £12m of highly advanced revenue on the pipeline for delivery, up 50% from the previous year. Zinc also reported a robust balance sheet with cash of £3.8m as at 2 February 2023.
Mark Browning, Chief Executive Officer, commented, "This is the strongest start to a financial year during my time at Zinc and comes off the back of our expected over performance against market expectations for FY22. The Group has an excellent pipeline and a high amount of revenue at contracting or highly advanced stage for FY23. The Edge is performing ahead of initial expectations, and we have launched another new TV label which will further diversify our product and client base in FY23 and FY24. Our latest series from Brook Lapping, Putin vs The West, is a timely reminder that Zinc Media Group produces some of the world's most watched and most talked about television."
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The company has seen a regular cadence of successes over the previous year, most notably the acquisition of Edge Picture Co. in August, facilitated by a £5m fundraise. And in March of last year, Zinc Media Group's Tern TV (part of Zinc Television) secured a commission from the BBC worth £2.75m, the highest commission for Tern TV to date.
In more recent news, Zinc Media launched its label Atomic Television in January of this year, with the aim to target premium specialist factual content within the genres of history, science, adventure and documentary. The Group predicts that this launch will establish a Bristol base for the company, further expanding Zinc’s Nations and Regions footprint.
With ‘The Edge’ performing ahead of initial expectations, several high-value new commissions secured and an outstanding pipeline of opportunities ahead, the company is poised for continued success. The audited results for FY22 are expected to be reported by the end of April.
Follow Zinc Media on Vox to see the company’s latest updates .