Zinc Media flags strong outlook for 2024

27th Nov 2023 16:04

(Sharecast News) - Television and content production specialist Zinc Media described a strong 2023 performance in a trading update on Monday and a promising outlook for 2024.

The AIM-traded company said its success in new business conversion positioned it in line with market expectations for the current year.

In 2023, Zinc Media secured total revenue of £38m, representing an increase of £3m since its last trading update in September and ahead of £30m in 2022.

Moreover, the group expected its adjusted EBITDA for the full year to align with market expectations.

Looking ahead, Zinc Media said it had a record order book for 2024, securing £14m in revenue for the upcoming financial year, demonstrating a significant £6m increase compared to the same point a year ago.

One of the notable achievements contributing to Zinc's success was the recent commission for its largest-ever US television series project.

The project, tentatively titled 'Top Gun: The Next Generation', was valued at $9m in revenue for the group.

It said filming was scheduled for 2024 and 2024, with the project being produced for Disney's National Geographic Channel.

"We are delighted to announce that the group is in excellent shape and outperforming the market despite macro headwinds impacting commissioning budgets," said chief executive officer Mark Browning.

"Securing flagship projects such as Top Gun: The Next Generation is a testament to the quality of our offering, whilst all divisions in the business continue to perform well.

"We have already secured our highest level of forward bookings for the next financial year, putting us on track for another strong year in the 2024 financial year and allowing us to view the future with confidence."

At 1538 GMT, shares in Zinc Media Group were down 2.7% at 90p.

Reporting by Josh White for Sharecast.com.