Zoo Digital expects to beat FY forecasts

12th Apr 2010 07:26

Shares in video games maker Zoo Digital soared 16% after it said it expects to report full year turnover and EBITDA significantly ahead of market expectations and the previous year.The "Who Wants to be a Millionaire" video games maker said turnover for the 12 months ended 31 March 2010 is expected to be around $15m and EBITDA, excluding exchange losses, approximately $1.6m.The company expects to make an exceptional provision for the impairment of intangible assets of around $0.8m. Zoo Digital also expects to report a year-end cash position of $1.2m, significantly stronger than market expectations. Commenting on the group's performance CEO Stuart Green said, "Our ability to deliver outstanding quality software to reduce our clients' costs and time to market is more compelling than it has ever been."The group also announced that chairman Christopher Honeyborne has decided to step down after four years at the helm. Roger Jeynes will replace Honeyborne on 28 April 2010. Honeyborne commented, "I leave confident that the company is well placed for continued, profitable expansion in the future."