Zinc Media Group plc (AIM: ZIN), the award-winning television and content production group, is pleased to announce that following continued new business conversion the Group is trading in line with market expectations* for FY23 and has a record order book due to be delivered in FY24.
| · | Total revenue won and expected to be recognised in FY23 is £38m. This is an increase of £3m since the last trading update in September 2023. With £38m of revenue already won and expected to be recognised this year, revenue for the whole year will significantly exceed the £30m of revenue generated in FY22. |
| · | The Group is confidently positioned to deliver a record year of revenue and expects adjusted EBITDA for the full year to be in line with expectations. |
| · | The Group has already secured £14m of revenue for FY24, which is £6m more than at the same point last year looking ahead to FY23. |
Significant recent commissions include the Group’s largest ever USA television series with the working title Top Gun: The Next Generation, worth approximately $9m of revenue to the Group. The series follows the world-class U.S. Navy pilots as they work to join the next generation of the Navy’s most elite strike fighter force. Filming will take place in FY24 and FY25 and it is being produced for National Geographic Channel, a joint venture between The Walt Disney Company and the National Geographic Society, and includes direct to consumer platforms Disney+ and Hulu.
Mark Browning, Chief Executive Officer, Zinc Media Group, says:
“We are delighted to announce that the Group is in excellent shape and outperforming the market despite macro headwinds impacting commissioning budgets. 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 FY24 and allowing us to view the future with confidence.”
* market expectations for 2023 revenue is £35.7m and adjusted EBITDA is £1.0m
