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Zinc Media Group PLC on Wednesday reported its highest annual revenue in ten years, and it expects 2023 to meet market expectations. Shares were up 5.1% at 89.89 pence each on Wednesday morning in London. Zinc Media is a Edinburgh-based television and multimedia content producer, serving broadcasters as well as brands and businesses. It reported revenue of £30.1 million for 2022, up 72% from £17.5 million in 2021. Organic revenue growth amounted to £6.8 million, up 39% year-on-year. This reflected the investment in new businesses and contracts, Zinc said. Zinc Media said about 80% of revenue was delivered from existing customers, up from 69% a year earlier. However, pretax loss widened to £3.3 million from £2.6 million. This is largely due to costs related to its Edge acquisition and amortisation related to previous acquisitions, Zinc explained. Operating expenses grew to £13.1 million from £9.1 million the year before. In August, Zinc Media bought Edge Picture Co Ltd, a UK-based brand and corporate film production company, for an initial £1.2 million. Chief Executive Officer Mark Browning said: ‘We are delighted to report a strong set of results for FY22: exceeding market expectations and revenue at a 10-year high. This is a great achievement and has been testament to the breadth and depth of our creative output. Performance in [2023] is very encouraging, and there is a feeling of momentum and optimism around the group.’ Adjusted earnings before interest, tax, depreciation and amortisation amounted to £75,000, compared to a loss of £612,000 in 2021. Looking ahead, Zinc Media said it is trading strongly with £26 million of revenue already booked, which is expected to be realised in the current year, adding that it is confident in delivering market expectations for 2023. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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