ZOO Digital Group plc, a world-leading provider of cloud-based localisation and digital distribution services to the global entertainment industry, today provides a further update with regards to its trading for the financial year ended 31 March 2020.
The Group reiterates guidance given in its update of 23 March 2020 with revenue expected to be approximately $30m and EBITDA of not less than $2.2m. Cash collection has been much stronger than forecast and cash at the year-end was $0.7m.
Trading in the first weeks of the 2021 financial year has been encouraging and we have built a pipeline of new business. Following the temporary softening of sales experienced as customers implemented business continuity plans and halted production on new originals titles, as outlined on 23 March 2020, the Group has since experienced a reassuring resumption in demand.
This resumption is underpinned by the continued industry requirement for localisation and digital packaging, particularly in relation to back catalogues. The majority of the localisation orders to date have been for subtitling, but we are seeing increasing demand for ZOOdubs, the cloud-based platform that enables traditional dubbing services including voiceover, lip-sync and audio description. Through the use of ZOOdubs dubbing projects can continue during periods of lockdown. As a result, a number of initial trial projects from a range of clients, both existing and new, are underway.
Stuart Green, Chief Executive, of ZOO Digital said:
“Our proprietary cloud-based solutions have been designed from the outset to enhance the efficiency of collaboration as the film and TV entertainment industry has become increasingly globalised. The current environment has encouraged industry change and the investments made in prior periods to scale our business mean we are well placed to meet our customers’ needs.”
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