Zinc Media Group, a leading television and audio production company in the UK, has announced that its first-half pretax loss has narrowed as organic revenue increased by 12%. The company also predicts that its revenue for the year will surpass that of 2022, with further revenue expected to be won and recognized in 2023.
In comparison to the previous year, Zinc Media Group's pretax loss came in at £1.6 million ($1.9 million), compared to a loss of £1.8 million. The acquisition of film-content business The Edge was a major contributing factor to this improvement.
Revenue for the company rose significantly from £10.8 million to £18.1 million. Within this, TV revenue increased by 20% to £11 million, while content-production revenue climbed from £1.6 million to £7.1 million.
The second half of the year is expected to bring even more promising results for Zinc Media Group. As television production tends to be weighted towards the summer and autumn months, improved profitability is anticipated during this period.
Looking ahead, the company has a strong pipeline of potential new business for 2024, with already secured revenue of £11 million scheduled to be recognized in that year.
Zinc Media Group expressed confidence in meeting market expectations for the year, stating, "The investments made in the transformation plan are delivering, every business in the group is growing and we are confident of meeting market expectations for the year."