Zinc Media delivers 'record year' in both revenue and profitability

Zinc Media, which also noted it had started FY24 with its highest level of forward bookings ever, said full-year revenues had grown more than 30% to £40.0m in 2023, driven by 20% organic growth in television revenues and the impact of The Edge, which was acquired in August 2022.

The AIM-listed firm also noted that adjusted underlying earnings were projected to be roughly £1.0m, up from £100,000 a year earlier and the highest level seen in over a decade.

As far as the new year was concerned, Zinc Media has secured £17.0m in revenues for the year, £2.0m more than at the same time last year and a further £3.0m since its November trading update. £5.0m of revenue was said to be in "highly advanced stages of discussion" for recognition in FY24.

Zinc also highlighted that it has a "robust balance sheet", with cash of £4.9m as at 31 December, a £1.3m increase in cash driven by "a positive trading performance" and working capital inflows.

As of 1500 GMT, Zinc shares were up 8.43% at 86.20p.

Reporting by Iain Gilbert at Sharecast.com