TV and multimedia content producer Zinc Media said on Monday that second-half group adjusted underlying earnings were expected to be in the region of £500,000, ahead of internal expectations.
Zinc Media stated that while there had been “some minor delays to domestic and international commissions” in the last eight weeks, due to the emergence of the Covid-19 Omicron variant, it still anticipates delivering adjusted EBITDA and to be cash generative in the second half of the year.
The AIM-listed company added that delayed productions were expected to be “back on track” by the end of the first quarter.
Zinc also said it had already booked £9.0m of revenue to be delivered in 2022, flat year-on-year, with an additional £6.0m of commissions in “highly advanced discussions”, with a significant proportion anticipated to begin production in the second quarter.
Chief executive Mark Browning said: “This is a significant achievement for the group, as it validates the effectiveness of our transformation plan and our potential to deliver healthy profits and cash as revenues recover to pre-pandemic levels.
“Our pipeline of highly advanced business is encouraging, including our client funded development for a major global SVoD which positions the company well for the future.”
As of 1050 GMT, Zinc Media shares were up 0.61% at 82.50p.
