Yorkshire firm Zoo Digital has seen half-year revenues top $50m as it expands around the world.
The Sheffield business, a specialist in cloud-based localisation and digital media services for the global entertainment industry, saw revenues from media localisation increase by 50% as it worked on a number of global film and TV shows. Elsewhere, revenue from media services were up 39% due to high volume of work preparing new titles for release on streaming platforms.
Zoo - which is expanding with a presence in India, South Korea, Turkey, Middle East and Scandinavia - recorded its first even first-half profit of $3.5m and ended the period with a balance sheet of $10.8m.
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The company said it had a strong order book across all of its service lines and was targeting further expansion of its international operations to deliver revenue growth. Zoo said that its expected full-year results to be in line with market expectations and was confident of delivering continued revenue growth.
Stuart Green, CEO of Zoo Digital, said: “In H1 FY23, ZOO has continued its rapid progress following a strong year in FY22. A near doubling of revenue, record profits and good cash conversion in H1 FY23 have combined to deliver a very successful period and the Board has continued to invest in capacity which should support future profitable growth.
“The fundamental drivers behind our growth remain as strong as ever as streaming continues to globalise and multi language content is required for both new productions, which are now back in full swing, and the migration of back catalogues. We have developed our offer to capture demand by investing in the expanding markets of India, South Korea, Turkey, UAE and Denmark, with others still to come.
“We see continuing evolution of the marketplace with demand across each of our service lines remaining buoyant. We are well positioned for long-term sustainable growth and as a result are confident of continued progress for the remainder of FY23 and beyond.”
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