RNS Number : 7912Z

Zoo Digital Group PLC

23 September 2020


("ZOO", the "Group" or the "Company")

AGM Statement

ZOO Digital Group plc (AIM: ZOO), the provider of cloud-based localisation and digital distribution services for the global entertainment industry, will hold its Annual General Meeting (AGM) at 4.00pm today. At the meeting, Gillian Wilmot, Chairman, will make the following statement:

"I am excited to provide a positive update as we approach the end of the first half of our financial year. With its unique technology and service proposition, ZOO has been able to adapt seamlessly to the current needs of our customers through the Company's end-to-end vendor model. We expect to deliver double-digit revenue growth in the six-month period to 30 September 2020 compared to the same period last year. This is against an industry backdrop in which the suspension of new productions is approaching six months, resulting in a significant reduction in work for all businesses associated with TV and film production, post-production and media localisation. We see this performance as a strong endorsement of our business model.

"As we noted in the outlook statement of the Annual Report, our ability to offer remote dubbing through our cloud-based solutions has won new clients and has renewed and deepened commercial ties with existing customers. This will result in significant H1 growth year-on-year in our dubbing sales, despite the impact of COVID-19 on the production of new titles. It is safe to say that the pandemic continues to have a negative effect on our customers and their traditional suppliers. It has also affected the rate of growth that we anticipated in the period for both our subtitling and dubbing revenues and we expect the uncertainty to continue into the calendar year 2021. However, this has not affected our ability to attract new customers for these services which we expect will deliver substantial revenue growth to ZOO in the long-term.

"We also noted that our leading proposition in digital packaging has enabled streaming services to add rapidly back-catalogue programming to their platforms. Digital packaging has also been a major growth area for us during the period as streaming service providers prioritise back-catalogue projects, given the significant obstacles in new content production.

"This trend has continued and, looking forward, the demand for our digital packaging solutions continues to grow rapidly, with orders for delivery in Q3 significantly ahead of any other quarter in our history. With our market-leading end-to-end solution we continue to be a major beneficiary of this shift in industry prioritisation.

"I would like to thank all ZOO colleagues who have responded magnificently to the dual challenges of changing their working environment and embracing a substantial increase in workload which has strengthened our position in the market and leaves us well placed for long term growth. I would also like to thank investors for their continued support in this turbulent climate."

Presentation slides that will accompany an investor update following the AGM will be available on the Company's website later today.

The Company intends to announce its interim financial results for the six months to 30 September 2020 in early November 2020.

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further enquiries please contact:

                                              +44 (0) 114 241 
   ZOO Digital Group plc                        3700 
   Stuart Green - Chief Executive Officer 
   Phillip Blundell - Chief Finance Officer 
   Stifel Nicolaus Europe Limited              +44 (0) 20 7710 
    Fred Walsh / Luisa Orsini Baroni            7600 
   Alma PR 
    Josh Royston / Helena Bogle                +44 (0) 7780 901979 

About ZOO Digital Group plc:

ZOO Digital is a provider of services allowing TV and movie content to be subtitled and dubbed in any language and prepared for sale with all major online retailers. ZOO's clients are some of the best-known brands in the world including major Hollywood studios, global broadcasters and independent distributors.

ZOO's point of difference in the marketplace is its development and use of innovative cloud technology. This ensures that content is localised in any language and delivered to all the major online platforms such as Amazon, iTunes, Google and Hulu with reduced time to market, higher quality and lower costs. ZOO's agile, cloud-based business model enables clients to respond to market trends, scale easily with business growth and capitalise on new routes to market in the fast moving and evolving digital industry.

ZOO operates from the entertainment hubs of Los Angeles and London with a development and production centre in Sheffield. Its full-service proposition includes digital distribution, subtitling & captioning, metadata creation & localisation, dubbing, artwork localisation, workflow and asset management.


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(END) Dow Jones Newswires

September 23, 2020 02:04 ET (06:04 GMT)

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