Sheffield subtitling software company Zoo Digital has described its financial performance in 2019 as “frustrating” but insisted that revenue for the year should still be in line with market expectations.
In a trading update for the year ended 31 March 2019, the firm, which provides subtitles for Hollywood film studios, said revenue for the year is expected to be $29.0m, up from $28.5m last year.
Stuart Green, chief executive of Zoo Digital, said: “The financial outturn for 2019 is frustrating, having been impacted by market shifts and client disruption, but we are pleased that the business has grown and been cash generative.
“We have been able to meet our investment and operational objectives which leave us well placed in markets globally where the requirement for premium media localisation clearly continues to increase.”
The firm said it was well positioned to the boom in demand for TV and movie content through streaming services.
“We believe demand for our cloud-based services is building, client adoption is accelerating and our recently launched ZOOstudio platform has been well received in the market. We are confident for the future,” Green added.
The company’s share price has fallen 51% over the last three months, but is up 595% over the last five years.
