Sheffield’s Zoo Digital has posted record profits, almost doubling revenues in its half-year interim results.
The Sheffield company, which provides cloud-based subtitling, dubbing and localisation services to the global TV and film industries, saw revenues soar by 91 per cent to $51.4 million over the half year. Localisation revenues grew 150 per cent to $32.3 million, which the company attributed to the high volume of new titles processed, with subtitling income doubling and dubbing increasing by four times. Media services revenues also grew by 39 per cent to $18.2 million.
Zoo’s EBITDA rose to $7.3 million in the six months, up from $2.4 million in the same period in 2021.
In a statement to the LSE, Zoo attributed much of its success to the high volume of work preparing new titles for release on streaming platforms and said it had a strong order book for the second half.
Chief executive Stuart Green said: “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 are well positioned for long-term sustainable growth and as a result are confident of continued progress for the remainder of FY23 and beyond.”
