Highlights since the last market update

Revenue

booked

Revenue

diversification

Cash

Margins

Pipeline

  • Pre-bookedrevenues for 2021 increased to £12.2m (up from £9.3m reported in January)
  • H2 2020 revenues increased by 33% to £9.7m, and adjusted losses reduced by 40% to £0.5m compared to H1 2020
  • Revenue diversification continuing well with launch of new label Supercollider with new commission from first new client in live action production
  • Cash position remains good, standing at £6.6m at 13th April 2021
  • Net cash increased to £3.2m at 13th April 2021 (30th June 2019: Net debt of £0.5m)
  • Further improvement: currently tracking at 6% higher than FY19. The equivalent of £0.8m improvement in profitability based on pre-Covid revenues
  • Strong pipeline of £39m for 2021 and£21m for 2022

Results for 18 months to December 2020

Market: Covid negatively impacted whole

TV production sector in 2020

Rescue deal for TV

Freemantle profits slide 40%

group Tinopolis

Broadcast: 12th March 2021

The Times 13th April 2021

Sky profits tumble by £850m, EDITDA

STV profits

dropped 80% in final three months of 2020,

down 19%

but retained subscribers Broadcast: 28th January 2021

Broadcast: 16th March 2021

ITN's profits plummet 54%

Deadline April 23rd 2021

Netflix underperforms in Qu3 2020

TBI 21st October 2021

ITV Studios profits slumped 43% in 2020

C21 Media: 9th March 2021

Entertainment One to cut film and TV staff

Deadline: 9th February 2021

Summary of results ending December 2020

  • H2 2020 revenues increased by
    33% to £9.7m
  • Gross margins up 4.6% to 30.1%
  • £0.8m adjusted EBITDA loss driven by Covid
  • £0.7m savings from mitigations in the period and closure of loss- making businesses losing £0.5m
  • Significant balance sheet restructure completed provides stability, including net cash position

£m

18 months to

12 months to

December 2020

June 2019

Income Statement

Continuing operations

Revenue

30.6

23.2

Gross profit

9.2

5.9

Gross margin

30.1%

25.5%

Adjusted EBITDA

(0.8)

0.2

Balance Sheet

Cash

6.8

3.2

Long-term debt

(3.4)

(3.7)

Net cash/(debt)

3.4

(0.5)

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Zinc Media Group plc published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 09:01:02 UTC.