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.