ZOO Digital Group Reports Swing to Profit in Fiscal 2023


ZOO Digital Group, a leading provider of dubbing, subtitling, and other localization services to the media industry in the UK, has announced its financial results for fiscal year 2023. The company reported a swing to a pretax profit of $7.9 million, compared to a loss of $211,000 in the previous fiscal year. This significant improvement in profitability can be attributed to the company’s increased revenue, which rose to $90.3 million from $70.4 million in fiscal 2022.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also experienced substantial growth, reaching $15.5 million compared to $7.1 million previously. This resulted in an increase in the EBITDA margin from 10.0% to 17.1%. These figures demonstrate the company’s strong financial performance and its ability to deliver value to its shareholders.

However, ZOO Digital has cautioned that its current performance is being impacted by short-term disruptions in the market. The ongoing strikes in Hollywood and strategic reviews being carried out by major streaming companies have temporarily affected service volumes. Despite this, Chief Executive Stuart Green remains optimistic about the company’s prospects once these challenges have been overcome.

“While the current disruption is frustrating, the board remains confident that ZOO is fundamentally well-positioned to continue our growth once the hiatus concludes,” Green stated.

Importantly, ZOO Digital reiterates that its guidance for fiscal year 2024 remains unchanged, indicating the company’s confidence in its future outlook. This stability has been positively reflected in the market, with shares at 0854 GMT trading up by 6.2% at 65.0 pence.

In conclusion, ZOO Digital Group’s fiscal year 2023 results showcase a remarkable turnaround in profitability. Despite facing short-term challenges, the company’s strong financial performance and resilient position in the market make it well-positioned for future growth.

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