StockMarketWire.com - Zinc Media, the TV and multimedia content producer, increased its adjusted EBITDA by over 300% to £0.24m in the six months to 31 December 2017.

Group revenues rose to £9.76m from £9.19m the year before.

Profit after tax from continuing operations was £0.10m, compared with a loss of £0.43m the year before.

The current year TV order book stands at £14.4m. Zinc Media said the UK TV market is challenging, due to budget constraints from the UK public service broadcasters, a tough domestic TV advertising market, pressure to move TV production from London to the regions and nations and stiff competition for viewers from the international broadcasters and new streaming platforms such as Netflix and Amazon.

It said its strategy is designed to take advantage of these opportunities and reduce business risks into the future.

"We are now a larger and more diversified TV business, have a strong presence in the regions and nations and produce TV content for an increased number of broadcasters both domestically and abroad," it added. Zinc Media said the first half of the year had its challenges and trading was mixed across the different TV units.

While there were areas of strong outperformance, performance in certain units was disappointing, in particular in Reef Television.

"However, despite this backdrop we still delivered an adjusted EBITDA increase. We remain confident however that we understand the reasons for the areas of underperformance and have reacted or are reacting with appropriate strategies to rectify this. Therefore, we are confident that we can deliver higher profits for the full year," it stated.




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