- Subtitling and other media services provider Zoo Digital Group said it expected to post a modest rise in annual revenue, while rising investment spending would weigh on earnings.

Revenue for the year through March was seen rising to $29.0m, up from $28.5m on-year.

Investment spending, combined with a faster-than-expected decline in legacy media revenue, had lowered profitability, such that adjusted Ebitda in the second half would be around break-even, it added.

'The financial outturn for 2019 is frustrating, having been impacted by market shifts and client disruption, but we are pleased that the business has grown and been cash generative,' chief executive Stuart Green said.

'We have been able to meet our investment and operational objectives which leave us well placed in markets globally where the requirement for premium media localisation clearly continues to increase.'

'We believe demand for our cloud-based services is building, client adoption is accelerating and our recently launched ZOOstudio platform has been well received in the market. We are confident for the future.'

At 9:23am: [LON:ZOO] Zoo Digital Group PLC share price was -4.5p at 50.5p

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