Successful fundraising of £7.4 million to seize unique opportunity
Current market conditions presented a unique opportunity to seize market share. In anticipation of greater demand for our services, we raised £7.4 million at the end of March through an oversubscribed placing.
The net proceeds are being used to accelerate our commercial position and scale the business by:
- Growing the R&D team including establishing a longer range research function
- Establishing regional hubs for media services (India, South East Asia)
- Expanding international business development
- Expanding the service delivery teams
- Increasing capital expenditure
- Providing general working capital
April trading update highlights strong second half and positive start to first quarter of FY22
Our strong second half performance has been driven by the accelerated evolution of the entertainment sector, ongoing initiatives to repurpose large back catalogues of content for distribution and streaming services seeking to grow their customer bases internationally:
“Revenues for the full year are now expected to be $39.5 million (FY20: $29.8 million), an acceleration of growth over the prior year of 33% and ahead of previous management guidance of at least $38 million. EBITDA (adjusted for share-based payments) is expected to more than double from the prior year to approximately $4.5 million (FY20: $2.1 million) …”
ZOO has a significant pipeline of customer projects committed for Q1 and the continued momentum gives us confidence that further progress will be delivered in FY22.
Continued commitment to R&D and expansion of ZOO’s service offering
To support the rapidly changing requirements of our industry now and beyond the COVID-19 pandemic, we launched our remote Automated Dialogue Replacement (ADR) service in March.
More information about the ADR service and the latest news from ZOO continues below.
