On 10 August, we released audited financial results for the year ended 31 March 2023 (FY23). We delivered a fourth successive year of double-digit revenue growth and record pre-tax profitability whilst generating strong cashflows and strategically expanding operations in high-growth regions.
- Revenue grew by 28% to $90.3m (FY22: $70.4m) with 3% of sales from newly acquired operations. Media localisation segment sales grew by 34% to $56.6m – subtitling increased by 15% and dubbing by 73%. Media services grew by 22% to $32.1m.
- Adj. EBITDA grew to $15.5m whilst turning over record PBT of $7.9m; strong cash conversion with net cash generated from operations up 197% to $15.5m with year-end cash of $11.8m (FY22: $6.0m).
- Operating profit has quadrupled to $8.1m and margins increased to 17.1% demonstrating the successful delivery on our promise to leverage our overheads as we scale the business.
Stuart Green, CEO of ZOO Digital, commented:
“ZOO delivered a fourth successive year of double-digit revenue growth and margin improvement in FY23 and we expanded our footprint in strategically important, high-growth regions. We generated strong cashflows and delivered record pre-tax profitability, demonstrating the benefits of the operational leverage in the business.
“The market has evolved rapidly over recent years as global audiences transition from traditional linear programming to streaming platforms. In this context, we view our customers’ strategic reviews and the Hollywood strikes as evidence that the industry is now recognising the structural nature of changes in how modern audiences watch film and television. Localisation is one of the most cost-effective ways to bring new content to global audiences, while also providing access to new markets and millions of additional subscribers. This is why we are investing ahead of the curve to expand our footprint in key international territories, most notably APAC which is a high-priority region for all global streaming services.
“While the current disruption is frustrating, the Board remains confident that ZOO is fundamentally well positioned to continue our growth once the hiatus concludes. Over the medium and long-term, we expect to emerge stronger and take further market share as customers reduce their pool of vendors to those few with global end-to-end capabilities.”
Final results for the year ended 31 March 2023
FY23 Results Presentation
