LONDON (Alliance News) - Television and multimedia content producer Zinc Media Group PLC said Thursday its interim loss widened on impairments associated with an acquisition, despite revenue rising.
For the six months ended June, pretax loss widened to GBP1.8 million from GBP325,000 the year prior. This was despite revenue rising 9.6% to GBP21.7 million from GBP19.8 million the year before.
Profit performance was hurt by GBP1.3 million in exceptional costs during the period, compared to a GBP41,000 gain the year prior. This was primarily due to a GBP1.2 million impairments of the carrying value of its Reef Television goodwill.
Zinc - then trading as Ten Alps - acquired Reef Television in July 2015 for GBP5 million.
"We have maintained profitability at an adjusted EBITDA level for a second year running following the restructure of the group," Zinc Chief Executive Officer David Galan said. "This was against the backdrop of a particularly challenging domestic TV market in the UK.
"Our strategy of refocussing our TV business on a more diversified client base, higher value commissions and international markets is starting to bring in results," Galan added. "Our order book for the current financial year is significantly higher than in previous years, which gives a firm basis for profitability to increase in the current financial year."
Shares in Zinc were 4.8% lower at 0.50 pence on Thursday.
Zinc Media (ZIN)