REG - Zinc Media Group PLC - Interim Results for the Six Months ended 30 June
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RNS Number : 8631Y Zinc Media Group PLC 11 September 2025
11 September 2025
Zinc Media Group plc
("Zinc Media", the "Group" or the "Company")
Interim results for the six months ended 30 June 2025
Zinc Media Group plc (AIM: ZIN), the award-winning television and content
production group, is pleased to announce its unaudited interim results for the
six months to 30 June 2025 ("H1 2025").
Commenting on the results, Mark Browning, Chief Executive, said:
"The Group has delivered excellent results in the first half, growing revenues
by 72% compared to same period last year, delivering a £0.9m adjusted EBITDA
profit and a profit at the adjusted PBT level. We have expanded into new
genres and territories, delivered projects of unprecedented scale for our
business, and earned international recognition for our work. Looking ahead,
£38m of revenue is already secured for recognition in FY25 with a further
£4m at a highly advanced stage in our pipeline for this year.
Our H1 performance reflects the success and impact of the transformation plan
we initiated in 2020 and is being powered by some of our biggest ever contract
wins ever and most talked about TV programmes in the world. The strategic
progress made in the period also strengthens the deliverability of our
medium-term targets of £50m revenue and £5m EBITDA."
Financial Highlights
· Record H1 revenue of £22.9m (H1 2024(1): £13.3m) from
continuing operations.
· Highest Adjusted EBITDA(2) profit of £0.9m (H1 2024(1): loss of
£0.7m).
· H1 Adjusted Profit Before Tax(3) of £0.2m for first time in half
year, (H1 2024: loss of £1.3m).
· The statutory loss before tax from continuing operations
decreased by £1.3m to £0.6m (H1 2024: £1.9m).
· Raw Cut, which was acquired in Q4 2024, is operating in line with
acquisition expectations.
· Gross margin of 37% was down 5 percentage points (H1 2024: 42%).
This is due to the Group diversifying into new genres and winning new business
in quiz formats, events and entertainment which have the potential for
long-term growth and lucrative high-margin IP revenue streams in future years.
Gross margins are expected to return to over 40% in FY26
· Cash of £4.2m at 30 June 2025 (June 2024: £4.1m and Dec 2024:
£6.3m) remains robust and provides the Group with sufficient working capital.
· Net cash of £0.7m (June 2024: £0.6m).
· As at 5 September 2025, revenue won and expected to be booked in
FY25 is £38m, which is £7m higher than at the same point last year, with a
further £4m that could be recognised in FY25 in highly advanced discussions.
Operational and Strategic Highlights
· Raw Cut, which was acquired in Q4 2024, has integrated well and
is performing in-line with acquisition expectations.
· The Group is confident in its organic growth strategy, which is
focused on three growth pillars: Entertainment television production, Middle
East business expansion, and IP (intellectual property) and format-led
revenues. Significant progress was made in each area during the period.
o In Entertainment the Group filmed and delivered its first quiz show format
The Inner Circle for BBC One and secured funded development for a potential
prime time entertainment format. Newly launched business Electric Violet has
developed £11m of pipeline opportunities for FY26 onwards.
o The Middle East is the focus of significant business development activity
with opportunities worth £10m are currently in discussion in FY26.
Investments in people and facilities have also been made.
o In IP, investments have been made in the Group's rights database and a new
direct-to-consumer strategy which will be rolled out through H2. In addition,
the Group is targeting a further £1.5m of high-margin IP revenue by 2028.
The strong H1 performance, alongside a healthy pipeline and clear organic
growth strategy, puts Zinc in an excellent position to deliver 33% revenue
growth for FY25 and underpin confidence in mid-term targets of £50m revenue
and £5m EBITDA.
1. Prior period comparators are stated excluding discontinued
operations
2. Adjusted EBITDA is defined as EBITDA before Adjusting Items
comprising share-based payment charges, gains on disposal of fixed assets,
reorganisation and restructuring costs, acquisition costs and contingent
consideration
3. Adjusted PBT is defined as PBT before adjusting items and
acquisition-related costs (amortisation and interest on unwinding of
intangible assets related to acquisitions).
For further information, please contact:
Zinc Media Group plc +44 (0) 20 7878 2311
Mark Browning, CEO / Will Sawyer, CFO
www.zincmedia.com (http://www.zincmedia.com)
Singer Capital Markets (Nominated Adviser and Broker) +44 (0) 20 7496 3000
James Moat / Sam Butcher
MHP +44 (0) 7817 458804
Oliver Hughes / Eleni Menikou / Ollie Hoare
About Zinc Media Group
Zinc Media Group plc is a premium television and content creation group. The
award-winning and critically acclaimed television labels comprise Atomic,
Brook Lapping, Electric Violet, Raw Cut, Rex, Red Sauce, Supercollider, Tern
Television, Tomos TV, along with Bumblebee Post-Production, and produce
programmes across a wide range of factual genres for UK and international
broadcasters.
Zinc Media Group's commercial content creation unit includes The Edge, one of
the UK's largest brand film-making companies, renowned for its work in the
Middle East and Zinc Audio, specialising in podcasts and radio production.
For further information on Zinc Media, please visit www.zincmedia.com
CHAIRMAN'S STATEMENT
H1 has seen the Group has grown revenues substantially year on year and
deliver a profit at the adjusted PBT level. Zinc's profitability is
typically weighted towards the second half of the year due to the cycles of
business development and production, but in 2025 the business has increased
first-half adjusted EBITDA by £1.6m, delivering an adjusted EBITDA profit of
£0.9m and profit before tax for the period.
Zinc has also reached creative milestones, winning commissions in two new
genres: Entertainment and Events. Tern's quiz format The Inner Circle was
filmed for BBC One earlier this year. Elsewhere Zinc had another 'first'
when it delivered Supercharged 2025, an industry event for AI professionals
held in Abu Dhabi and hosted by G42.
Zinc's creative ambition and newly diversified slate are bringing new formats
and significant volumes of IP to the Group, creating long-term opportunities.
It also brings critical acclaim, and the Board was delighted to see Rob and
Rylan's Grand Tour, for BBC Two, win the BAFTA for best Factual Entertainment,
while Zinc was named Production Company of the Year Worldwide at the New York
Festivals TV & Film Awards for the third consecutive year.
The international nature of this award is emblematic of Zinc's growing global
presence. Zinc's clients include global businesses such as HSBC, Qatar
Airways, Saudi Aramco and Disney-owned National Geographic. Its content is
distributed to over 150 territories worldwide, and the company has recently
strengthened its international presence through further investments in the
Middle East. These opportunities will support further improvement in Zinc's
revenue diversity, building on the 48% of group revenues derived from outside
the UK in 2024. Further revenue diversification will come from Zinc's
strategic focus on generating and monetising IP.
The Board would like to thank the management team, employees and freelancers
for their professional and dedicated work, and our shareholders for their
continued support.
Christopher Satterthwaite
Chairman
CEO'S REPORT
CURRENT TRADING, STRATEGY AND MARKET OUTLOOK
Zinc delivered an excellent H1 performance, with record adjusted EBITDA
profits of £0.9m. Strong H1 revenue growth of 72% year-on-year was driven
by our television businesses, boosted by nine H1 projects, each with an order
value of over £1m+ and averaging £2.3m each. This move to fewer, but larger
scale contracts mirrors changes in the wider TV production market with
broadcasters commissioning, 'fewer, bigger, better' projects.
H1 saw the Group win new business from all three of our strategic priority
areas of Entertainment, IP led formats and the Middle East.
· Race Against The Tide is a new BBC reality entertainment format.
This multi-million pound commission was filmed in H1 and pits a series of
contestants against each other and the incoming tide, in a competition to
build the best beach sculptures.
· The Inner Circle is the new BBC ONE quiz show with Amanda
Holden. This was filmed in Glasgow in H1 and is expected to hit our screens
this autumn. Over 300 crew worked on the bespoke set for this production. The
commission was hard won after 2 years of development.
· Supercharged is the Group's first event production in the Middle
East and was worth £2.5m. It was tendered in March and delivered in June and
involved over 300 crew and over 1,000 attendees. Zinc is uniquely placed to
capitalise on these opportunities due to our production reputation in the
region and these can come into the Group at short notice.
All three of these commissions diversify our revenue base and move Zinc into
new three new strategic growth markets. We've invested heavily over the past
few years to win this business and while these first productions typically
come with lower margins than our established genres, they represent the right
short-term trade off in order to deliver long-term organics growth. As a
result, gross margins will be lower this year than last year's record 45% but
we are confident that these growth pillars can generate an additional £10m of
turnover in the years ahead and move the group towards £5m EBITDA.
Bigger and more diversified productions of the highest quality
The quality of our work has never been higher, and we were delighted for this
to be recognised by BAFTA for Rob and Rylan's Grand Tour and by the
International New York Film Festival, who crowned Zinc Production Company of
the Year for the third year running.
We also continue to enjoy the trust of our partners, who grant Zinc
unparalleled levels of access including to institutions such as the US Navy,
with whom we have worked for many years in the production of Top Guns: The
Next Generation. The programme premieres on National Geographic on 21(st)
September and will be streamed on Disney+ and Hulu.
Another creative highlight for the period was Brook Lapping's Israel and the
Palestinians: The Road to 7th October for BBC, which critics described as "the
latest powerhouse documentary from Norma Percy" and "vital viewing". We
secured a repeat order for Tiny Islands (for Channel 4), a sixth series of
Special Ops: Crime Squad (Dave), and a 26(th) series of hit Channel 5 show
Police Interceptors.
We look forward to seeing The Inner Circle and Top Guns: The Next Generation
as well as Martin Compston Living Las Vegas (Channel 4) and Rob and Rylan's
Passage to India (BBC Two) on screens in the coming weeks.
A list of Zinc television programmes which are available to watch is on the
Group's website: https://zincmedia.com/what-to-watch-on-tv/
(https://protect.checkpoint.com/v2/___https:/zincmedia.com/what-to-watch-on-tv/___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzo3Mzc0ZjM1ZGIzMzZmZDc3Y2FmYzJjMGNiNmJhYWZlMzo2OmE1NWQ6MTkzMDIyYTFiZmVkMzNlNGZjYjM4M2Y4YTBlNjM1OTU1MTJhNWExZGExYzk2MzhmODVlM2YzN2Y5ZWQ3Nzc0MDpwOlQ6Tg)
.
Significant strategic progress supports medium-term targets of £50m revenue
and £5m EBITDA
Zinc's strategy remains to focus on organic and acquisitive growth, anchored
on the three growth areas of Entertainment television production, Middle East
business expansion and IP (intellectual property) and format led revenues.
Building on the success of these verticals in H1 we have confidence in future
growth in Entertainment coming from the Group's new label Electric Violet
(launched H2 2024). This already has an extensive pipeline of opportunity
exceeding £11m and has secured funding to develop a new format for the BBC
with a future production value in the region of £2m.
The Middle East continues to represent an exciting source of opportunities for
the Group, both in our TV and Content Production divisions. In 2025 full-year
revenues of £8m are expected, and the Group recognised revenues of £4.4m in
H1. There are projects worth over £10m on the pipeline. We have invested
heavily in the region in recent years, building on the long-term presence
there of The Edge, and the Group is targeting to double revenues from £5m in
FY2024 to £10m by FY2028.
Our IP catalogue now exceeds 4,500 hours and continues to expand. Investments
in H1 have strengthened Zinc's IP database and funded a strategic assessment
of the Group's routes to market, the results of which will be announced in the
coming weeks. The Group is targeting an additional £1.5m of high-margin IP
revenue by 2028.
Momentum across all three growth areas, alongside strength in the core Group
businesses, provides confidence in Zinc's ability to meet its mid-term
targets.
Notable new business wins
Since July, the Group's new business activity has included a film commissioned
specifically for Channel 4's YouTube channel and funded R&D exploring
AI-powered production workflows for S4C. These projects reflect key industry
shifts in audience viewing habits, with YouTube now attracting for more
viewers than ITV, and rapid advances in production technology. We expect many
more similar projects to follow.
A fast-turnaround on The Day Diana Died was completed by Atomic and new Raw
Cut show Street Cops: Catching The Yobs performed well on its debut, both of
which are for Channel 5. Earlier in the year Brook Lapping's Live Aid at 40:
When Rock and Roll Took on the World, featuring interviews with Bob Geldof,
Bono, Sting, and African and western leaders of the time, was broadcast on BBC
Two, and entertained over 2 million viewers.
The Group has started production on a multi-million-pound cultural documentary
for a major multinational in Saudi Arabia, has been commissioned by Channel 5
to explore Major Crimes, and received the green light for further series of
the long-running Beechgrove Garden for the BBC for 2026.
Our H1 performance reflects the success and impact of our long-term growth
plan, and we are consistently growing the profitability of the group. We are
winning more large-scale contracts and commissions and investing organically
in our three new strategic growth pillars. This increases our confidence in
our medium-term targets of £50m revenue and £5m EBITDA.
Mark Browning
Chief Executive Officer
CFO'S REPORT
£m H1 2025 H1 2024(1) Movement
Income Statement
Continuing operations
Revenue 22.9 13.3 +9.6
Gross Profit 8.5 5.5 +3.0
Gross Margin 37.0% 41.7% (4.7%)
Adjusted EBITDA Profit/(Loss)(2) 0.9 (0.7) +1.6
Adjusted Profit/(Loss) Before Tax(3) 0.2 (1.3) +1.5
Statement of financial position
Cash 4.2 4.1 +0.1
Debt (3.5) (3.5) -
Net cash 0.7 0.6 +0.1
(1) Restated for discontinued items. The numbers reported are based on
continuing operations, which follows the restructuring of the Group in FY24.
All prior year comparisons have been adjusted to make comparisons on a like
for like basis. This may mean numbers vary to prior trading updates.
(2) Adjusted EBITDA is defined as EBITDA before Adjusting Items comprising
share-based payment charges, gains on disposal of fixed assets, reorganisation
and restructuring costs, acquisition costs and contingent consideration
(3) Adjusted PBT is defined as PBT before adjusting items and
acquisition-related costs (amortisation and interest on unwinding of
intangible assets related to acquisitions).
INCOME STATEMENT
Group revenues from continuing operations in the reporting period were up 72%
year-on-year at £22.9m (H1 2024: £13.3m). TV revenues increased 113% to
£17.6m (H1 2024: £8.3m), driven by the acquisition of Raw Cut in H2 2024 and
significant production activity in H1 on six multi-million pound commissions,
including The Inner Circle, Top Guns: The Next Generation, Live Aid at 40:
When Rock 'n' Roll Took on the World, Bargain Loving Brits and Supercharged.
Supercharged was the tenth seven-figure project won by the group in as many
months.
Content Production encompasses brand and corporate film production by The
Edge, and revenue from continuing operations increased by 6% to £5.3m (H1
2024: £5.0m) and is expected to increase significantly in H2, driven by the
delivery of a multi-million-pound cultural documentary for a major
multinational in Saudi Arabia.
Gross margins for the period were 37% (H1 2024: 42%). The year-on-year
reduction reflects a strategic decision to expand into new areas, which is
expected to compress margins in the short term but underpins the Group's
medium-term objective of delivering £50m in revenue and £5m in EBITDA by
FY28.
A comparable strategic initiative was implemented in FY22, when the Group
increased the volume of lower-margin television revenue to facilitate entry
into new television markets. As these programmes were recommissioned in FY23
and FY24, the Group was able to improve margins through production
efficiencies and economies of scale.
In FY25, a similar strategy is being pursued to support further market
expansion, including investment in entertainment programming and formats
through the newly launched Electric Violet label, a prime-time quiz show
currently in production, and large-scale event productions. Although these
initiatives have resulted in lower gross margins in FY25, margins are expected
to improve in future periods as high-margin IP revenues are generated from
international programme and format sales, and as primary production margins
increase on recommissioned content.
Operating costs have increased year-on-year by 25% to £8.8m (H1 2024:
£7.0m), driven by Raw Cut being part of the Group in H1 2025, an increase in
staff costs relating to the delivery of the additional 72% of revenue and
investment in growth pillars such as the new Entertainment label, Electric
Violet, that was launched in H2 2024.
In H1, the Group reorganised its television production labels into one
television business and implemented a restructure within The Edge with several
roles being absorbed into the Group's existing central platform. This has
delivered annualised savings of £0.3m in addition to those already announced,
which will be fully realised in FY26.
The statutory loss before tax from continuing operations decreased by £1.3m
to £0.6m (H1 2024: £1.9m) and the statutory loss after tax from continuing
operations decreased by £1.4m to £0.5m (H1 2024: £1.9m). The loss is
largely driven by £0.4m of acquisition related costs comprising the
amortisation of intangible assets that have been acquired and the unwinding of
contingent consideration, plus £0.4m of adjusting items that relate to the
staff restructuring within The Edge, the share based payment charge and
unrealised foreign exchange losses. Excluding acquisition-related costs and
adjusting items the adjusted Profit Before Tax has improved by £1.5m to a
£0.2m profit.
Earnings per share
Basic and diluted loss per share from continuing operations in the period was
2.16p (H1 2024: 8.80p).
Dividend
No dividend is proposed. The Board considers the Group's investment plans,
financial position and business performance in determining when to pay a
dividend.
STATEMENT OF FINANCIAL POSITION
Assets
Cash at the end of June 2025 was £4.2m (June 2024: £4.1m and December 2024:
£6.3m), having decreased by £2.1m during the period.
The Group used cash of £0.9m in its operations in the period (H1 2024: cash
used of £0.3m), mainly driven by an increase in working capital due to the
unwinding of advance payments from customers on large productions that started
in Q4 2024. Cash further reduced by £0.8m due to payments made in relation to
previous acquisitions, with £0.6m for completion and holdback amounts
relating to the acquisition of Raw Cut and £0.2m in relation to The Edge's
earn out.
As at 8 September the Group's cash position was £2.9m.
Equity and Liabilities
The £0.3m decrease in equity and liabilities is largely driven by the loss
for the period of £0.5m, partially offset by a decrease in liabilities of
£0.2m to £19.6m (31 December 2024: £19.8m).
The Group had an outstanding balance on long-term debt of £3.5m as at 30 June
2025 which has remained unchanged (30 June 2024: £3.5m). The Directors
believe the Group has strong shareholder support. The long-term debt holders
are also major shareholders who own 39% of the Group's shares, and the debt
has no financial covenants.
Will Sawyer
Chief Financial Officer
Zinc Media Group plc consolidated income statement
For the six months ended 30 June 2025
Restated*
Unaudited Unaudited Audited
Half Year to Half Year to Year to
30 June 30 June 31 December
2025 2024 2024
Note £'000 £'000 £'000
Revenue 3 22,895 13,279 32,308
Cost of sales (14,417) (7,736) (17,916)
Gross profit 8,478 5,543 14,392
Operating expenses (8,774) (7,026) (15,270)
Operating loss (296) (1,483) (878)
Analysed as:
Adjusted EBITDA 906 (656) 1,510
Depreciation (533) (492) (852)
Amortisation (245) (217) (446)
Adjusting Items 4 (424) (118) (1,090)
Operating loss (296) (1,483) (878)
Finance costs (303) (460) (528)
Finance income 9 15 26
Loss before tax (590) (1,928) (1,380)
Taxation (debit)/credit 60 - 834
Loss for the period from continuing operations (530) (1,928) (546)
Loss for the period from discontinued operations 5 - (673) (2,953)
Loss for the period (530) (2,601) (3,499)
Attributable to:
Equity holders (538) (2,607) (3,514)
Non-controlling interest 8 6 15
Retained loss for the period (530) (2,601) (3,499)
Earnings per share
From continuing operations:
Basic Loss per Share 6 (2.16)p (8.80)p (2.44)p
Diluted Loss per Share 6 (2.16)p (8.80)p (2.44)p
From discontinued operations:
Basic Loss per Share 6 - p (1.33)p (12.83)p
Diluted Loss per Share 6 - p (1.33)p (12.83)p
* The prior period figures have been restated to account for the discontinued
operations of Zinc Communicate.
Zinc Media Group plc consolidated statement of financial position
As at 30 June 2025
Unaudited Unaudited
Audited
30 June 30 June 31 December
2025 2024 2024
Note £'000 £'000 £'000
Assets
Non-current assets
Goodwill and intangible assets 7 8,862 7,009 9,106
Property, plant and equipment 8 531 856 600
Right-of-use assets 10 691 222 948
10,084 8,087 10,654
Current assets
Inventories 112 71 139
Trade and other receivables 9 8,477 9,485 6,212
Cash and cash equivalents 4,176 4,070 6,270
Deferred Tax 60 - -
12,825 13,626 12,621
Total assets 22,909 21,713 23,275
Equity and liabilities
Shareholders' equity
Called up share capital 13 31 28 30
Share premium account 10,544 9,546 10,544
Share based payment reserve 828 625 715
Merger reserve 1,380 1,163 1,163
Retained earnings (9,493) (8,115) (8,990)
Total equity attributable to equity holders of the parent 3,290 3,247 3,462
Non-controlling interests 26 27 18
Total Equity 3,316 3,274 3,480
Liabilities
Non-current
Borrowings 3,457 - -
Provisions 12 171 276 171
Lease liabilities 10 403 29 509
Trade and other payables 720 1,940 721
4,751 2,245 1,401
Current
Trade and other payables 11 14,483 12,515 14,316
Current tax liabilities 126 77 337
Lease liabilities 10 233 140 280
Borrowings - 3,462 3,461
14,842 16,194 18,394
Total liabilities 19,593 18,439 19,795
Total equity and liabilities 22,909 21,713 23,275
Zinc Media Group plc consolidated statement of cash flows
For the six months ended 30 June 2025
Unaudited Unaudited Audited
Half year to Half year to Year to
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Cash flows from operating activities
Loss for the period before tax from continuing operations (590) (1,928) (1,380)
Loss for the period before tax from discontinued operations - (673) (2,243)
(590) (2,601) (3,623)
Adjustments for:
Depreciation 533 502 888
Amortisation and impairment of intangibles 245 232 456
Finance costs 141 158 344
Finance income (39) (15) (26)
Share-based payment charge 113 78 168
Loss/(profit) on disposal of fixed assets 1 - 13
Loss on disposal of trade and assets - - 1,098
Fees paid in shares 35 - 32
Remeasurement of contingent consideration payable - - 117
Remeasurement of lease liabilities - - 24
439 (1,646) (509)
Decrease/(increase) in inventories 25 (8) (125)
(Increase)/decrease in trade and other receivables (2,265) 1,164 2,971
Increase/(decrease) in trade and other payables 944 145 (1,132)
Cash (used in) / generated from operations (857) (345) 1,205
Finance income 39 15 26
Finance cost (145) (159) (301)
Tax paid - - (145)
Net cash flows (used in) / generated from operating activities (963) (489) 785
Investing activities
Purchase of property, plant and equipment (207) (122) (186)
Purchase of intangible assets - (20) (20)
Acquisition of subsidiary net of cash acquired (587) - 1,147
Proceeds from disposal of trade and assets - - 100
Net cash flows used in investing activities (794) (142) 1,041
Financing activities
Principal elements of lease payments (155) (248) (523)
Dividends paid to NCI - - (18)
Contingent acquisition consideration paid (183) - -
Net cash flows generated used in financing activities (338) (248) (541)
Net increase/(decrease) in cash and cash equivalents (2,095) (879) 1,285
Translation differences 1 1 37
Cash and cash equivalents at beginning of period 6,270 4,948 4,948
Cash and cash equivalents at end of period 4,176 4,070 6,270
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2025
Share Share Share based payment Merger Retained Non-controlling Total
capital premium reserve reserve earnings Total equity attributable to equity holders of the parent interest equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 28 9,546 547 1,163 (5,508) 5,776 21 5,797
Loss and total comprehensive expense for the period - - - - (3,514) (3,514) 15 (3,499)
Equity-settled share-based payments - - 168 - - 168 - 168
Consideration paid in shares 2 998 - - - 1,000 - 1,000
Directors remuneration paid in shares - - - - 32 32 - 32
Dividends paid - - - - - - (18) (18)
Total transactions with owners of the Company 2 998 168 - (3,482) (2,314) (3) (2,317)
Balance at 31 December 2024 30 10,544 715 1,163 (8,990) 3,462 18 3,480
Balance at 1 January 2024 28 9,546 547 1,163 (5,508) 5,776 21 5,797
Loss and total comprehensive expense for the period - - - - (2,607) (2,607) 6 (2,601)
Equity-settled share-based payments - - 78 - - 78 - 78
Total transactions with owners of the Company - - 78 - (2,607) (2,529) 6 (2,523)
Balance at 30 June 2024 28 9,546 625 1,163 (8,115) 3,247 27 3,274
Balance at 1 January 2025 30 10,544 715 1,163 (8,990) 3,462 18 3,480
Loss and total comprehensive expense for the period - - - - (538) (538) 8 (530)
Equity-settled share-based payments - - 113 - - 113 - 113
Consideration paid in shares 0 - - 217 - 218 - 218
Directors remuneration paid in shares 0 - - - 35 35 - 35
Total transactions with owners of the Company 1 - 113 217 (503) (172) 8 (164)
Balance at 30 June 2025 31 10,544 828 1,380 (9,493) 3,290 26 3,316
Notes to the consolidated financial statements
1) GENERAL INFORMATION
The Company is a public limited company incorporated in the United Kingdom.
The address of its registered office is 4th Floor, Saltire Court, 20 Castle
Terrace, Edinburgh EH1 2EN. Its shares are traded on the AIM Market of the
London Stock Exchange plc (LSE:ZIN).
2) BASIS OF PREPARATION
The interim results for the six months ended 30 June 2025 have been prepared
on the basis of the accounting policies expected to be used in the 2025 Zinc
Media Group plc Annual Report and Accounts and in accordance with the
recognition and measurement requirements of UK adopted International
Accounting Standards (IAS) but do not include all the disclosures that would
be required under IAS and should be read in conjunction with the accounts for
the period ended 31 December 2024.
The same accounting policies, presentation and methods of computation are
followed in these interim condensed set of financial statements as have been
applied in the Group's latest annual audited financial statements.
The interim results, which were approved by the Directors on 10 September
2025, are unaudited. The interim results do not constitute statutory
financial statements within the meaning of section 434 of the Companies Act
2006.
Comparative figures for the 12 months ended 31 December 2024 have been
extracted from the statutory accounts for the Group for that period, which
carried an unqualified audit report, did not include a reference to any
matters to which the auditor drew attention by way of emphasis of matter, did
not contain a statement under section 498(2) or (3) of the Companies Act 2006
and have been delivered to the Registrar of Companies.
3) SEGMENTAL INFORMATION
The operations of the group are managed in two principal business divisions
that generate revenue: Television and Content production. These divisions are
the basis upon which the management reports its primary segmental information.
The activities undertaken by the Television segment include the production of
television. The Content Production segment includes brand and corporate film
production.
Restated
Unaudited Unaudited Audited
Half Year to Half Year to Year to
30 Jun 2025 30 Jun 2024 31 Dec 2024
Revenues by Business Division (continuing operations) £'000 £'000 £'000
Television 17,594 8,232 20,250
Content production 5,301 5,047 12,058
Total 22,895 13,279 32,308
4) ADJUSTING ITEMS
Adjusting items are presented separately as, due to their nature or the
infrequency of the events giving rise to them, this allows shareholders to
understand better the elements of financial performance for the period, to
facilitate comparison with prior periods and to assess better the trends of
financial performance.
Unaudited Restated Unaudited Audited
Half Year to Half Year to Year to
30 Jun 2025 30 Jun 2024 31 Dec 2024
£'000 £'000 £'000
Reorganisation and restructuring costs (134) (42) (129)
Acquisition costs (46) - (847)
Share based payment charge (113) (78) (168)
Gain/(loss) on disposal of tangible assets 1 - (13)
Tax arising on share options paid by company - - -
Change in fair value of contingent consideration in respect of The Edge - - 67
Unrealised foreign exchange gain / (loss) (132) - -
Total (424) (120) (1,090)
5) DISCONTINUED OPERATIONS
In July 2024, the operations of the Video Marketing and Branded Content
division of Zinc Communicate were discontinued and in September 2024, the
trade and assets of the Publishing division of Zinc Communicate were sold.
Losses from discontinued operations in prior periods are as follows:
Unaudited Restated Unaudited Audited
Half Year to Half Year to Year to
30 Jun 2025 30 Jun 2024 31 Dec 2024
£'000 £'000 £'000
Revenue - 1,090 1,776
Expenses - (1,607) (2,369)
Adjusted EBITDA loss - (517) (593)
Adjusting items - (128) (1,595)
Amortisation and depreciation - (28) (55)
Loss before tax from discontinued operations - (673) (2,243)
Income tax - - (710)
Loss after tax from discontinued operations - (673) (2,953)
6) EARNINGS PER SHARE
Basic loss per share (EPS) for the period equals the loss after tax from
continuing operations attributable to the Company's ordinary shareholders
divided by the weighted average number of issued ordinary shares.
When the Group makes a profit from continuing operations, diluted EPS equals
the profit attributable to the Company's ordinary shareholders divided by the
diluted weighted average number of issued ordinary shares. When the Group
makes a loss from continuing operations, diluted EPS equals the loss
attributable to the Company's ordinary shareholders divided by the basic
(undiluted) weighted average number of issued ordinary shares. This ensures
that EPS on losses is shown in full and not diluted by unexercised share
options or awards.
Restated
Unaudited Unaudited Audited
Half Year to Half Year to Year to
30 Jun 2025 30 Jun 2024 31 Dec 2024
£'000 £'000 £'000
Weighted average number of shares used 24,592,198 21,985,965 23,021,816
in basic and diluted earnings per share calculation
Potentially dilutive effect of share options 1,895,710 1,223,052 1,431,808
Continuing operations
Basic Loss per Share (2.16)p (8.80)p (2.44)p
Diluted Loss per Share (2.16)p (8.80)p (2.44)p
Discontinued Operations
Basic Loss per Share - p (1.33)p (12.83)p
Diluted Loss per Share - p (1.33)p (12.83)p
7) GOODWILL AND INTANGIBLE ASSETS
Goodwill Brands Customer Relationships Software Total
Other
£000 £000 £000 £000 £000 £000
Net Book Value
At 30 June 2025 5,615 1,714 1,238 8 8,862
287
At 30 June 2024 4,558 1,204 1,222 25 - 7,009
At 31 December 2024 5,615 1,831 1,323 15 322 9,106
8) PROPERTY, PLANT AND EQUIPMENT
Land and buildings Office and computer equipment Total
Motor Vehicles
£000 £000 £000 £000
Net book value
As at 30 June 2025 - - 531 531
As at 30 June 2024 106 4 746 856
As at 31 December 2024 37 4 559 600
9) TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 Jun 2025 30 Jun 2024 31 Dec 2024
£'000 £'000 £'000
Current
Trade receivables 4,705 5,251 3,180
Less provision for impairment - (254) -
Net trade receivables 4,705 4,997 3,180
Other receivables 786 1,096 1,012
Prepayments 670 686 621
Deferred tax - - -
Contract assets 2,316 2,706 1,399
Total 8,477 9,485 6,212
The carrying amount of trade and other receivables approximates to their fair
value. The creation and release of provision for impaired receivables have
been included in operating expenses in the income statement.
The maximum exposure to credit risk at the reporting date is the carrying
value of each class of asset above. The Group does not hold any collateral as
security for trade receivables. The Group is not subject to any significant
concentrations of credit risk.
10) LEASES AND RIGHT OF USE ASSETS
Right-of-use assets
Short leasehold land Total
and buildings
£'000 £'000
Balance as at 30 June 2024 222 222
Additions 833 833
Depreciation (107) (107)
Balance as at 31 December 2024 948 948
Additions - -
Depreciation (312) (257)
Balance as at 30 June 2025 636 691
Lease
liabilities
Lease liabilities are presented in the statement of financial position as
follows:
Unaudited Unaudited Audited
30 Jun 2025 30 Jun 2024 31 Dec 2024
£000 £000 £'000
Current 233 140 280
Non-current 403 29 509
636 169 789
11) TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 Jun 2025 30 Jun 2024 31 Dec 2024
£'000 £'000 £'000
Current
Trade payables 2,434 1,469 1,276
Other payables 50 269 175
Other taxes and social security 592 498 1,321
Accruals 4,356 3,087 4,360
Contract liabilities 4,934 6,643 4,196
Contingent consideration payable 2,117 549 2,988
Total 14,483 12,515 14,316
Non-Current
Contingent consideration payable 721 1,940 721
Total 15,204 14,455 15,037
The Directors consider that the carrying amount of trade and other payables
approximates to their fair value. The Group's payables are unsecured.
12) PROVISIONS
30 Jun 30 Jun 31 Dec
2025 2024 2024
£'000 £'000 £'000
Provisions 171 276 171
Movement in provisions
£'000
At 30 June 2024 276
Net decrease in provision in the period (105)
At 31 December 2024 171
Net increase in provision in the period -
At 30 June 2025 171
The provisions relate to dilapidations on property leases.
13) SHARE CAPITAL
Unaudited Half Year Unaudited Half Year Audited Year
to 30 Jun 25 to 30 Jun 24 To 31 Dec 24
Number of Shares Share Capital £'000 Number of Shares Share Capital £'000 Number of Shares Share Capital £'000
Ordinary Shares
At start of period 24,345,002 30 22,765,327 28 22,765,327 28
Consideration paid in shares 342,208 0 - - 1,541,622 2
Shares issued in lieu of fees 57,173 0 - - 38,053 0
At end of period 24,744,383 31 22,765,327 28 24,345,002 30
Total called up share capital 24,744,383 31 22,765,327 28 24,345,002 30
14) POST BALANCE SHEET EVENTS
There are no post balance sheet events to report.
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