Zinc Media: London television division returns to profit for first time since 2017
Television production company Zinc Media has said its largest division, based in London and Manchester, made a profit for the first time since 2017.
In results for the year to 31 December 2021, the company posted revenue of £17.5m, compared to a £30.6m sum for an 18 month period ended 31 December 2020.
Mark Browning, CEO of Zinc Media Group, said: “We are very encouraged by the group’s performance this year which positions it well for sustained growth and profitability in the years ahead.
“Revenue is growing again, our margin performance is outstanding, we are diversifying into new content markets, the business was cash generative in the second half of 2021 and our pipeline shows the largest amount of advanced business in the last three years.”
As of this month (April), the group had booked £13m of revenue which is expected to deliver in 2022, up £4m since February.
Zinc said it had “a healthy pipeline of potential new business” for 2022 totalling £35m which could deliver in 2022, of which £8m is at a highly advanced stage.
Within these opportunities, the company has noted “a potential multi-million pound commission for a global streamer for which the group has already received £0.4m of funding.”
TV production gross margins increased by a further 7.6 per cent to 37.2 per cent in the 12 months to December 2021. This represents a £2m improvement in profitability based on pre-Covid-19 revenue, the firm said.