The CEO of listed firm ZOO Digital Group said it’s starting to recover from the impact of the Hollywood strikes.
Earlier this year the Sheffield-headquartered reported it had swung from an operating profit of $8.1m in 2023 to losses of $19.1m in 2024.
The slowdown was blamed on the Hollywood writers’ and actors’ strikes, which was finally resolved in September and November 2023 respectively.
ZOO is a world-leading provider of cloud-based localisation and digital media services to the global entertainment industry and has offices around the world.
However, the company’s interim results for the six months to the end of September 2024 showed revenues were up 29 per cent to $27.6m as content output continues to recover.
At the same time gross profit increased by 386 per cent to $10.1m and adjusted EBITDA returned to profit.
Stuart Green, CEO of ZOO Digital, said: “These results demonstrate that ZOO is recovering well from the impact of the Hollywood strikes and aligning with our customers’ evolving content strategies.
“Taking action to deliver efficiencies, including relocating some operations to India; embracing innovations such as artificial intelligence; and the pursuit of opportunities in new regions, have seen ZOO become a more agile and efficient business, ready for the next chapter of our growth story.
“As we approach a new year, investments in scalable technology and global talent have enabled us to expand our service offerings, and partnerships with leading content creators and distributors have strengthened, underscoring our position as a trusted partner in the media and entertainment industry.
“We remain focused on driving innovation, operational excellence and efficiency in an evolving digital landscape which should position ZOO well to return to cash breakeven as our industry recovers.”