Zoo Digital Group PLC Interim Results (2478W)

TIDMZOO

RNS Number : 2478W

Zoo Digital Group PLC

13 November 2017

13 November 2017

ZOO DIGITAL GROUP PLC

("ZOO", "the Group" or "the Company")

Interim Results

ZOO Digital Group plc, the provider of localisation and digital distribution services for the global entertainment industry, today announces its unaudited financial results for the six months ended 30 September 2017.

HIGHLIGHTS

Operational highlights

-- Launched a new cloud-powered dubbing service to critical acclaim by international trade organisations

-- Successfully completed and delivered first dubbing projects for a global entertainment client

-- Launched a cloud-powered scripting service, a cornerstone capability enabling ZOO to process combined subtitling and dubbing assignments efficiently

-- Client concentration further reduced, with largest client contributing 28% of sales (H1 2016: 47%)

   --     Added three new affiliates, expanding the network of partners to 10 across emerging markets 

-- Board strengthened by the appointment of Mickey Kalifa as Non-Executive Director - a finance professional with experience of the technology, media and gaming sectors

Key Financials

   --     Revenues increased by 63% to $12.7m (H1 2016: $7.8m) 

-- Adjusted EBITDA(1) up by 34% to $1.3m (H1 2016: $1.0m), with significant investments made during the period in new staff and higher costs of initial dubbing projects

   --     Fundraise generated GBP2.6m cash and capitalised a further GBP1.1m of debt 
   --     Net debt reduced to $3.9m (H1 2016 $6.2m) 

Stuart Green, CEO of ZOO Digital, commented, "I am pleased to be able to report on a strong performance for the Group, with significant progress made in all facets of the business. The first half of the year has seen further operational improvements, highlighted by strong demand and very positive critical recognition, a strengthening of the Group's balance sheet and adding expertise to the Board of Directors. This is reflected in a much-improved financial performance, with the foundations laid for enhanced performance in future periods, and the confidence of management to invest for growth.

"Trading in the second half of the year has begun well, with revenue expectations ahead of market guidance, balanced against our increasing investment to satisfy increasing demand and support future growth. The Board remains confident of meeting its full year management expectations for adjusted EBITDA and is excited for the Group's future."

(1) Adjusted for share-based payments.

For further enquiries please contact:

 
 ZOO Digital Group plc                     0114 241 3700 
 Stuart Green - Chief Executive Officer 
 Helen Gilder - Chief Finance Officer 
 
   finnCap                                   020 7220 0500 
 Henrik Persson / Emily Watts / Alex 
  Price (corporate finance) 
  Camille Gochez (corporate broking) 
 Alma PR                                   020 8004 4218 
 Josh Royston / Hilary Buchanan 
 

About ZOO Digital Group plc:

ZOO Digital is a provider of services allowing quality TV and movie content to be subtitled and dubbed in any language and prepared for sale with all major online retailers. ZOO's clients are some of the best-known brands in the world including major Hollywood studios, global broadcasters and independent distributors.

ZOO's point of difference in the marketplace is its development and use of innovative cloud technology. This ensures that content is subtitled in any language and delivered to all the major online platforms such as Amazon, iTunes, Google and Hulu with reduced time to market, higher quality and lower costs. ZOO's agile, cloud-based business model enables clients to respond to market trends, scale easily with business growth and capitalise on new routes to market in the fast moving and evolving digital industry.

ZOO operates from the entertainment hubs of Los Angeles and London with a development and production centre in Sheffield. Its full-service proposition includes digital distribution, subtitling & captioning, metadata creation & localisation, dubbing, artwork localisation, workflow and asset management.

www.zoodigital.com

Chairman and Chief Executive's Review

Overview

We are pleased to be able to report on a strong performance for the Group, with significant progress made in all facets of the business. The first half of the year has seen further operational improvements, highlighted by strong demand and very positive critical recognition, a strengthening of the Group's balance sheet and adding expertise to the Board of Directors. This is reflected in a much-improved financial performance, with the foundations laid for enhanced performance in future periods.

Financial Results

Revenues of $12.7 million represent a 63% increase over the corresponding period last year (H1 2016: $7.8 million). This top line growth has largely been driven by the increasing proportion of revenue derived from our proprietary localisation services, predominantly subtitling delivered using ZOOsubs, but also from the first projects processed using ZOOdubs, our new dubbing platform. This has an impact on gross margin, which is net of external cost of sales (predominantly freelance translators), in two ways. Localisation services incur higher costs of sale than both software licensing and digital distribution services, and in addition, the Group incurred exceptional costs of processing its first dubbing projects in the course of validating the operation of early-stage software. As a result, gross margin in the period reduced to 63% (H1 2016: 75%). The projects were completed successfully and as the ZOOdubs platform is developed further, efficiency of dubbing operations will improve.

Adjusted EBITDA for the six months improved by 34% to $1.3 million (H1 2016: $1.0 million), reflecting significant investments during the period in new staff and exceptional costs associated with the establishment and quality control of our new dubbing software and services.

Another pleasing trend in these results is the broadening of our customer base and the diversification of our revenues, with the proportion coming from our largest single customer reducing further during the period to 28% (H1 2016: 47%).

Operations

The principal focus of the Group has been on the continuing progress of our localisation services delivered through our proprietary cloud-based platforms, ZOOsubs and ZOOdubs, for the provision of subtitling and dubbing services respectively. After a period of research and development and building a pipeline for ZOOsubs, it has been reassuring to witness its growing adoption and demand from customers, both existing and new. As well as helping to reduce seasonality within the business, it has enhanced ZOO's reputation for innovation within the marketplace and driven strong revenue growth. There has been additional recruitment of talent and the Group now has a network of almost 3,000 freelance translators who are able to collaborate efficiently with us on projects to satisfy an ever-growing pipeline of demand.

ZOOdubs was officially launched at the start of the period under review at the National Association of Broadcasters show in Las Vegas on 22 April 2017 to critical acclaim, awarded a 'Best in Show' accolade by TV Technology and subsequently an IABM award for Design and Innovation at the International Broadcast Convention in Amsterdam. Helped by our success in subtitling, ZOOdubs has quickly developed strong levels of interest given that it solves a more complex and costly problem for content owners. Our software provides a systematic and truly multi-lingual solution for dubbing services which significantly reduces the need for both expensive, high tech equipment and the associated technical operators. As such it has been imperative to ensure an exceptional quality of service and we were delighted that the first projects, delivered in nine different languages, received extremely positive feedback from the client who was particularly impressed with the quality and speed of completion.

We have been cautious to build out demand for ZOOdubs at the right pace, with rigorous testing, high levels of verification and relatively high levels of human involvement during the software's nascency. This will continue through the remainder of this financial year as the software becomes more developed and established, with ongoing R&D investment to broaden its capability. The foundations are being laid now to build a scalable technological and service capability to satisfy client demand so that the operational gearing of the business will be seen in future periods.

The Group is investing in its software and operational capability to support rapid growth, and is currently in the next phase of commercialisation of our dubbing service delivered using ZOOdubs. This is a programme to identify, select, train and engage freelance dubbing directors, voice actors and audio mixers in order to ensure that talent is available to scale sufficiently to meet the growing levels of demand. Again, this is similar to our experience with ZOOsubs and will help us to be more effective and efficient than our competitors. This can be evidenced in the progress we have made in recruiting further freelance audio-visual translators, required to fulfil both subtitling and dubbing services, aided by the expansion of our on-boarding team.

In the traditional entertainment localisation ecosystem, subtitling and dubbing work have followed two detached work streams from the point of inception, which tends to lead to a duplication of work and inconsistencies in translation across the two approaches which are crafted independently. ZOO's latest innovation is a cloud-powered scripting service which is a cornerstone capability that will enable the Company to process combined subtitling and dubbing assignments consistently, providing our customers with further efficiency and greater control. We look forward to providing an update on progress in due course.

Another important operational development in the period was that our new Sheffield facility received security accreditation from the Content Delivery and Security Association, a key endorsement required by some of our existing and target clients.

Affiliate Network

During the first six months, the Group has been successful in adding three new affiliates in emerging markets, bringing the growing network to a current total of 10. These are Studio Ares in Turkey, Bossdom in Taiwan, and WhatSub Pro in South Korea. Our affiliates are all trained in the use of ZOO's cloud systems and, therefore, provide us with additional capacity to meet client demand as well as access to skilled linguists, dubbing directors and voice actors in the territories in which they deliver services to their own networks of clients. We look forward to building out this network further and working closely with our chosen partners.

Fundraise

On 18 April 2017, a Placing was announced to raise GBP2.6 million of additional funds whilst at the same time capitalising GBP1.1 million of debt, strengthening the Balance Sheet. The funds are being used to accelerate organic growth and the benefits are already being seen. The Placing also presented the opportunity to welcome new institutions to the register of shareholders. Subsequent to the fundraise, net debt in the period has reduced to $3.9m (H1 2016 $6.2m).

Board Appointment

On 5 October 2017, Mickey Kalifa was appointed as a Non-Executive on the Board of Directors. Mickey is a Chartered Accountant with nearly 30 years' experience across the technology, media and gaming sectors. Previously, Mickey spent eight years with Sportech PLC ("Sportech"), latterly as Chief Financial Officer where he led a transformation in the company's financial strength and played a prominent role in driving Sportech's global expansion. Prior to Sportech, Mickey served in a number of executive and finance director roles with some of the world's largest media and technology companies, including Liberty Global, BSkyB PLC, Time Warner, Disney and Young and Rubicam.

As well as welcoming Mickey, we would like to thank all of our staff, our growing network of translators and our shareholders, both existing and new, for their continuing support in these exciting times.

Outlook

Trading in the second half of the year has begun well, with revenue expectations ahead of market guidance, balanced against our increasing investment in R&D and localisation operations which we are making to support our future growth. We continue to manage our costs prudently in line with our growth and our working capital. The pipeline for subtitling work continues to be consistently strong; while there is ever-growing evidence of the significant opportunity available in dubbing, both of which give us continued confidence in achieving on-going strong organic growth. As ZOOdubs continues to mature, so too will the associated net margins, which we would expect to see to a meaningful degree in future periods. The Board is encouraged with its trading in the period to date, remaining confident of meeting its full year management expectations for adjusted EBITDA, and is excited for the Group's future.

 
 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 (UNAUDITED) 
 
 for the six months ended 30 September 2017 
 
                                   6 months   6 months 
                                         to         to   Year ended 
                                     30 Sep     30 Sep       31 Mar 
                                       2017       2016         2017 
                                       $000       $000         $000 
================================  =========  =========  =========== 
 Revenue                             12,726      7,804       16,488 
 Cost of sales                      (4,668)    (1,952)      (4,483) 
--------------------------------  ---------  ---------  ----------- 
 Gross Profit                         8,058      5,852       12,005 
 Other operating income                   -         74          196 
 Operating expenses                 (7,645)    (5,613)     (11,699) 
 Operating profit                       413        313          502 
 Analysed as 
 EBITDA before share-based 
  payments                            1,339        996        1,780 
 Share based payments                 (191)        (7)         (11) 
 Depreciation                         (222)      (114)        (259) 
 Amortisation and impairment          (513)      (562)      (1,008) 
--------------------------------  ---------  ---------  ----------- 
                                        413        313          502 
--------------------------------  ---------  ---------  ----------- 
 
 Exchange (loss)/gain on 
  borrowings                          (184)        399          624 
 Conversion of convertible 
  loan note                           (145)          -            - 
 Finance cost                         (221)      (291)        (591) 
--------------------------------  ---------  ---------  ----------- 
 Total finance cost                   (550)        108           33 
--------------------------------  ---------  ---------  ----------- 
 (Loss)/Profit before taxation        (137)        421          535 
 Tax credit                             222        256          256 
--------------------------------  ---------  ---------  ----------- 
 Profit and total comprehensive 
  income for the period 
  attributable to equity 
  holders of the parent                  85        677          791 
--------------------------------  ---------  ---------  ----------- 
 Profit per ordinary share 
--------------------------------  ---------  ---------  ----------- 
                                       0.13       2.07         2.42 
 - basic                              cents      cents        cents 
--------------------------------  ---------  ---------  ----------- 
                                       0.11       2.07         2.42 
 - diluted                            cents      cents        cents 
--------------------------------  ---------  ---------  ----------- 
 
 
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 (UNAUDITED) 
 
 As at 30 September 2017 
                                      As at      As at      As at 
                                     30 Sep     30 Sep     31 Mar 
                                       2017       2016       2017 
                                       $000       $000       $000 
--------------------------------  ---------  ---------  --------- 
 ASSETS 
 Non-current assets 
 Property, plant and equipment        1,034        359      1,073 
 Intangible assets                    6,671      7,134      6,915 
 Deferred income tax assets             486        486        486 
--------------------------------  ---------  ---------  --------- 
                                      8,191      7,979      8,474 
--------------------------------  ---------  ---------  --------- 
 Current assets 
 Trade and other receivables          7,100      3,722      3,753 
 Cash and cash equivalents              722        328        607 
--------------------------------  ---------  ---------  --------- 
                                      7,822      4,050      4,360 
--------------------------------  ---------  ---------  --------- 
 Total assets                        16,013     12,029     12,834 
--------------------------------  ---------  ---------  --------- 
 LIABILITIES 
 Current liabilities 
 Trade and other payables           (3,977)    (3,016)    (4,045) 
 Borrowings                           (734)    (1,466)    (4,102) 
--------------------------------  ---------  ---------  --------- 
                                    (4,711)    (4,482)    (8,147) 
--------------------------------  ---------  ---------  --------- 
 Non-current liabilities 
 Borrowings                         (3,912)    (5,097)    (2,126) 
--------------------------------  ---------  ---------  --------- 
 Total liabilities                  (8,623)    (9,579)   (10,273) 
--------------------------------  ---------  ---------  --------- 
 Net assets                           7,390      2,450      2,561 
--------------------------------  ---------  ---------  --------- 
 EQUITY 
 Equity attributable to equity 
  holders of the parent 
 Called up share capital              1,010      7,236      7,236 
 Share premium reserve               41,033     37,014     37,007 
 Other reserves                      12,320     12,320     12,320 
 Share option reserve                   519        324        328 
 Capital redemption reserve           6,753          -          - 
 Convertible loan note reserve           42         42         42 
 Foreign exchange translation 
  reserve                             (992)      (992)      (992) 
 Accumulated losses                (53,275)   (53,474)   (53,360) 
--------------------------------  ---------  ---------  --------- 
                                      7,410      2,470      2,581 
--------------------------------  ---------  ---------  --------- 
 Interest in own shares                (20)       (20)       (20) 
--------------------------------  --------- 
 Attributable to equity holders       7,390      2,450      2,561 
--------------------------------  ---------  ---------  --------- 
 
 
 
 CONSOLIDATED STATEMENT 
  OF CHANGES IN EQUITY 
 (UNAUDITED) 
 
 for the six months ended 
  30 September 2017 
 
                                            Foreign   Convertible                                                    Interest 
                               Share       exchange          loan     Share      Capital                                   in 
                  Ordinary   premium    translation          note    option   redemption      Other   Accumu-lated        own 
                    shares   reserve        reserve       reserve   reserve      reserve   reserves         losses     shares   Total 
                      $000      $000           $000          $000      $000         $000       $000           $000       $000    $000 

---------------  ---------  --------  -------------  ------------  --------  -----------  ---------  -------------  ---------  ------ 
 Balance 
  at 
 1 April 
  2016               7,236    37,014          (992)            42       317            -     12,320       (54,151)       (20)   1,766 
 Share-based 
  payments                                                                7                                                         7 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Transactions 
  with owners            -         -              -             -         7            -          -              -          -       7 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Profit 
  for the 
  period                                                                                                       677                677 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Total 
  comprehensive 
  income 
  for the 
  period                 -         -              -             -         -            -          -            677          -     677 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Balance 
  at 
 30 September 
  2016               7,236    37,014          (992)            42       324                  12,320       (53,474)       (20)   2,450 
 Share-based 
  payments                       (7)                                      4                                                       (3) 
 Transactions 
  with owners            -       (7)              -             -         4            -          -              -          -     (3) 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Profit 
  for the 
  period                                                                                                       114                114 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Total 
  comprehensive 
  income 
  for the 
  period                 -         -              -             -         -            -          -            114          -     114 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Balance 
  at 
 31 March 
  2017               7,236    37,007          (992)            42       328            -     12,320       (53,360)       (20)   2,561 
 Deferred 
  shares           (6,753)                                                         6,753                                            - 
 Conversion 
  of loan 
  note                           145                                                                                              145 
 Share-based 
  payments                                                              191                                                       191 
 Issue of 
  share capital        527     3,881                                                                                            4,408 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Transactions 
  with owners      (6,226)     4,026              -             -       191        6,753          -              -          -   4,744 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Profit 
  for the 
  period                                                                                                        85                 85 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Total 
  comprehensive 
  income 
  for the 
  period                 -         -              -             -         -            -          -             85          -      85 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 Balance 
  at 
 30 September 
  2017               1,010    41,033          (992)            42       519        6,753     12,320       (53,275)       (20)   7,390 
===============  =========  ========  =============  ============  ========  ===========  =========  =============  =========  ====== 
 
 
 
 CONSOLIDATED STATEMENT OF CASH FLOWS 
 (UNAUDITED) 
 
 for the six months ended 30 September 2017 
 
                                 6 months   6 months      Year 
                                       to         to     ended 
                                   30 Sep     30 Sep    31 Mar 
                                     2017       2016      2017 
                                     $000       $000      $000 
==============================  =========  =========  ======== 
 Cash flows from operating 
  activities 
 Operating profit for the 
  period                              413        313       502 
 Depreciation                         222        114       259 
 Amortisation and impairment          513        562     1,008 
 Share based payments                 191          7        11 
 Disposal of property, plant 
  and equipment                         -          -         1 
 Changes in working capital: 
 Increases in trade and 
  other receivables               (3,347)    (1,191)   (1,222) 
 (Decreases)/increases in 
  trade and other payables           (68)       (80)       949 
------------------------------  ---------  ---------  -------- 
 Cash flow from operations        (2,076)      (275)     1,508 
 Tax received                         222        256       256 
------------------------------  --------- 
 Net cash flow from operating 
  activities                      (1,854)       (19)     1,764 
------------------------------  ---------  ---------  -------- 
 Investing Activities 
 Purchase of intangible 
  assets                            (269)      (314)     (541) 
 Purchase of property, plant 
  and equipment                     (183)       (40)     (168) 
------------------------------  --------- 
 Net cash flow from investing 
  activities                        (452)      (354)     (709) 
------------------------------  ---------  ---------  -------- 
 Cash flows from financing 
  activities 
 Repayment of borrowings            (392)       (66)     (164) 
 Proceeds from borrowings              93        688         - 
 Finance cost                       (267)      (235)     (591) 
 Issue of Share Capital 
  (net of costs of issue)           2,987          -       (7) 
------------------------------ 
 Net cash flow from financing       2,421        387     (762) 
------------------------------  ---------  ---------  -------- 
 Net increase in cash and 
  cash equivalents                    115         14       293 
------------------------------  ---------  ---------  -------- 
 Cash and cash equivalents 
  at the beginning of the 
  period                              607        314       314 
------------------------------  ---------  ---------  -------- 
 Cash and cash equivalents 
  at the end of the period            722        328       607 
------------------------------  ---------  ---------  -------- 
 

NOTES

General information

ZOO Digital Group plc ('the Company') and its subsidiaries (together 'the Group') provide productivity tools and services for digital content authoring, video post-production and localisation for entertainment and packaging markets and continue with on-going research and development in those areas. The Group has operations in both the UK and US.

The Company is a public limited company which is listed on the Alternative Investment Market and is incorporated and domiciled in the UK. The address of the registered office is 7(th) Floor, City Gate, 8 St Mary's Gate, Sheffield. The registered number of the Company is 3858881.

This condensed consolidated financial information is presented in US dollars, the currency of the primary economic environment in which the Company operates.

The interim accounts were approved by the board of directors on 10 November 2017.

This consolidated interim financial information has not been audited.

Basis of preparation

The consolidated financial statements of ZOO Digital Group plc and its subsidiary undertakings for the period ended 31 March 2018 will be prepared in accordance with International Financial Reporting Standards ("IFRS"), as adopted by the European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

This Interim Report has been prepared in accordance with UK AIM listing rules which require it to be presented and prepared in a form consistent with that which will be adopted in the annual accounts having regard to the accounting standards applicable to such accounts. It has not been prepared in accordance with IAS 34 "Interim Financial Reporting".

The policies applied are consistent with those set out in the annual report for the year ended 31 March 2017, and have been consistently applied, unless stated otherwise.

A copy of the statutory accounts for the year ended 31 March 2017, prepared under IFRS, has been delivered to the Registrar of companies and contained an unqualified auditors' report.

Basis of Consolidation

The consolidated financial statements of ZOO Digital Group plc include the results of the Company and its subsidiaries. Subsidiary accounting policies are amended where necessary to ensure consistency within the Group and intra group transactions are eliminated on consolidation.

Foreign currency translation

Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in US Dollars which is the Company's functional and presentation currency.

Transactions and balances

Transactions in foreign currencies are recorded at the prevailing rate of exchange in the month of the transaction. Foreign exchange gains or losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the year-end exchange rates are recognised in the income statement.

Group companies

The results and financial positions of all Group entities that use a functional currency different from the presentation currency are translated into the presentation currency as follows:

-- assets and liabilities for each entity are translated at the closing rate at the period end date;

-- income and expenses for each Statement of Comprehensive Income are translated at the prevailing monthly exchange rate for the month in which the income or expense arose and all resulting exchange rate differences are recognised in other comprehensive income with the foreign exchange translation reserve.

Equity securities issued

On 18 April 2017, it was announced that the company proposed to raise gross funds of approximately GBP2.58m ($3.33m) through a placing and subscription comprising the issue of 28,611,111 new ordinary shares at 9p per share. It was further announced that 12,222,223 shares would be issued in return for the conversion of the GBP600,000 outstanding loan from Sara Green, the wife of Dr Stuart A Green, and the conversion of GBP500,000 of convertible loan note and that the remaining GBP2.57m of convertible loan note be extended to mature on 31 October 2020. This transaction was approved in a shareholder meeting held on 4 May 2017.

No securities were issued during the periods ended 30 September 2016 or 31 March 2017.

Earnings per share

Earnings per share is calculated based upon the profit or loss on ordinary activities after tax for each period divided by the weighted average number of shares in issue during the period.

 
Weighted average number 
 of shares for basic 
 & diluted profit per             30 Sep          30 Sep          31 Mar 
 share                              2017            2016            2017 
======================== 
                           No. of shares   No. of shares   No. of shares 
========================  ==============  ==============  ============== 
Basic                         66,309,079      32,660,660      32,660,660 
Diluted                       78,909,632      42,647,881      42,690,381 
 
 

At 30 September 2016 and 31 March 2017, the basic and diluted earnings per share were the same due to the average share price during the period being lower than the conversion price or the exercise prices of the convertible loan note and share options.

Further Copies

Copies of the Interim Report for the six months ended 30 September 2017 will be available, free of charge, for a period of one month from the registered office of the Company at 7(th) Floor, City Gate, 8 St Mary's Gate, Sheffield, S1 4LW or from the Group's website: www.zoodigital.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 13, 2017 02:00 ET (07:00 GMT)