Zinc Media Group PLC on Wednesday reported its highest annual revenue in ten years, and it expects 2023 to meet market expectations.

Shares were up 5.1% at 89.89 pence each on Wednesday morning in London.

Zinc Media is a Edinburgh-based television and multimedia content producer, serving broadcasters as well as brands and businesses.

It reported revenue of £30.1 million for 2022, up 72% from £17.5 million in 2021. Organic revenue growth amounted to £6.8 million, up 39% year-on-year. This reflected the investment in new businesses and contracts, Zinc said.

Zinc Media said about 80% of revenue was delivered from existing customers, up from 69% a year earlier.

However, pretax loss widened to £3.3 million from £2.6 million. This is largely due to costs related to its Edge acquisition and amortisation related to previous acquisitions, Zinc explained. Operating expenses grew to £13.1 million from £9.1 million the year before.

In August, Zinc Media bought Edge Picture Co Ltd, a UK-based brand and corporate film production company, for an initial £1.2 million.

Chief Executive Officer Mark Browning said: ‘We are delighted to report a strong set of results for FY22: exceeding market expectations and revenue at a 10-year high. This is a great achievement and has been testament to the breadth and depth of our creative output. Performance in [2023] is very encouraging, and there is a feeling of momentum and optimism around the group.’

Adjusted earnings before interest, tax, depreciation and amortisation amounted to £75,000, compared to a loss of £612,000 in 2021.

Looking ahead, Zinc Media said it is trading strongly with £26 million of revenue already booked, which is expected to be realised in the current year, adding that it is confident in delivering market expectations for 2023.

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