Zinc Media Group PLC on Wednesday cut its forecast for annual adjusted earnings by 29% to £1.5 million.

The London-based television production group said it estimates that adjusted earnings before interest, tax, depreciation and amortisation in 2024 will increase by 50% to £1.5 million from £1.0 million last year.

At the end of September, Zinc Media said it had confidence in delivering adjusted Ebitda of £2.1 million this year.

The company also expects revenue to fall 15% to £34 million from £40.2 million.

It said changes to its portfolio structure in the last four weeks and a production opportunity that shifted into the new financial year had changed expectations.

It has sold a non-core publishing business and acquired Raw Cut Ventures television group in an all-share acquisition.

Zinc Media said the outlook for 2025 is ‘strong’ with £14 million of revenue secured and a further £8 million at an advanced stage. The company said these metrics are ahead of the same point last year.

Chief Executive Officer Mark Browning said: ‘Zinc’s performance is now one of consistent year on year Ebitda growth driven by excellent business fundamentals including high levels of returning business, excellent gross margins and good revenue visibility. By any test this is a market leading performance.’

‘While delivering consistent year on year growth we also continue to invest in long term profit growth... Following our recent disposal, acquisition and new label launch, we end this year more cohesive and more profitable, and with more opportunity before us than in any of my previous years leading this group,’ he added.

Shares in Zinc Media Group are up 1.7% to 60.00 pence in London on Wednesday afternoon.

Copyright 2024 Alliance News Ltd. All Rights Reserved.