Progessive Equity Research: Zoo Digital Group plc

ZOO Digital Group plc (LON:ZOO) released its AGM statement today highlighting continued positive momentum within the Group.  The Group expects to meet FY2019E expectations driven by the increasing success of its cloud-based dubbing service, its expanded service offering, world-wide operational capabilities and robust global market demand for localisation services. We leave our estimates unchanged ahead of seeing the detail of the interim results due on the 6th November.

▪ The Group highlighted that overall trading has been in line with market expectations with 1H19 revenue expected to be at least 17% higher than 1H18 ($12.7m) implying c.$15m of revenue against our FY19E revenue estimate of $33m. The main driver of 1H19 revenue growth was the Group’s cloud-based dubbing service. The significant y/y group revenue growth delivered was despite the absorption of a temporary disruption in the subtitling supply chain that ZOO and other localisation providers experienced due to a change in the accreditation programme by a major OTT operator. Subtitling activity has since returned to normal and the Group expects to benefit from the changes in the future.

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