Interim results

Zinc Media Group PLC

23 September 2026

 

23 September 2026

Zinc Media Group plc

(“Zinc Media”, the “Group” or the “Company”)

Interim results for the six months ended 30 June 2026

Zinc Media Group plc (AIM: ZIN), the award-winning television and content production group, is pleased to announce its unaudited interim results for the six months to 30 June 2026 (“H1 2026”).

Commenting on the results, Mark Browning, Chief Executive, said:

“The first half of the year saw the Group significantly advance all three of our strategic growth pillars, win a good level of new business and deliver several productions to great critical acclaim with high audience ratings. Notable new business wins in the reporting period include our first entertainment TV production outside the UK, recommissions of returning IP series, and the company’s first ever cinema release. 

Our priority growth areas are on track to exceed their medium-term growth targets. Geographical expansion, particularly in the Middle East, is significantly ahead of plan, as is high margin IP exploitation as we monetise more of our back catalogue. We are expanding into future IP generating genres with the recommission of our prime-time BBC Quiz show and received excellent ratings for another of our first run entertainment formats.

The war in Iran has delayed a significant amount of business from H1 into H2, and subsequently from FY26 into FY27. This includes a large international event production along with delivery of a Middle East brand campaign, which are now expected to be delivered in FY27.

The fundamentals underpinning Zinc’s growth and its long-term prospects remain strong. The Group is reducing its underlying cost base, improving gross margins, maximising efficiencies from previous acquisitions and accelerating IP exploitation in AI and digital. Most importantly we are winning large new contracts and delivering on our strategic growth priorities”.

H1 Financials

• H1 revenue of £13.2m (H1 2025:  £22.9m, H1 2024: £13.3m), with revenue expected to be weighted towards the second half of the year.
• £8m of revenue, reflecting £3m of gross margin initially anticipated in H1 moved into H2 predominantly due to the Iran conflict.
• Gross margin of 44%, up 7 percentage points (H1 2025: 37%). This reflects the investments made in prior years into new genres, which reduced gross margins at that point but are now enabling the Group to deliver high-margin IP revenues.
• Adjusted EBITDA[1] loss of £0.9m (H1 2025: profit of £0.9m, H1 2024: loss of £0.7m) in line with revenue phasing.
• H1 Adjusted Loss Before Tax[2] of £1.5m (H1 2025: profit of £0.2m, H1 2024: loss of £1.3m) in line with revenue phasing.
• Gross Cash of £2.8m as at 30 June 2026 (June 2025: £4.2m) the movement is due to investment outflows such as earn out payments, acquisition and restructuring costs as well as movement in working capital. Net debt was £1.1m at 30th June 2026 (June 2025: net cash £0.7m).

H1 Operational and Strategic Highlights

• Raw Cut, which was acquired in Q4 2024 has co-located into Zinc’s London HQ and is performing significantly ahead of pre-acquisition expectations. It has continued to perform strongly in H2 securing two major returning series.
• The Group introduced its ‘One Zinc’ initiative aimed at maximising the creative and commercial firepower of the whole Group, improving internal efficiency and enabling more than £1m of annual cost savings.
• Zinc launched an AI production label which sits within the Group’s central platform of services shared by all Group labels to promote AI and emerging technology production solutions across all workflows.
• The global premier of ‘Wham! 10 days in China’, the Group’s first cinema release which is showing in 34 countries worldwide.
• The Group agreed terms to acquire the Doha-based event production company WMP Qatar, subject to completion, which is expected to happen before the end of October.

Outlook

• As at 18th September 2026, revenue contracted and expected to be recognised in FY26 is £32m, an increase of £7m since 30th June 2026, with a further £6m that is highly advanced for delivery in H2 2026.
• £7m of production which was expected to contract for FY26 is now expected to be delayed into 2027. This delay is due to the war with Iran causing a major production to be postponed. The Group therefore expects revenue for the year to be £38m, with associated EBITDA of £1.4m.

• The Group’s three strategic growth pillars are on course to deliver the majority of their 3-year target inside the first 12 months, which is significantly ahead of management assumptions:

• Geographical Expansion: The Group is expecting to deliver £17m in total Middle East business in FY26 which compares to £8m in FY25.
• Genre Diversification: this will grow year on year, with a strong pipeline of Event and Entertainment titles as well as the agreed acquisition of WMP Qatar.
• IP (intellectual property) and high margin format led revenues are growing well year on year.

• The Group has an excellent pipeline of business for FY27, with £9m revenue contracted or contracting and opportunity of a further £39m revenue across the pipeline.  In addition, the Group is engaged in a number of substantial multi-million-pound opportunities which would be record contract sizes for the Group.

For further information, please contact:

Zinc Media Group plc  Mark Browning, CEO / Laura McGaughey, CFO www.zincmedia.com	[phone]
Singer Capital Markets (Nominated Adviser and Broker) James Moat / Paul Richards	[phone]

About Zinc Media Group

Zinc Media Group plc is a premium television and content creation group. The award-winning and critically acclaimed television labels comprise Atomic, Brook Lapping, Electric Violet, Raw Cut, Rex, Red Sauce, Supercollider, Tern Television, Tomas TV, along with Bumblebee Post-Production, and produce programmes across a wide range of factual genres for UK and international broadcasters.

Zinc Media Group's commercial content creation unit includes The Edge, one of the UK's largest brand film-making companies, and Zinc Audio, specialising in podcasts and radio production.

For further information on Zinc Media, please visit www.zincmedia.com

CHAIRMAN’S STATEMENT

H1 has seen the Group deliver extremely well against its strategic plan. The growth from geographical expansion, genre diversification and IP-related revenues is particularly impressive and underpins our confidence in delivering an additional £10 million of organic turnover over the medium term. Gross margins are up significantly in the reporting period, and we have been successful in winning materially bigger contracts, as well as returning commissions from brands and broadcasters.

Zinc’s production reputation continues to command global respect, and we are winning new business outside the UK at the highest ever rate. Our new entertainment TV format in Qatar, alongside our feature documentary for a client in Saudi Arabia demonstrate the effectiveness of our strategic plan, which has been further boosted by the latest significant new contract in the Middle East announced earlier this month.

We continue to trade steadily in the UK with new television commissions including Sunday Morning Live which is now in its 17th season, the return of The Inner Circle with Amanda Holden both for the BBC, and our returning series Cars that Changed History for National Geographic. The Edge, which produces short form and long form content for brands and businesses in both the UK and Middle East is on course for record full-year revenues, and Raw Cut, which we acquired in 2024 is on track to deliver its best year too. H1 saw the Group deliver its first cinema release, premiering to the highest level of critical acclaim, and Zinc was named Production Company of the Year Worldwide at the New York Festivals TV & Film Awards for the fourth consecutive year.

H1 saw the implementation of the ‘One Zinc’ initiative which is simplifying how the Group operates internally.  There is now single oversight of all creative business winning, single oversight of all cost of sales, a streamlined leadership team, and less duplication around the Group. In turn, this has allowed the Group to accelerate efficiencies which will see the underlying cost base reduce by over £1m by the end of this year.  

The market is very challenging and the impact of so much uncertainty both in the UK economy and due to the Iran war can be seen in the amount of business which moved out of H1 into H2, and more recently business which has been postponed from FY26 into FY27. These market factors are beyond our control and while they can affect a single reporting period, they do not change the fundamental business foundations within the Zinc Group which remain very strong. We are winning new contracts, have high levels of returning customers, a diversified revenue mix across price, product and geographical region, excellent gross margins and outstanding senior leadership. The Group is ideally positioned to deliver medium-term growth when market conditions normalise.

The Board would like to thank the management, employees and freelancers for their professional and dedicated work, and our shareholders for their continued support.

Christopher Satterthwaite

Chairman

CEO’S REPORT

CURRENT TRADING, STRATEGY AND MARKET OUTLOOK

Zinc has won new contracts across all areas of the Group in H1 totalling £32m, and within this there are a small number of substantially larger contracts, which include recommissions of existing television series, new series with the potential to return in future years, and significant new international contracts, especially from the Middle East. High margin IP revenues were particularly strong driven by the return from our investments in the prior year, boosting the Group’s gross margins to 44%.

In accordance with international accounting standards (IFRS), Zinc reports production revenue in our accounts based on the activity of each production. H125 benefited from a large £3m event in May, and a number of large productions with H1-weighted activity. The converse has happened in H126 with £8m of commissions which were delayed into H2 distorting half year-on-year comparators. This includes a number of Middle East productions which were delayed earlier this year due to the Iran war.

Notable new business wins in H1

H1 saw the Group deliver significant new contracts. These include the second series of Street Cops Catching the Yobs’ for Channel 5. Planes that Changed History, and Cars that Changed History, for National Geographic, which has established this ‘Changed’ franchise as a returning format, Series 26 of the police access documentary Police Interceptors, a lucrative format which Zinc owns and sells globally, and numerous reputationally enhancing feature documentaries from returning clients including Brexit: A Very British Civil War for the BBC, 9/11: The Unseen Footage for Channel 5, and the Group’s first ever cinema release, Wham! 10 days in China.  Numerous new productions were also delivered for brands and businesses via The Edge label, which is Zinc’s B2B short-form and long-form production business.

The Group won £32m of new commissions, including four returning or returnable TV commissions of over £1m per series, with an aggregate value of £10.5m. These notably included the Group’s first entertainment TV show in the Middle East, the return of The Inner Circle primetime quiz format for the BBC and Sunday Morning Live for the BBC which is returning for its 17th series. The Edge also had a number of successes with new clients for brands and businesses.

A list of Zinc television programmes which are available to watch is on the Group’s website: https://zincmedia.com/what-to-watch-on-tv/.

Strategic Growth Pillars

H1 saw significant progress made on the three growth priorities which underpin the Group’s ambitious 3-year organic growth plans. These aim to add an additional £10 million of organic topline revenue growth by the end of 2028.  In aggregate they will grow £9m year on year, meaning they’ve almost achieved their 3-year growth objective within the first year.  They are:

1. Geographical Expansion: targeting £4m of additional Middle East revenue, which will take us from £8.5m in FY25 to £12m by end of 2028.

The Group has £17m revenue secured or highly advanced from the Middle East, representing 100% growth over the full year last year (FY25: £8.5m) and 160% growth since the full year in FY24, putting us significantly ahead of our 3-year target.

Some productions have been postponed due to the Iran conflict, most notably £7m of production, including a large event production and brand film, which were due in 2026, are now expected in 2027.

Despite these headwinds, our Middle East pipeline continues to grow and our performance underpins our increasing confidence in the medium-term potential in the region. This geographical diversification provides us with strong protection against the disruption we have seen in the UK market more recently.

2. Genre Diversification: targeting £4m of additional revenue, to grow from £2m in FY25 to £6m by the end of 2028. 

Genre diversification is progressing well with the Group expanding in to live event production, digital and AI content creation with the launch of its new AI focused label Cicada. Content is produced using existing IP and via originals, and the Group aims to expand into the more lucrative format driven entertainment genre, which can command multi-million-pound recurring opportunities. The Group is expanding its events and entertainment portfolio in Middle East, including via the acquisition of WMP Qatar, as well as achieving success via the recommission of formats such as The Inner Circle and Race Against The Tide. The latter has recently delivered excellent ratings, which increases the probability of a recommission for FY27.

3. IP (intellectual property) and high margin format led revenues: targeting £1m-£2m of additional revenue, to grow from £2.7m of high margin revenue in FY25 to £4.5m by the end of 2028.

FY26 IP revenue is on track to exceed its growth plan for the year. Since the launch of Zinc Distribution in 2025, the Group has been successful in relicensing several existing formats from its back catalogue, and selling new shows via its own distribution company, including Brexit: A Very British Civil War. The BBC ONE Quiz show The Celebrity Inner Circle, which is being distributed by BBC Studios, has started selling to overseas territories.

We expect to add an additional £9m of new revenue from these 3-growth pillars this year, meaning we now have very high confidence of achieving our medium-term target of £10m revenue by the end of 2028.

The Group’s intention is not to rely solely on organic growth, but to pursue strategic acquisitions.  The performance of two of our most recent acquisitions, Raw Cut in 2024 and The Edge in 2022, and their contribution to our strategic pillars, increase confidence in the success of future acquisitions. In both cases they’ve delivered record levels of revenues since being part of the Group, and delivered cost and revenue synergies, leading to performance exceeding acquisition expectations in both cases.

Outlook

As at 18th September 2026, revenue won and expected to be delivered in FY26 is £32m an increase of £7m since 30th June, with a further £6m that is highly advanced for delivery in H2 2026. There is a further £6m which is under discussion for FY26. Due predominantly to the delay of a significant multi-million contract in the Middle East, which is now expected to be produced in FY27, the Group now expects to deliver £38m of revenue and £1.4m of EBITDA.

The outlook for FY27 and FY28 looks strong and demonstrates the strong fundamentals underpinning Zinc’s ability to grow revenue and profits over the years ahead. The Group has £9m of new business contracted or contracting, and visibility of a further £39m. This is further ahead than at the same stage last year.  In addition to this, the Group has line of sight of a meaningful number of large multi-million pound new business opportunities for FY27 and FY28.  These are not currently assumed in any forecasts, due to being in early conversations, but should they come through they represent significant opportunity.

We are winning more large-scale contracts and commissions and investing organically in our three strategic growth pillars.  Notwithstanding the near-term challenges attributable to the Iran War, we remain confident in our medium-term targets of £50m revenue and £5m EBITDA which will deliver good levels of PBT and cash generation.

Mark Browning

Chief Executive Officer

CFO’S REPORT

£m	H1 2026	H1 20251	Movement
Income Statement
Continuing operations
Revenue	13.2	22.9	(9.7)
Gross Profit	5.8	8.5	(2.7)
Gross Margin	44%	37%	7%
Adjusted EBITDA (Loss)/Profit/1	(0.9)	0.9	(1.8)
Adjusted (Loss)/Profit Before Tax2	(1.5)	0.2	(1.7)
Statement of financial position
Cash	2.8	4.2	(1.4)
Debt	(3.9)	(3.5)	(0.4)
Net debt/cash	(1.1)	0.7	(1.8)

1.       Adjusted EBITDA is defined as EBITDA before Adjusting Items comprising share-based payment charges, gains on disposal of fixed assets, reorganisation and restructuring costs, acquisition costs and contingent consideration.
2.       Adjusted PBT is defined as PBT before adjusting items and acquisition-related costs (amortisation and interest on unwinding of intangible assets related to acquisitions).

INCOME STATEMENT

Group revenue in the reporting period has returned to the same level as H1 2024 at £13.2m (H1 2025: £22.9m, H1 2024: £13.3m). The decrease since H1 2025 is due to exceptionally high activity during H1 2025 in TV whether there was a number of multi-million-pound commissions delivered as well as several productions being delayed into H2. At H1 2025 TV revenues were up 113% versus the same point in 2024 and in FY26 TV revenues are back at the same level as FY24 at £8.2m.

Content Production for brands and businesses, largely delivered through The Edge, performed well in H1 delivering £5.0m revenue (H1 2025: £5.3m) and is expected to increase significantly in H2, driven by the delivery of a multi-million-pound contract in Qatar, and the finalisation of a documentary for a major multinational in Saudi Arabia.

Gross margins for the period were 44% (H1 2025: 37%). The year-on-year margin increase reflects the level of investment in prior years, which has now borne out in the high-quality IP revenues being achieved as well as our continued focus on production cost control. The Group has achieved permanent cost savings through restructuring, implementing more than £1m savings to date and achieving its target, which it will surpass by the end of the year. It also targets production margin control through a focus on internal recoveries and the ‘One Zinc’ initiative which aims to harness the Group’s collective buying power.

Total H1 operating costs have been held in line with prior year at £8.9m (H1 2025: £8.8m).  H1 has seen a higher level of one-off acquisition costs (£0.3m) and restructuring costs (£0.5m) incurred as the Group has implemented its savings plan.  

In H1, the Group executed its reorganisation plan under the ‘One Zinc’ initiative which aims to streamline the Group and improve organisational effectiveness. £1m of permanent annual cost savings have been implemented so far in FY26. We expect to realise the full benefit of all savings in FY27.  The Group intends to deliver a further £0.2m permanent savings during FY26 which will be fully realised in FY27, increasing the total net annualised savings implemented in FY26 to £1.2m.

As a direct result of the lower revenue levels, Adjusted EBITDA is a loss of £0.9m (H1 2025: £0.9m).

The statutory loss before tax increased by £2.8m to £3.4m (H1 2025: £0.6m) and the statutory loss after tax increased by £2.8m to £3.3m (H1 2025: £0.5m). The loss is largely driven by operating losses for the period of £3.2m, which reflect a slower H1 compared to H1 2025, and includes a net increase in contingent consideration of £0.9m. At the reporting date, the adjustment to contingent consideration was driven by the continued stronger performance of Raw Cut in H1. Raw Cut has continued to outperform expectations in H2, winning new commissions including two major returning series due to go into production this year. The Group   will reassess the contingent consideration liability at the year end, noting that the fair value of the maximum potential liability is £4.7m. The Group has also incurred £0.3m of acquisition related costs, £0.5m of adjusting items relating to staff restructuring, share-based payments and unrealised foreign exchange losses. Excluding acquisition-related costs and adjusting items the adjusted Loss Before Tax was £1.5m versus a profit in H1 2025 of £0.2m.

Earnings per share

Basic and diluted loss per share from continuing operations in the period was 12.39p (H1 2025: 2.16p).

Dividend

No dividend is proposed. The Board considers the Group’s investment plans, financial position and business performance in determining when to pay a dividend.

STATEMENT OF FINANCIAL POSITION

Assets

Gross cash at the end of June 2026 was £2.8m (June 2025: £4.2m and December 2025: £3.5m).  

The lower cash balance is due to investments made in top or bottom-line growth including acquisition investments via earn outs (£0.34m), acquisition costs (£0.3m) and restructuring costs (£0.4m) incurred in reducing the Group’s cost base. The Group also used cash of £1.1m in its operations in the period (H1 2025: cash used of £0.9m) and has seen a shift during FY26 in the working capital needs of the business due to winning a number of large shorter-delivery contracts and the longer payment terms and slower payment patterns of our Middle East customers. The impact of this has steadily increased given the significant growth we have seen in that part of our business and we expect it to continue as our pipeline of opportunities expands in the region. The Group is actively managing its working capital and facilities and closely monitoring the receipt of payments from a number of large contracts in the Middle East.

As at 30 June 2026, the Group’s net debt (excluding contingent consideration) stood at £1.1m, due to the decrease in gross cash, reduction in long-term debt by £0.6m and drawing £1m on the Group’s revolving credit facility.

Equity and Liabilities

The £2m decrease in equity and liabilities is largely driven by the loss for the period of £3.3m, partially offset by an increase in share premium due to shares issued in relation to earn out (£1.4m) and conversion of debt to equity (£0.6m), as well as an increase in total liabilities to £20.8m (H1 2025: £19.6m) due to a net increase in contingent consideration relating to earn outs of £0.9m to £2.7m and a net increase in borrowings of £0.4m, offset by a reduction in trade payables. The net increase in contingent consideration to £2.7m (December 2025: £2.15m of which £0.35m was paid in shares during H1) is due to Raw Cut, the Group’s 2024 TV acquisition, performing beyond expectations. Since the end of H1, Raw Cut has continued to outperform expectations winning new commissions including 2 major new returning series, all of which go into production in FY26. The earn out completes at the end of FY26 payable in cash or shares at the Group’s discretion.

The Group had an outstanding balance on long-term debt of £2.9m as at 30 June 2026 which has reduced due to a conversion of debt to equity by Herald Investment Fund (30 June 2025: £3.5m). The long-term debt holders are also major shareholders who own 38% of the Group’s shares, and the debt has no financial covenants. 

The Group has a revolving credit facility in place with Lloyds Bank (with a total availability of £3m), under which it had drawn £1m as at 30 June 2026.

Laura McGaughey

Chief Financial Officer

Zinc Media Group plc consolidated income statement
For the six months ended 30 June 2026
		Unaudited	Unaudited	Audited
		Half Year to	Half Year to	Year to
		30 June	30 June	31 December
		2026	2025	2025
	Note	£'000	£'000	£'000
Revenue	3	13,193	22,895	41,462
Cost of sales		(7,372)	(14,417)	(24,700)
Gross profit		5,821	8,478	16,762
Operating expenses		(8,971)	(8,774)	(18,947)
Operating loss		(3,150)	(296)	(2,185)
Analysed as:
Adjusted EBITDA		(951)	906	1,853
Depreciation		(430)	(533)	(1,076)
Amortisation		(243)	(245)	(489)
Adjusting Items	4	(1,526)	(424)	(2,473)
Operating loss		(3,150)	(296)	(2,185)
Finance costs		(237)	(303)	(461)
Finance income		2	9	15
Loss before tax		(3,385)	(590)	(2,631)
Taxation (debit)/credit		60	60	82
Loss for the period from continuing operations		(3,325)	(530)	(2,549)
Loss for the period from discontinued operations	5	-	-	-
Loss for the period		(3,325)	(530)	(2,549)
Attributable to:
Equity holders		(3,324)	(538)	(2,557)
Non-controlling interest		(1)	8	8
Retained loss for the period		(3,325)	(530)	(2,549)
Earnings per share
From continuing operations:
Basic Loss per Share	5	(12.39)p	(2.16)p	(10.36)p
Diluted Loss per Share	5	(12.39)p	(2.16)p	(10.36)p
From discontinued operations:
Basic Loss per Share	5	- p	-p	-p
Diluted Loss per Share	5	- p	-p	-p
Interest on unwinding of intangible assets relating to acquisitions		(116)	(300)	(184)

Zinc Media Group plc consolidated statement of financial position
As at 30 June 2026
		Unaudited	Unaudited		Audited
		30 June	30 June		31 December
		2026	2025		2025
	Note	£'000	£'000		£'000
Assets
Non-current assets
Goodwill and intangible assets	6	8,373	8,862		8,617
Property, plant and equipment	7	429	531		596
Right-of-use assets	9	357	691		589
		9,159	10,084		9,802
Current assets
Inventories		127	112		94
Trade and other receivables	8	8,609	8,477		6,432
Cash and cash equivalents Deferred Tax		2,798 -	4,176 60		3,468 136
		11,534	12,825		10,130
Total assets		20,693	22,909		19,932
Equity and liabilities
Shareholders' equity
Called up share capital	12	37	31		31
Share premium account		12,681	10,544		10,689
Share based payment reserve		612	828		575
Merger reserve		1,380	1,380		1,380
Retained earnings		(14,801)	(9,493)		(11,512)
Total equity attributable to equity holders of the parent		(91)	3,290		1,163
Non-controlling interests		13	26		14
Total Equity		(78)	3,316		1,177
Liabilities
Non-current
Borrowings		2,894	3,457		3,455
Lease liabilities	9	152	403		367
Deferred Tax		(196)	-		-
Provisions	11	171	171		171
Trade and other payables		2,715	720		1,836
		5,736	4,751		5,829
Current
Trade and other payables	10	13,785	14,483		12,697
Current tax liabilities		45	126		53
Lease liabilities	9	205	233		176
Borrowings		1,000	-		-
		15,035	14,842		12,926
Total liabilities		20,771	19,593		18,755
Total equity and liabilities		20,693	22,909		19,932

Zinc Media Group plc consolidated statement of cash flows
For the six months ended 30 June 2026
			Unaudited	Unaudited	Audited
			Half year to	Half year to	Year to
			30 June	30 June	31 December
			2026	2025	2025
			£'000	£'000	£'000
Cash flows from operating activities
Loss for the period before tax from continuing operations			(3,385)	(590)	(2,631)
			(3,385)	(590)	(2,631)
Adjustments for:
Depreciation			430	533	1,076
Amortisation and impairment of intangibles			243	245	489
Finance costs			237	141	461
Finance income			(2)	(39)	(15)
Share-based payment charge			37	113	6
Gain/(Loss) on sale of fixed assets			-	1	15
Remeasurement of lease liabilities			883	-	-
Consideration paid in shares			35	35	35
Income tax			-	-	1,526
			(1,522)	439	962
Decrease/(increase) in inventories			(33)	25	45
(Increase)/decrease in trade and other receivables			(2,906)	(2,265)	(236)
Increase/(decrease) in trade and other creditors			3,583	944	(1,253)
Cash (used in) / generated from operations			(878)	(857)	(482)
Finance income			2	39	15
Finance cost			(247)	(145)	(292)
Tax paid			-	-	(126)
Net cash flows (used in) / generated from operating activities			(1,123)	(963)	(885)
Investing activities
Payment of contingent consideration			-	-	(770)
Purchase of property, plant and equipment			(31)	(207)	(538)
Purchase of intangible assets			-	-	-
Acquisition of subsidiary undertakings, net of cash and overdrafts			-	(587)	-
Proceeds from disposal of tangible fixed assets			-	-	7
Net cash flows used in investing activities			(31)	(794)	(1,301)
Financing activities
Proceeds from the new loan drawdown			1,000	-	-
Capital elements of lease payments			(186)	(155)	(508)
Dividends paid to NCI			-	-	(12)
Contingent acquisition consideration paid			(334)	(183)	-
Net cash flows generated used in financing activities			480	(338)	(520)
Net increase/(decrease) in cash and cash equivalents			(674)	(2,095)	(2,706)
Translation differences			5	1	(96)
Cash and cash equivalents at beginning of period			3,468	6,270	6,270
Cash and cash equivalents at end of period			2,798	4,176	3,468

Consolidated Statement of Changes in Equity
For the six months ended 30 June 2026

	Share capital	Share premium	Share based payment reserve	Merger reserve	Retained earnings	Total equity attributable to equity holders of the parent	Non-controlling interest	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 January 2025	30	10,544	715	1,163	(8,990)	3,462	18	3,480
Loss and total comprehensive expense for the period	-	-	-	-	(2,557)	(2,557)	8	(2,549)
Equity-settled share-based payments	1	145	(140)	-	-	6	-	6
Consideration paid in shares	-	-	-	217	-	217	-	217
Directors’ remuneration paid in shares	-	-	-	-	35	35	-	35
Dividends paid	-	-	-	-	-	-	(12)	(12)
Total transactions with owners of the Company	1	145	(140)	217	(2,522)	(2,299)	(4)	(2,303)
Balance at 31 December 2026	31	10,689	575	1,380	(11,512)	1,163	14	1,177
Balance at 1 January 2025	30	10,544	715	1,163	(8,990)	3,462	18	3,480
Loss and total comprehensive expense for the period	-	-	-	-	(538)	(538)	8	(530)
Consideration paid in shares	-	-	113	217	-	331	-	331
Directors’ remuneration paid in shares	-	-	-	-	35	35	-	35
Total transactions with owners of the Company	1-	-	113	217	(503)	(172)	8	(164)
Balance at 30 June 2025	31	10,544	828	1,380	(9,493)	3,290	26	3,316
Balance at 1 January 2026	31	10,689	575	1,380	(11,512)	1,163	14	1,177
Loss and total comprehensive expense for the period	-	-	-	-	(3,324)	(3,324)	(1)	(3,325)
Conversion of Debt to Equity	2	549	-	-	-	551	-	551
Consideration paid in shares	4	1,443	37	-	-	1,484	-	1,484
Directors’ remuneration paid in shares	-	-	-	-	35	35	-	35
Total transactions with owners of the Company	6	1,992	37	-	(3,289)	(1,254)	-	(1,255)
Balance at 30 June 2026	37	12,681	612	1,380	(14,801)	(91)	13	(78)

Notes to the consolidated financial statements

1.        GENERAL INFORMATION

The Company is a public limited company incorporated in the United Kingdom. The address of its registered office is 4th Floor, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EN. Its shares are traded on the AIM Market of the London Stock Exchange plc (LSE:ZIN).

2.        BASIS OF PREPARATION

The interim results for the six months ended 30 June 2026 have been prepared on the basis of the accounting policies expected to be used in the 2026 Zinc Media Group plc Annual Report and Accounts and in accordance with the recognition and measurement requirements of UK adopted International Accounting Standards (IAS) but do not include all the disclosures that would be required under IAS and should be read in conjunction with the accounts for the period ended 31 December 2025.

The same accounting policies, presentation and methods of computation are followed in these interim condensed set of financial statements as have been applied in the Group’s latest annual audited financial statements.

The interim results, which were approved by the Directors on 21 September 2026, are unaudited. The interim results do not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006.

Comparative figures for the 12 months ended 31 December 2025 have been extracted from the statutory accounts for the Group for that period, which carried an unqualified audit report, did not include a reference to any matters to which the auditor drew attention by way of emphasis of matter, did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and have been delivered to the Registrar of Companies.

3.        SEGMENTAL INFORMATION

The operations of the Group are managed in two principal business divisions that generate revenue: Television and Content production. These divisions are the basis upon which the management reports its primary segmental information. The activities undertaken by the Television segment include the production of television. The Content Production segment includes brand and corporate film production.

	Unaudited	Unaudited	Audited
	Half Year to	Half Year to	Year to
	30 Jun 2026	30 Jun 2025	31 Dec 2025
Revenues by Business Division (continuing operations)	£'000	£'000	£'000
Television	8,178	17,594	28,820
Content production	5,015	5,301	12,642
Total	13,193	22,895	41,462

4.        ADJUSTING ITEMS

Adjusting items are presented separately as, due to their nature or the infrequency of the events giving rise to them, this allows shareholders to understand better the elements of financial performance for the period, to facilitate comparison with prior periods and to assess better the trends of financial performance.

	Unaudited	Unaudited	Audited
	Half Year to	Half Year to	Year to
	30 Jun 2026	30 Jun 2025	31 Dec 2025
	£'000	£'000	£'000
Reorganisation and restructuring costs	(356)	(134)	(538)
Acquisition costs	(312)	(46)	(227)
Share based payment charge	(37)	(113)	(6)
Gain/(loss) on disposal of tangible assets	-	1	15
Tax arising on share options paid by company	-	-	(33)
Gain/(loss) arising on remeasurement of contingent consideration	(809)	-	(1526)
Unrealised foreign exchange gain / (loss)	(12)	(132)	132
Total	(1,526)	(424)	(2,473)

5.        EARNINGS PER SHARE

Basic loss per share (EPS) for the period equals the loss after tax from continuing operations attributable to the Company’s ordinary shareholders divided by the weighted average number of issued ordinary shares.

When the Group makes a profit from continuing operations, diluted EPS equals the profit attributable to the Company’s ordinary shareholders divided by the diluted weighted average number of issued ordinary shares. When the Group makes a loss from continuing operations, diluted EPS equals the loss attributable to the Company’s ordinary shareholders divided by the basic (undiluted) weighted average number of issued ordinary shares. This ensures that EPS on losses is shown in full and not diluted by unexercised share options or awards.

	Unaudited	Unaudited	Audited
	Half Year to	Half Year to	Year to
	30 Jun 2026	30 Jun 2025	31 Dec 2025
	£'000	£'000	£'000
Weighted average number of shares used in basic and diluted earnings per share calculation	26,836,274	24,592,198	24,687,311
Potentially dilutive effect of share options	1,686,270	1,895,710	946,517

Continuing operations
Basic Loss per Share	(12,39)p	(2.16)p	(10.36)p
Diluted Loss per Share	(12.39)p	(2.16)p	(10.36)p
Discontinued Operations
Basic Loss per Share	- p	-p	-p
Diluted Loss per Share	- p	-p	-p

6.        GOODWILL AND INTANGIBLE ASSETS

	Goodwill		Brands		Customer Relationships		Software			Distribution catalogue								Order book			Total
	£000		£000		£000		£000			£000								£000			£000
Net Book Value
At 30 June 2026		5,615	1,502		1,037		3		177										40			8,374
At 30 June 2025		5,615	1,714		1,238		8		231										56			8,862
At 31 December 2025		5,615	1,611		1,132		5		205										49			8,617

7.        PROPERTY, PLANT AND EQUIPMENT

	Land and buildings	Motor Vehicles	Office and computer equipment	Total
	£000	£000	£000	£000
Net book value
As at 30 June 2026	-	-	429	429
As at 30 June 2025	0	0	531	531
As at 31 December 2025	9	0	587	596

8.        TRADE AND OTHER RECEIVABLES

	Unaudited	Unaudited	Audited
	30 Jun 2026	30 Jun 2025	31 Dec 2025
	£'000	£'000	£'000
Current
Trade receivables	5,525	4,705	3,988
Less provision for impairment	-	-	-
Net trade receivables	5,525	4,705	3,988
Other receivables	109	786	843
Prepayments	567	670	516
Deferred tax	-	-	-
Contract assets	2,408	2,316	1,085
Total	8,609	8,477	6,432

The carrying amount of trade and other receivables approximates to their fair value. The creation and release of provision for impaired receivables have been included in operating expenses in the income statement.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset above. The Group does not hold any collateral as security for trade receivables. The Group is not subject to any significant concentrations of credit risk.

9.        LEASES AND RIGHT OF USE ASSETS

Right-of-use assets

	Short leasehold land and buildings	Total
	£'000	£'000
Balance as at 30 June 2025	691	691
Additions	127	127
Depreciation	(229)	(229)
Balance as at 31 December 2025	589	589
Additions	-	-
Depreciation	(232)	(232)
Balance as at 30 June 2026	357	357

Lease liabilities         

Lease liabilities are presented in the statement of financial position as follows:

	Unaudited	Unaudited	Audited
	30 Jun 2026	30 Jun 2025	31 Dec 2025
	£000	£000	£'000
Current	205	233	176
Non-current	152	403	367
	357	636	543

10.     TRADE AND OTHER PAYABLES

	Unaudited	Unaudited	Audited
	30 Jun 2026	30 Jun 2025	31 Dec 2025
	£'000	£'000	£'000
Current
Trade payables	1,564	2,434	1,441
Other payables	390	50	213
Other taxes and social security	1,671	592	1,054
Accruals	4,400	4,356	3,893
Contract liabilities	5,760	4,934	3,592
Contingent consideration payable	-	2,117	2,506
Total	13,785	14,483	12,699
Non-Current
Contingent consideration payable	2,715	721	1,836
Total	16,500	15,204	14,535

The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The Group’s payables are unsecured.

11.     PROVISIONS

	30 Jun 2026	30 Jun 2025	31 Dec 2025
	£’000	£’000	£’000
Provisions	171	171	171

Movement in provisions

				£'000
At 30 June 2025			171
Net decrease in provision in the period			-
At 31 December 2025			171
Net increase in provision in the period			-
At 30 June 2026			171

The provisions relate to dilapidations on property leases.

12.     SHARE CAPITAL

		Unaudited Half Year  to 30 Jun 26		Unaudited Half Year to 30 Jun 25		Audited Year To 31 Dec 25
		Number of Shares	Share Capital £’000	Number of Shares	Share Capital £’000	Number of Shares	Share Capital £’000
Ordinary Shares
At start of period	24,185,656		31	24,345,002	30	24,345,002	30
Conversion of Debt to Equity	1,311,060		2
Equity-settled share-based payments						441,273	1
Consideration paid in shares	3,303,937		4	342,208	1	342,208	-
Directors’ remuneration paid in shares	66,163		0	57,173	-	57,173	-
Dividends paid	-		-	-	-	-	1
At end of period	28,866,816		37	24,744,383	31	25,185,656	31
Total called up share capital	28,866,816		37	24,744,383	31	25,185,656	31

13.     POST BALANCE SHEET EVENTS

There are no post balance sheet events to report.

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[1] Adjusted EBITDA is defined as EBITDA before Adjusting Items comprising share-based payment charges, gains on disposal of fixed assets, reorganisation and restructuring costs, acquisition costs and contingent consideration.

[2] Adjusted (Loss)/PBT is defined as PBT before adjusting items and acquisition-related costs (amortisation and interest on unwinding of intangible assets related to acquisitions).

 

END