Trading Update
Summary by AI BETAClose X
27 July 2026
Zinc Media Group plc
("Zinc" or the "Group")
Trading update H1 FY26
Zinc Media Group plc (AIM: ZIN), the award-winning television and content production group,
today announces a trading update for the six months ended 30 June 2026 ("H1 FY26").
Highlights include:
· Revenue secured or highly advanced on the pipeline for recognition in FY26 of £34m (30 June 2025: £40m) with a further £3m in advanced conversations reflecting a normal seasonal trading pattern.
· Three strategic growth pillars targeting £10m of new business over the next three years are on track to meet or exceed growth targets:
o Middle East: FY26 revenues secured or highly advanced to date of £11.5m, 35% higher versus full year FY25.
o IP exploitation: £2.2m secured, representing nearly 75% of FY26 expectation and is expected to outperform prior year.
o Genre diversification: recommission of BBC format quiz The Celebrity Inner Circle, launch of the Group's first AI production label, Cicada, and through the intended acquisition of events business WMP Qatar
· 30 June cash position of £2.7m (PY: £4.2m) reflecting earn out payments, exceptional restructuring costs and working capital timing differences.
Mark Browning, Chief Executive Officer, says:
"The first half of the year saw further breakthrough moments for the Group with strong performance from our three priority growth areas. We've accelerated our Geographical and Genre expansion with notable new business wins and have seen strong growth in high margin IP related business. We've won our first entertainment TV production outside the UK, and we've recently announced our new AI production label.
Zinc's historic trading profile is weighted to H2 and this year has returned to that after a heavily H1 weighted profile last year which was boosted by a roll over from H2 2024. Our Middle East business is outperforming our FY26 growth expectation but there are headwinds in the market, and this may impact the delivery of some large productions due in H2. The Group has a strong pipeline, including potential opportunities with the largest global streamers underpinning the positive long-term outlook for the Group."
Strong pipeline and early visibility for FY27
Performance in the first half reflected the historic seasonal trading pattern for the Group where booked revenue is typically weighted 40/60 across H1/H2. This was reversed in 2025 with H1 boosted by material revenue roll over from FY24, which is distorting half year comparisons. Furthermore, three secured FY26 projects have started later than anticipated pushing £5.5m of previously secured H1 revenue into H2. In addition, £5m of revenue originally anticipated for FY26 has been delayed into FY27.
As at 30 June 2026, the Group has revenue secured and due to be recognised in FY26 of £25m, (30 June 2025: £35m, 30th June 2024: £26m). A further £9m is at a highly advanced contracting stage for recognition in FY26, compared to £4m this time last year. The Company is working on a total further pipeline of £16m of revenue for FY26.
Cash at 30th June 2026 was £2.7m (30 June 2025: £4.2m) reflecting payment of £0.33m in relation to The Edge final earn out payment, £0.34m one-off restructuring costs to deliver £1m annual savings target, and working capital timing due to the seasonal shift from a very strong H1 FY25 to a more usual profile of higher H2 FY26 revenues. The Group has an available revolving credit facility of £3m and continues to invest in new businesses which will deliver long term profit growth.
Strategic growth pillars all performing well, underpinning confidence in long term profit growth
The three strategic priority growth pillars announced in April last year are all performing well after their first year, and underline the Group's strong track record of organic investment. The Group has targeted growth of £10m of revenue across these three strategic pillars by the end of 2028.
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 £11.5m revenue secured or highly advanced from the Middle East, representing 35% growth over the full year last year (FY25: £8.5m) and 130% growth since the full year in FY24, putting us ahead of our three-year target. The Iranian conflict has delayed up to £5m of new business opportunities previously expected in FY26 into FY27, particularly where work is international in nature, most notably our premium events business from our Supercollider label. Work in our local production businesses in Qatar and Saudi Arabia has proven more resilient and is performing well having secured the Group's first entertainment TV series commission in the Middle East, albeit with production having a later start date than originally anticipated.
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.
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 revenues secured to date is £2.2m, and we expect to deliver £3.4m in FY26, putting us ahead of our three-year target. The group has been successful in relicensing a number of 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.
Simplified Group structure delivering additional cost savings
In H1, the Group reorganised its senior leadership team as the company introduced its 'One Zinc' strategy. 'One Zinc', simplifies the internal organisational structure removing duplication, creating focus in each role and reducing cost. As previously stated, the Group has targeted realising £1m of annualised savings from the 'One Zinc' initiative and has implemented £700k of savings within the first six months of the year.
Agreement to acquire WMP Qatar
On 2nd May 2026 the Group announced it had exchanged contracts as part of an agreement to acquire the Doha based event production company WMP Qatar, subject to completion. Completion is dependent on WMP Qatar filing of customary tax reports under Qatari law and this progressing. The recent death of the Father Emir of Qatar, and the resulting period of national mourning has delayed this process. A further announcement will be made once completion has occurred.
Notable television shows and new business wins
Notable new business wins include a landmark commission to produce Stars of Science for Qatar Science and Technology Park, one of the Arab world's longest-running entertainment formats, with Zinc leading a full creative reset of the show, producing in Arabic and English, and handling international distribution and digital strategy. Brook Lapping secured two major BBC geopolitical commissions, Brexit: A Very British Civil War and Clash of the Superpowers: America vs China. Tern's Sunday Morning Live was also recommissioned by BBC One for a 17th season. This year's highlights also include WHAM! 10 Days in China, produced by Supercollider, which receives a worldwide theatrical release through Sony Music Vision and Trafalgar Releasing in July before its exclusive UK broadcast on BBC Two and iPlayer.
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/
For further information, please contact:
|
Zinc Media Group plc Mark Browning, CEO / Laura McGaughey, CFO |
+44 (0) 20 7878 2311 |
|
Singer Capital Markets (Nominated Adviser and Broker) James Moat / Anastassiya Eley |
+44 (0) 20 7496 3000 |
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
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