ZOO Digital drops despite return to profit

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ZOO Digital drops despite return to profit
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The share price of AIM-listed localisation and digital distribution services firm ZOO Digital (LON:ZOO) has fallen by 5.62% to 79.75p (as of 11:55 GMT) after revenues dropped  by 4% during the half year ended 30th September as legacy services continued to decline. Despite this, the company returned to pre-tax profit after booking a loss for the period last year.

CEO Stuart Green commented: “We are pleased with the progress we have made during the period, having met all operational targets in respect of our strategic priorities. We are now a primary vendor of localisation and digital packaging services for a major new OTT platform and have achieved the first customer deployment of ZOOstudio, our localisation management platform.

“The OTT consumer video market is about to undergo a step change due to the forthcoming launches of several Direct-to-Consumer services from major media companies. These provide an exciting growth opportunity in media localisation and digital packaging given the increased demand for these services to enable international distribution. We believe that ZOO is well placed to capitalise on this opportunity given the benefits and competitive advantages of our cloud-powered services“.

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