Zinc Media secures another £4m in new contracts, on track for a strong FY24
() , a television, brand and audio production group, announced the recommissioning of two series with a combined value of £4m in revenue across FY24 and FY25.
Zinc's factual label Red Sauce was recommissioned to produce a new 80-episode series of Bargain Loving Brits in the Sun with filming due to begin next month and continuing into FY25, marking the 13th series of the Channel 5 show.
Also, following Zing's critically acclaimed Rob & Rylan's Grand Tour, the show will return for a new series titled Rob & Rylan's Passage to India, as announced on September 25, 2024.
The new contract wins totalling £4m will span FY24 and FY25 as the group continues to trade in line with market expectations.
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Zinc scores 2 major contract recommissions totalling £4m, bolstering revenue visibility over the current FY and next. The wins further highlight the group's robust revenue streams and pipeline, as well as strong client relationships, with over 80% of its customers returning to Zinc's brands year-on-year. Markets welcomed the update, sending shares 5.24% higher in early trade.
The two contracts detailed today follow a similar update from September 17 when announced new production contracts worth a combined £4m, which together with today's announcement should keep the group firmly on track to deliver FY24 results in line with market expectations. Interim results are expected on September 30.
Adding these recent contract wins to 's previously announced full-year revenue forecast, the group has good visibility on £37m for FY24, with strong momentum and over £10m already recognised for FY25. Forward bookings are significantly ahead of this time last year as heads for another year of profitable growth. In FY23, the group reported a revenue increase of 24% ahead of market expectations, and is on track to deliver a similar turnover this year.
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