Software and software-led services provider Zoo Digital Group Plc (ZOO.L) Thursday reported a loss for the first half of fiscal 2010, reflecting higher operating and finance costs, and one-time exchange loss on borrowings, but revenues grew 31%.
For the first half, the UK-based company had pre-tax loss of US$232 thousand as compared with a pre-tax profit of US$113 thousand in the prior-year period.
Zoo Digital posted a loss of US$233 thousand versus a profit of US$112 thousand in the same period last year. On a per share basis, loss was 1.09 cents compared to a profit of 0.4 cents in the 2009-year period. Excluding exchange differences on translation of intercompany balances and borrowings, the company had a profit of US$0.4 million compared to a loss of US$0.5 million in the first half of previous year.
Comprehensive loss attributable to shareholders for the period narrowed to US$233 thousand from US$523 thousand in the previous year.
The company's revenues for the six-month period increased to US$8.12 million from US$6.21 million in the first half of fiscal 2009.
During the first-half period, total operating expenses incurred by Zoo Digital rose to US$5.22 million from US$4.90 million a year earlier. Total finance costs were US$880 thousand versus US$329 thousand in the corresponding period prior year. In the six-month period, the company had a one-time exchange loss of US$615 thousand on borrowings, with regard to fluctuating US dollar value of GBP 3.5 million convertible loan note.
Looking ahead, chief executive officer Stuart Green said, "The filmed entertainment industry continues to face challenging economic circumstances, which makes ZOO's time and cost-saving solutions even more compelling, and we look forward to the future with confidence."
ZOO is currently trading on the London Stock Exchange at 29.60 pence per share up 0.10 pence or 0.34% on a volume of 40 thousand shares. In the past 52-week period, the shares have been trading in a range of 4.00 pence to 38.00 pence.
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