Zinc Media Group (LSE:ZIN) has secured or highly advanced revenue of £34m for recognition in the year ending December, down from £40m at the same point last year, the AIM-listed television and content production group said in a trading update covering the six months to 30 June.
The group said £5.5m of previously secured first-half revenue has shifted into the second half after three projects started later than planned, while a further £5m originally expected in FY26 has slipped into FY27.
Cash stood at £2.7m at the period end, down from £4.2m a year earlier, reflecting an earn-out payment tied to The Edge acquisition, one-off restructuring costs and working capital timing.
Chief executive Mark Browning said Middle East trading is outperforming expectations "but there are headwinds in the market, and this may impact the delivery of some large productions due in H2."
The Middle East arm, one of three strategic growth pillars targeting £10m of combined new business by 2028, has secured or highly advanced £11.5m in FY26, up 35% on the prior full year, though up to £5m of new opportunities have been delayed into FY27 following disruption linked to the Iranian conflict.
IP exploitation revenue of £2.2m represents nearly 75% of the FY26 target, with the group also progressing its acquisition of Doha-based events business WMP Qatar, delayed by a period of national mourning in Qatar.
News Intelligence what this means for the company
Zinc Media has flagged a £5m revenue slip from FY26 into FY27, reducing full-year secured/highly advanced revenue to £34m from £40m a year prior—a 15% year-on-year decline. The slip stems from three projects starting late and geopolitical disruption in the Middle East, where the group's flagship growth pillar has secured £11.5m (up 35% year-on-year) but faces up to £5m in delayed opportunities tied to Iranian conflict fallout. Cash has fallen to £2.7m from £4.2m, reflecting earn-out payments and restructuring costs, leaving the group dependent on the £3.0m revolving credit facility agreed in June to fund operations.
The revenue miss—now 15% below prior-year secured bookings—signals execution risk across the portfolio and geopolitical vulnerability in a key growth market. While the Middle East arm's 35% growth is real, the £5m delay into FY27 and management's acknowledgment of 'headwinds in the market' suggest near-term earnings pressure and potential covenant risk if cash burn accelerates.
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