Half Year 2026 Zinc Media Group PLC Earnings Call
Speaker #1: In a circle. The game where trust is as important as knowledge.
Speaker #2: We come together in what's called the merge, so both airplanes are nose-to-nose, and we're coming onto each other.
Speaker #3: You call it "change the world with a song," or even a concert, but you can plant a seed—
Speaker #4: Я сказав президенту Путіну тоді, що це неможлива ситуація.
Speaker #1: What Netanyahu did to Vice President Biden was outrageous.
Speaker #2: Yes, on the floor.
Speaker #1: Right now, everything is shifting. They got to do the right thing because everybody's watching now.
Speaker #3: I was like a big puppy. I wanted him to lighten up.
Speaker #1: You find that everybody's happy all the time, and that's why we like it.
Speaker #2: That's anxiety on crack.
Speaker #1: Our sport is changing, and so is the world around us.
Speaker #2: Some of these olders are going to have the best night of their life here, some of these are going to have the worst night.
Speaker #1: I think the death of Dana was one of the greatest stories of the second half of the 20th century. The world was never quite the same again.
Speaker #3: And they had the feeling that it was going to do some good in the world.
Speaker #2: If you ask me, I'd love to be part of that.
Speaker #3: Definitely. Equivalent to billions was a giant's leap.
Speaker #5: Good morning, everyone. Thank you for joining us for this short presentation on our interim results. So the first period of the year, January to the end of June.
Speaker #5: On your screens is a picture from our first cinema release. This is a documentary feature film in over 1,000 cinemas around the world, in over 40 countries.
Speaker #5: And it's telling the story of WAM and how they did the first ever tour to China. It's called WAM: 10 Days in China. If you haven't seen it, you've probably bumped into it somewhere in your reading over the last month or so.
Speaker #5: We'll return to that in a minute, but let's give you a summary of the first half of the year. We've done very well in our strategic priority growth areas.
Speaker #5: These are areas we've identified that can accelerate our growth over the next 2 or 3 years. And we are in our first year of those, and they're doing very well indeed.
Speaker #5: They're ahead of actually the targets that we set internally, which I'll explain in a moment. Revenue-wise, we've got line of sight now of 38 million for the year, of which 32 is secured and 6 is in the process of contracting.
Speaker #5: Gross margins are doing very well. We'll explain why shortly. We have had some big movements in the first half of the year. Between H1 and H2, 8 million pounds, quite a lot of that in the Middle East, which was initially on our slate to deliver in the first half of the year, and we book our revenue on activity.
Speaker #5: That activity has shifted to the second half of the year, so the revenue has shifted with it. We've done well on our cost savings plan as part of our One Zinc initiative, an implemented these.
Speaker #5: They're not just identified, they're implemented. And our programs are rating well and getting great critical acclaim. That's the summary. Just to start with, let's look at the numbers with Laura.
Speaker #6: So I will take you through our half-year key financials here. We have booked 13.2 million of revenue in this half of the year. That's down from this time last year, by 9.7, but it's actually at the same level as the prior year in 2024.
Speaker #6: As Mark said, 8 million of revenue has moved from H1 into H2 this year. And I'll come onto the seasonality of our revenue more in a second.
Speaker #6: Gross margins are up to 44%. We said in prior years that actually some of the investments that we'd made in previous years would start to come through in our gross margin, and that's what we're seeing.
Speaker #6: And it's also pleasing that we've managed to sustain our gross margin when there has been cost pressure. So managing our cost of sales in our productions.
Speaker #6: Our gross cash balance was 2.8 for the period end. And our EBITDA has moved down through an adjusted EBITDA loss of 0.9. This is in direct correlation to our reduction in revenue.
Speaker #6: Again, it's a very similar level to 2024. And finally, we'll talk about the pipeline more in due course, but we have 38 million of booked or highly advanced revenue at this point of the year.
Speaker #6: So that's revenue that we expect to book in this financial year. So seasonality. I've got two slides on this just to show you briefly what this looks like for us normally.
Speaker #6: What you can see from this slide is that 2025 was a bit of an outlier for us. In 2025, we booked 55% of our revenue in the half-year, and 45% in the second half of the year.
Speaker #6: What we're seeing this year in '26 is actually the seasonality is moving back to what we would think of as more of a normal pattern for zinc.
Speaker #6: So 35% in H1, and the balance in H2. And you can see this actually in absolute numbers now here. So we've just brought up 24% in '26 to compare the two, because they are very similar in their patterns.
Speaker #6: In '24, we booked 13.3 million of revenue at this point of the year, and in '26, we booked 13.2, and again, very similar gross profits and very similar gross margins.
Speaker #5: So some of the creative and strategic operational achievements in the first half of the year. Looking at our product, which ultimately drives all of our numbers, it's been a very impressive slate, actually, in the first half of the year.
Speaker #5: You hopefully have seen some of these. I'm just going to pick out perhaps three or four, because they relate to our strategic plan. Bottom left-hand corner is a show called Race Against the Tide.
Speaker #5: I'm highlighting this because it is a new entertainment format for us. It is part of one of those strategic growth pillars, which is to diversify our product offering into areas which are lucrative areas, where there's good returning sticky revenue and where we can make high margin IP.
Speaker #5: Intellectual property-related turnover. Race Against the Tide is one of these. It is a new entertainment format that is airing on the BBC at the moment.
Speaker #5: And we have high hopes for it to return, but it also plays to why this year is something of a transition year. The revenue for this was actually all booked in 2025.
Speaker #5: This is a program that takes contestants, puts them on a beach, and they have to race against the tide to make sand sculptures before the tide comes in and ruins their work.
Speaker #5: This was shot in May last year, 2025. All the revenue going with that activity and the program was delivered originally for transmission last year.
Speaker #5: Transmission changed. To this year, to August. So you can see it just about now, actually, on the iPlayer. The consequence of that is that we haven't had a second season recommissioned this year, because they won't recommission the second season until the first one has performed.
Speaker #5: It's performed very well in the ratings, but it is a summer-based show. So the first available slot to re-film this will be in next year in spring.
Speaker #5: That is part of the challenge of half-year and full-year results in a production company. We're not fully in control of when the revenue is booked in our accounts.
Speaker #5: So it's a good illustration of why you should look at zinc over a period of multiple years to get a sense of the trajectory.
Speaker #5: Next one I want to pull out is 9/11, The Unseen Tapes. That went out last week. To mark the 25th anniversary of 9/11. It's a good illustration of our premium documentaries, and it is a returning franchise.
Speaker #5: We're talking about other unseen type documentaries. Third one to pull out is Police Interceptors. This is a very big returning series for us that also drives that strategic pillar of IP-related distribution revenues.
Speaker #5: It sells all around the world. It's in its 17th or 18th season. We're having conversations about next year. And this we both make our money on the production but also on the sale of that show around the world.
Speaker #5: And just perhaps the last one to pull out is WAM. It is our first cinema release. It has absolutely put us on the map for being able to do these big large music biopics we've done quite a lot in music over the years.
Speaker #5: This one has elevated our story in music, and we're in conversations about which other big global artists could we revisit and do a music biopic for next year.
Speaker #5: So they all play to our long-term strategic plan, and there's plenty of others that you might want to look at on the website too.
Speaker #5: Awards are an important part of our business model, because they ultimately make clients feel good. They credibly illustrate that we deliver on our promise of being the best in class as a production company.
Speaker #5: And of course, they give you a reason to pick up the phone, speak to the client, and ask for more business. As our ratings and critical acclaim.
Speaker #5: They're all genuinely verifiable ways of delivering on the promise that zinc is a global production company at scale and with high reputation. Other things we've done in the first half, all tie into our growth plan.
Speaker #5: The growth pillars are genre expansion, geographical expansion, and IP exploitation. In the first half of the year, we launched our first AI production label, and it's also a label that wraps up all new technologies, which are driving content creation.
Speaker #5: This is an in-house team able to support all of our businesses and we are increasingly being asked to produce AI-specific content, especially for brands.
Speaker #5: Geographical expansion is part of our mix. We've agreed terms to acquire a business that's complementary to our existing business in CATA, in Doha. We've been in that country in that city for 15 years, producing production content.
Speaker #5: We've increasingly moved into entertainment production content. And you may remember, we did a big production in the Middle East last year. So this is a very neat strategic acquisition.
Speaker #5: It's an all-share deal. We have announced it. It's available to read via an RNS on our website. It should complete before the end of the year.
Speaker #5: And then IP exploitation, which wraps up digital as well. We are selling our content better. We are monetizing our owned property better, and we're distributing it to more countries around the world.
Speaker #5: And it's very high margin revenue. So good progress on all three of those. And we launched the One Zinc Initiative. This is where we've companies together internally to operate as a seamless individual company.
Speaker #5: So we've removed silos, we've removed complicated and duplicated workflow, and it has enabled us to remove cost. We've implemented a million pounds of savings that will be fully realized next year.
Speaker #5: So to the rest of this year, and next, Laura.
Speaker #1: Great. So this is our pipeline. This is how we measure and track how we are doing over the course of the year. So I'll just walk you through it from left to right.
Speaker #1: Last year, in 2025, we booked 41.5 million of revenue in the full year. This year, we have contracted 32 million of revenue that we expect to be booking in this financial year, and we are at a highly advanced stage.
Speaker #1: So nearly contracted on a further 6 million of revenue. Then we have further visibility of 6 million, which is either advanced or what we call engaged discussion.
Speaker #1: So we have a pipeline range for this current financial year of 38 million to 44 million. Then for next year, because we also obviously look into next year in terms of how we are going to start the year, we have line of sight on 9 million of revenue, which is either contracted or highly advanced, and then a broader pipeline of 39 million, which is at the advanced or engaged discussion stage, so that's a good point in time and a good metric for us to see how we're going to go into the next financial year as well.
Speaker #5: Just picking up on that bit of detail, there is the 38 million, 32 and 6, that Laura's just talked about. One of the big things that is happening in the market at the moment is there's a lot of movement because of big macro geopolitical events.
Speaker #5: We were due to repeat the big event that we did last year in May. This year, it's for an AI company. It's in the Middle East, and it was due to be repeated at a bigger scale this year.
Speaker #5: So it was in our forecast. That has moved because of the Iran conflict to next year. And that fundamentally has been that 7 million pound shift.
Speaker #5: There are a couple of other things. There is a brand film, again, for a Middle Eastern company that we've been commissioned to do, but we can't do the activity on, so we can't book the revenue.
Speaker #5: Again, because of the Iran war. So six of that 7 million has moved because of the Iran war, and one has moved just through normal delays to delivery.
Speaker #5: That's quite a significant shift, though, but it's one commission that, in effect, has moved out of this year. Next year, looks solid as Laura says.
Speaker #5: Just to give you a flavor of these strategic growth pillars and why we do stand behind our long-term, medium-term, in fact, forecast of getting this business to about 55, 50 million turnover 5 million EBITDA would be our mid-term ambition.
Speaker #5: And that's going to come from these three areas that I've made the subject of this update for you. We want to go in effect improve them from last year.
Speaker #5: They all contributed 14.4 million. So we want to try and get them to about 24 and a half by 2028. We set this out in April last year with a view to adding that 10 million over three years.
Speaker #5: And we have achieved 9 million in the first year. At the bottom is the breakdown of the three strategic pillars: geographic expansion, genre, product diversification, and IP exploitation.
Speaker #5: You'll see there that our geographical expansion is what's particularly driven this year's very significant uplift. We have more than doubled the size of our businesses in the Middle East, and that's before this acquisition comes through.
Speaker #5: It is a growth market for us. And my gosh, if it's growing at that speed now, think what it will do when this conflict eventually resolves.
Speaker #5: So put it in another way, last year we did 41.5. You've seen that number a couple of times in this presentation. How do we get to 50?
Speaker #5: We add this 10 million, of which we have already done 9. This year. So we are very confident that we will get this company to a 50 and 5 position over the medium term, because we can see these growth pillars delivering for us one year in.
Speaker #5: We show in the light purple the potential upside opportunity. Of course, there is an alternative view of this, which is the 41.5, which is assumed as set, softens.
Speaker #5: And it will soften, and it has softened. Already this year. But the point of the slide that shows the potential, even if the 41.5 softens a bit, we have demonstrated by doing 9 million of our target of 10 in the first year, that we can make up that ground from these growth pillars over the next two or three years.
Speaker #5: Here's an illustration of the changing dynamic of our business. The left-hand side of your graph here you see our revenue from 2024, which was broadly 60/40 split between television and production for brands and businesses.
Speaker #5: With a small amount of IP in the green. Last year, we made these areas a strategic priority. So we want to grow our business in new markets, IP, geographic expansion, and genre expansion.
Speaker #5: And you can see this year how that green box has improved. Significantly. But what's also happened is the purple box has dropped. Everything else has stayed or grown.
Speaker #5: And that purple box is traditionally in our heritage heartland of UK television production. The UK television production market is soft at the moment. You see that in reports from all of our peer group.
Speaker #5: Because we've identified these strategic pillars last year, we've been able to have some degree of shielding against that UK softened market. And that will level out into next year and our strategic growth pillars will continue to grow, and the evidence is there for all to see.
Speaker #5: So the shape of our business is definitely evolving in response to the market. And you can see that too on the right-hand side, which is our geographical breakdown.
Speaker #5: You can see back in 2024, we would predominantly a UK business with some rest of the world and a small proportion, 10% or 15% in the Middle East.
Speaker #5: Here we are this year, where our Middle East business will account for just under 40% of our total income generation. And the UK going forward, we expect to be less than half the group.
Speaker #5: That's just the response to an economy that is struggling here but growing faster elsewhere, which is why we as a group are more shielded and are proving to be more resilient to those that are absolutely based in UK and only based in television.
Speaker #5: We are a content-making production company. Content for screens. And you can see that we are increasingly moving into brand, businesses, corporate production, AI production, direct-to-consumer production, and still some television production.
Speaker #5: This is illustrative of why that strategy has worked for us against our peer group. This is a chart that tracks a number of our peer group, private and publicly owned, large and small, over a three-year period, because that is how we advise investors to assess a production company.
Speaker #5: Don't assess it on a half-year. Don't assess it on a soul year, because revenue follows activity. And if activity moves, so numbers can move with it.
Speaker #5: See it over a three to four-year period. This is the three years us and our peer group. The reason we have outperformed is because we are a highly diversified group.
Speaker #5: So this is our conclusion. Doing well this year. On-site for 38 million. Good growth. In fact, I'm going to say exceptional growth. We've achieved broadly our three-year plan for growth from our new verticals in the first 12 months.
Speaker #5: Really good visibility of next year. Supportive shareholder base. And an increasingly diversified product by genre and by geography and by price. So thank you for your time.
Speaker #5: Very happy to take some questions.
Speaker #1: Thank you, Mark and Laura, for the presentation. We have had a number of questions pre-submitted and submitted live. Just as a reminder, if you would like to ask a question, please type them into the Q&A box, situated on the right-hand side of your screen.
Speaker #1: Our first question is, you've had success with the inner circle and are moving further into entertainment formats. Is entertainment likely to become one of the biggest growth areas for Zinc over the next few years?
Speaker #5: It is our ambition to make it one of the biggest ones. It's certainly could be the most lucrative in terms of its value to us.
Speaker #5: Doesn't necessarily have to be the biggest by turnover. Because in entertainment, you typically also have the intellectual property. And that's the intellectual property that sells around the world.
Speaker #5: So yes, it's working for us. We're getting there. It is a hard market to break into. Because with the inner circle, we've managed to get the first ever quiz out of Zinc.
Speaker #5: And it's a Saturday night prime time BBC show with race against the tide, similarly, we have a good slate of things. But the number of opportunities are quite few and far between.
Speaker #5: So we pick and choose carefully where we place our investment in there. So yes, we intend to be a part of it. It may not be on revenue terms, but it should be on profitability terms.
Speaker #1: Thank you. Our next question is, what savings have you achieved this year, and are there any more to come?
Speaker #6: So we have so far this year implemented a million of savings, as Mark mentioned earlier. And we've identified for the rest of the year a further 0.2, which we are expecting to implement in the next quarter.
Speaker #6: So that's 1.2 for the full year of savings implemented, and we'll see the full year benefit in 2027. We talked a little bit about our One Zinc initiative.
Speaker #6: And in a company like ours, we are always looking at ways that we can be more efficient, whether it's through processes or through AI.
Speaker #6: Or through, as we bring in acquisitions through synergies. So at the moment, we have achieved what we set out to achieve, which is important.
Speaker #6: We will see that flow into our bottom operating cost next year. And then we will continue to look at other opportunities.
Speaker #1: Thank you. Our next question is, sorry. I've heard that Channel 4 has announced its reducing its headcount by a third. What does this mean for the TV market?
Speaker #1: And will this negatively impact on Zinc?
Speaker #5: It's illustrative. Of the challenges of the UK TV market. I mean, that's announcement by Channel 4. Isn't them keeping their business in shape and pruning it?
Speaker #5: It's them fundamentally reshaping the business. In response to the soft market. For UK, original TV commissioning. That is just a fact and it's the same with other companies that are very dependent on UK TV commissioning.
Speaker #5: The impact on Zinc actually will be relatively I mean, it could be zero in all honesty. We do some work for Channel 4. But it's a very small proportion of our work.
Speaker #5: We have a small market share with Channel 4. So actually, we can still grow our market share. From their new structure and their new commissioning rounds.
Speaker #5: They've done this because they want to put more money into the market. So actually, there is arguably an opportunity for us, given we have a very small market share with that channel, to be able to win some commissions if they're going to be reinvesting in the production market.
Speaker #5: So I think from Zinc's point of view, really, we'll wait and see. But I don't see any downside to Zinc in the short term.
Speaker #1: Thank you, Mark. Our next question is, please can you explain how you are saying you are growing in the Middle East, but also you are seeing projects delayed or postponed?
Speaker #5: Fair question. So there is a nuance in here. We have had businesses, and we have staff permanently in Qatar and permanently in Saudi. And we've been in those countries doing business for 15 years with a local presence.
Speaker #5: Business is pretty normal in those countries. For the citizens of those countries and the businesses in those countries. It's not as we see necessarily what we're fed here.
Speaker #5: I'm out there regularly. Our teams are out there regularly. And we have permanent people out there. Business has been conducted. Life is normal. So where we have those businesses in country, they're trading normally.
Speaker #5: They supply typically within the country from within the country. And that's the same, actually, as we've looked at WMP, which we don't own yet, but similarly, they provide events to the government and the health sector and the pharma sector in Qatar.
Speaker #5: Our edge business is doing fine in Qatar. So that is true. Where there are international opportunities, that we typically produce as a global production company, and those opportunities happen in the Middle East, they are being delayed.
Speaker #5: So the illustration we have is this big event. That is an international event. It's hosted by a Middle Eastern country. It's attended by the world.
Speaker #5: And it's produced by a global production company. They have postponed it because there is too much risk that a big global event can't happen and people can't travel.
Speaker #5: And insurance can't be had. So those are the things that are at risk at the moment. Not the actual business as much. There's some delays, but not as the business as much in country.
Speaker #1: Thank you. Next, we have, what do your current shareholders say about the performance of the group?
Speaker #5: They're very supportive of the group. We are very blessed to have I mean, you still got it on your screen, I think, an enviable institutionally led shareholder base, with large institutional investors.
Speaker #5: Who track this performance of this company over a long term. And they've seen the growth and trajectory of our business over the last three to five years.
Speaker #5: So their feedback to us is, it's a very difficult market. We're doing a really good job in a very difficult market. And delivering over time in the market.
Speaker #5: We all know we need scale. We need Zinc to get to 50 and 5 organically. But we also along the way need to bring in other companies, like WMP, to get this business to a size and scale that allows it to be even more resilient than it is in the moment in the market we're in.
Speaker #1: Thank you. Our next question is, what's caused growth margin improvement? And will it continue?
Speaker #6: So our growth margin for the half year is at 44%, compared to 37% last year. There is obviously quite a lot of going on in there, because growth margin is driven by revenue mix.
Speaker #6: But we expected our growth margin to improve, because of the investments we'd made in prior years, which depressed it slightly and expected it to come through and go over 40% in sort of these years.
Speaker #6: And that's what's happened. So this year, in the half year, we have already achieved quite a high proportion of our expected IP revenue, for example, which has a very high margin attached to it.
Speaker #6: If I compare it to last year, we had delivered the big event that Mark's referring to was in the first half of the year, which probably events tend to be a slightly lower margin than normal TVs.
Speaker #6: That maybe brought the margin down. So the comparison depends on the revenue mix. We would expect our growth margins to be maintained because we've achieved that so far.
Speaker #6: We have good production cost control. And as I've said before, we've taken savings out of the business. But year on year, that growth margin will always move up and down, because the revenue mix will change.
Speaker #1: Thank you, Laura. STV announced a drop in H1 revenue by over 60% and has put an impairment on its balance sheet against the value of STV Studios.
Speaker #1: Zinc acquired raw cuts in 2024. So how come that's doing so well when STV Studios isn't?
Speaker #5: I can't answer the question relating to STV. That's one for them. But I can talk about raw cut. Which is doing really well. And it's doing really well, because they have a very clearly defined proposition in the marketplace.
Speaker #5: They do police access. It's called Blue Light Access Programming. They're very competitive in that space. They have access around the world. And there's particularly around the UK to every police force in this country and have been doing it for 30 years.
Speaker #5: True crime is the phrase we use in our sector, is an audience rating hit. There is a lot of appetite for that type of television.
Speaker #5: And it sells around the world. So they are in a very sweet seam. They're mining a very sweet seam here, of very clear product proposition, really clear differentiation in the marketplace, and price point, and extremely good and credible access over three decades for that type of television.
Speaker #5: Add to that the power of Zinc. And this is, again, a stated fact. When you look at the evidence, the companies we buy and bring into Zinc perform better in the group than they have done in the preceding three to five years before they were in our group.
Speaker #5: That was true for the edge. And that is true for raw cut, because there is a halo effect of working in a larger organization.
Speaker #5: There's a halo effect of being in a larger creative organization with people that work and talk the same language as you, than being a small standalone company.
Speaker #5: And we bring the power of our platform, whether that be finances, HR, marketing, financial support. And the noise that Zinc can create adds value to all our businesses.
Speaker #5: So that's why they're doing particularly well.
Speaker #1: Thank you. The next question is, the BBC is cutting 500 roles. Will this have an impact on Zinc?
Speaker #5: At the moment, the roles are in news, or large proportion of them are in news. They've typically been back office roles up to now.
Speaker #5: But the BBC is starting to reshape its commissioning structure very similar to Channel 4. We have a good proportion of our business comes from the BBC.
Speaker #5: You've seen it here. So I'm hopeful that actually, because we make great product for them, we've been making it for 30 years, that we will continue to be able to do that, even though they're clearly changing their shape.
Speaker #5: I don't think the cuts particularly will relate to us. They're structural change might over time. But there is a charter renewal going on. And this government is friendly towards the BBC.
Speaker #5: So there's every expectation that charter renewal will continue to see the BBC reasonably well funded, relative to everybody else. And therefore, with our small market share, we'll be pretty fine, I think.
Speaker #1: Thank you, Mark. The next question is, why have you picked the three growth pillars you have? And are there any new areas of growth you think you should invest in?
Speaker #5: Well, we picked them because we saw the market opportunity was there to grow them. The UK market, the UK economy is really difficult. So geographical expansion is a logical strategic pillar.
Speaker #5: Any company could do that. We chose to do it, and we've been successful at it, because we also picked areas where we have a story to tell.
Speaker #5: Where we're already there, for example, in the Middle East. We have invested more in that geographical location. We've set up two new companies. One in Qatar, one in Saudi Arabia.
Speaker #5: That allows us to pitch and tender for work we couldn't do a year ago. That is a cost we've put in. But we can see that the market is responding.
Speaker #5: So we've picked things because we know the market's there. We have a credible case to be in that market and a case study to tell the story.
Speaker #5: In geographical expansion, in genre, diversification as well, we launched our initiative to move into entertainment nearly three years ago now. It does take time, but it's coming through.
Speaker #5: Why entertainment? Because it is bigger portfolio of money available. There's a bigger share of the cake. And it feeds the third pillar, which is IP related revenues.
Speaker #5: We also did IP related revenues, because we acquired raw cut in November 2024. And with them came a distribution company which we now have repositioned as Zinc Distribution Selling all of our owned catalog.
Speaker #5: So it's a combination of those things. Seeing where the market is, seeing which the higher margin revenue is, and making sure we have a story and a credible position to take to that market.
Speaker #5: In terms of whether there are others, AI is one. We've already talked about that. We've launched this new AI label. That is a big market.
Speaker #5: They are spending and investing a lot of money. They need content, and they have stories to tell. So we have identified that. And digital exploitation too, direct to consumer not just via YouTube, but via podcasts and apps and using our content on all the normal channels, where we have our owned IP exploiting that.
Speaker #5: There would be the next ones. I mean, they're not secret. We've said we're going to them. But they're not the three we're tracking against at the moment.
Speaker #5: So there are new areas we can bring through over the next couple of years.
Speaker #1: Thank you. Our next question is, what could hold back on the 50 million pound target?
Speaker #5: I guess the world needs to stabilize. That's the unknown. I'm really confident. I think our management team is really confident that these growth pillars will add well, we see it.
Speaker #5: They've added 9 million in one year. We will absolutely deliver on that target. There is softening in our core UK TV. That will stabilize.
Speaker #5: I think we've seen that big transition this year. I think we've expected to see that soften. So we will grow the business. And we've shown that in our forecast for next year.
Speaker #5: I think the upside is more interesting to talk about in terms of that. The big, big threat would be if the world doesn't stabilize, we've got a budget coming in the UK.
Speaker #5: We in effect got a new government with a new prime minister and a new chancellor and uncertainty. The UK economy is not in healthy shape.
Speaker #5: So we need to press on and grow our business where the markets are better. And we need the world. We need the Trump administration to stabilize the world a bit more.
Speaker #1: Thank you. We currently have no further questions. We'll hand back over to the management team for any closing remarks.
Speaker #4: Well, to thank you for joining.
Speaker #5: I do go on our website, please. Go on our socials. And follow the story. There's plenty more information there. If you're a current holder, then you know our story well.
Speaker #5: If you're new or you're thinking about joining us, I invite you to look at this slide, perhaps, that's in front of you. You want to join a company with a supportive shareholder base.
Speaker #5: Thank you. That is got clear performance and clear growth over the last three years. And that is highly diversified in the production sector. And ask yourself the question, do you believe fundamentally that content drives consumer behavior?
Speaker #5: If it does for you, it does for every other citizen. Content is the reason we choose to watch or consume or read or go on the screen.
Speaker #5: Wherever we happen to be and we're spending more times on a screen, more time on a screen than we've ever spent before. Zinc is a screen-based production company.
Speaker #5: We will make content for whatever the client need has, on a screen. So if you believe that's driving consumer behavior, then you should be investing in Zinc.
