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Zoo proves king of the jungle as Hollywood comes calling
It was an extremely lacklustre week with most markets remaining virtually unchanged and trading in a very narrow range. As the summer season is under way, thoughts are obviously with Wimbledon, Henley and the Ashes rather than trading the FTSE constituents.
Having said that, with few distractions on offer for Yorkshire brokers, there have been some big movers in the YP 75 this week.
Top of the leader board has been Sheffield-based Zoo Digital after they announced their first profit and a strong order book.
The company reported a pre-tax profit of 200,000 for the year to March 31, compared with a loss of 1.9m in 2008, while revenues rose 100 per cent, to 6.6m.
Hollywood's leading studios are attracted by Zoo's unique technology which allows rapid print and packaging in multiple languages and quick design of software for interactive DVDs at a fraction of the normal cost.
The news was less positive at 600 Group. Chief executive David Norman was quoted as saying that he had lived through recessions in the past, but this was the worst he had ever seen. The group reported a pre-tax loss of 8m, compared to a pre-tax profit in 2008. To cut costs, the company has restructured and this has meant closing 12 sites and losing more than 200 jobs.
While the majority of the restructuring has taken place there might be a small number of further job losses and the sales, marketing and distribution divisions are being consolidated.
Elsewhere, ladder and storage box supplier HC Slingsby admitted that trading is substantially below last year. The company has adjusted its cost base accordingly but takes heart from its strong and debt-free balance sheet.
Debt concerns were at the forefront of power generator Drax's latest update as the company placed 108m in shares to prevent rating agencies downgrading their debt to sub-investment grade.
Results are expected to be in line with analyst's forecasts and the company still hopes to be debt free by 2013.
Glisten, the manufacturers of chocolate and sugar-based confectionery, warned that profits would be below expectations following the discovery of accounting failures at Halo Foods, the largest part of its fruit and cereal snacks division.
Several directors from this division have been suspended but, overall, the company is still positive in its prospects given its strong underlying growth and solid profitability.
Hull-based telecoms company KCOM Group signed a strategic agreement with BT Group which will extend its network reach anywhere in the UK and outsource management of its network assets.
Under the deal, KCOM will be able to trim back its operational and capital expenditure costs associated with the management of its network infrastructure. About 140 KCOM staff will transfer to BT and it is estimated that the company could save between 70 and 80m.
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Weather for Yorkshire
Tuesday 22 May 2012
Today
Sunny
Temperature: 9 C to 23 C
Wind Speed: 12 mph
Wind direction: North
Tomorrow
Sunny spells
Temperature: 11 C to 22 C
Wind Speed: 10 mph
Wind direction: North east
