Today’s year end trading update from ZOO points to the group’s strong market positioning and readiness to benefit from the expected significant demand for its premium services. The RNS confirms that revenues for FY 2019E will be in line with levels to which it guided in January, albeit slightly below our estimate. The January update stated that a steep decline in legacy “packaging” work (on DVD and Blu-ray) and the cancellation of one unusually large order were behind reduced guidance. We make a further small reduction to FY 2019E EBITDA as the latest update confirms that H2 will be around breakeven after ZOO reported $0.5m for H1. For the moment, we leave FY 2020E estimates unchanged as we await further detail in the final results announcement, scheduled for the week of 24 June 2019.