ZOO has delivered a very solid FY21 (to March) in line with the April update, with revenues up by a third and Adjusted EBITDA more than doubling. The group has navigated exceptionally well through the COVID-19 pressures, adapting its model, investing rapidly in new areas of growth and helping customers flex their own businesses to suit the new world. We see material long-term growth potential as customers continue to invest in content (both new and old) and ZOO’s skillsets and capabilities are clearly in demand.