In a short trading update, ZOO states that trading in the first weeks of the 2021 financial year has been ‘encouraging’ with a ‘reassuring resumption in demand’. The group has also reiterated guidance given in its previous update in March for the financial year to 31 March 2020, for revenue and EBITDA of approximately $30m and not less than $2.2m respectively. Cash collection was much stronger than forecast and therefore cash at the yearend was $0.7m. We adjust our FY 2020E net debt expectations accordingly.