FY19 results are fractionally below expectations which were lowered in April. The group continues to await news in relation to its potential involvement in a number of “preferred vendor” programmes which are expected to accompany some major changes in the content market. With this backdrop, ZOO is signalling greater caution around the phasing of revenue expectations from one of its major clients. We downgrade our FY20E estimates to reflect these issues around timing and ramp-up, but we note that much of the current uncertainty is being driven out of the material upheaval and (long-term positive) change under way. Despite today’s disappointment, our view of the market opportunity and ZOO’s positioning is unchanged.