ZOO has provided a brief but very positive trading update ahead of its AGM. H1 23 is expected to be ahead of guidance with revenue of at least $51m, up at least 89% on H1 22 ($26.9m) and 17% on H2 22 (£43.5m), and a considerable increase in EBITDA given operational gearing. We are therefore upgrading our FY23 and FY24 estimates, having increased confidence that ZOO will exceed its $100m revenue target in FY24E, with scope to achieve it this financial year if momentum continues. Strong revenue growth is driven by new production returning to pre-Covid levels and significant growth from territory launches, boosted by the well-timed roll-out of ZOO’s strategic hubs and continuing back-catalogue migration.