Today’s AGM statement by ZOO confirms that customer demand has continued to steadily recover following the end to the industry-wide strikes of 2023 and a strategic realignment within the streaming industry. ZOO has seen a strong recovery in its pipeline in H1 FY25, and market commentators are forecasting a return to 2022 levels of entertainment output in 2025. For ZOO, visibility extends a few months to January 2025. However, management is confident it will meet current market consensus for FY25, and we maintain our estimates for revenue of $61.8m and adjusted EBITDA of $5.6m. ZOO’s strategy is focused on deploying innovative technology, including AI, to provide leading end-to-end services to its customers. ZOO is emerging post supplier rationalisation as one of the few trusted E2E suppliers, which we anticipate will deliver profitable revenue growth as the run-rate recovers.