ZOO’s global expansion is gaining pace. A successful £13m capital raise will support this strategy, funding the acquisition of one of its Japanese outsource partners, which is expected to be c.10% earnings accretive in the first full year of ownership (FY25). ZOO has also launched an Iberian hub by acquiring a 30% stake in AM Group for €825k. These investments reinforce ZOO’s strategy to expand its in-territory expertise across Europe, the Middle East and Southeast Asia in order to meet growing demand from streaming providers. We also take comfort from the recent trading update that outlined EBITDA at least in line with expectations and net cash significantly ahead at $11.8m. We adjust FY23 estimates to reflect these moving parts.