This morning’s trading statement from ZOO confirms that customer demand has continued to recover following the end to the industry-wide strikes of last year, with FY24 expected to be ‘at least’ in line with current market consensus. We maintain our FY24 estimates, which we increased slightly at the recent March update, with revenue at $39.9m and an adjusted EBITDA loss of $13.4m. New productions are translating into a healthy order pipeline, with market commentators forecasting a return to 2022 levels of entertainment output in 2025. ZOO’s strategy remains focused on developing and deploying innovative technology, including AI to provide leading and differentiated end-to-end services to its customers. ZOO has recently received dubbing and subtitling orders following its appointment as a primary vendor for another major studio. This provides further evidence that ZOO is emerging post supplier rationalisation as one of the few trusted end-to-end (E2E) suppliers, with its capital-efficient approach involving production hubs in key locations, which we anticipate will deliver profitable revenue growth as the run rate recovers.