ZOO has announced strong full year results to 31st March 2022. Good momentum has continued, following the trading updates in January and April, both of which prompted upgrades. Revenue grew organically by 78% and Adjusted EBITDA by an even more impressive 84%, driven by good operational gearing and mix - we upgrade FY23E and FY24E forecasts. ZOO has a strong order book across all service lines, with increased demand as streaming customers push to produce premium content in the right geographies and languages, alongside continuing focus on back catalogues.