FY23 was a standout year by any metric as ZOO Digital reported 28% revenue growth (+25% organic) and a 7.1 percentage point increase in adj EBITDA margins to a record 17.1%. Group revenues of $90.3m are consistent with the Group’s July trading update ($4.7m below our previous $95m forecast) but adj EBITDA is $1m higher at $15.5m. FY23 revenues could have been even higher if not for a slowdown in Q4 which has continued into H1’24. This slowdown has been well documented, as a number of major media ....
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