Revenues and EBITDA are both in line, reflecting how trading was materially disrupted by strike action. Indeed a resumption of ‘normality’ will also likely be the key ingredient to a market (and Zoo’s) recovery. Reassuringly, we do see evidence of this (but caution this will take time). Even so, we do have enough confidence to maintain our FY25 forecasts looking for a 50% revenue recovery, and in conjunction with lower opex (as November’s staff cuts provide a full year of savings) do expect Zoo to return to a profit. $5.3m y/e gross cash and an $3m undrawn RCF also provide a buffer until an industry restart flows through the production cycle.
