Published on: January 26, 2021

Further reasons for optimism

ZOO’s trading update in advance of its March year-end suggests that visibility continues to improve, and major new client projects have continued to deliver. A combination of a material back-catalogue focus across the industry, a growing acceptance of cloud-based dubbing, and a very modest return to new content production have combined to produce a robust outcome for FY21E, and we upgrade estimates. Just as importantly, the outlook for FY22 and beyond continues to improve, giving management confidence to invest in expanding ZOO’s dubbing service into new markets.

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