Published on: March 22, 2022

Strong full-year trading update

ZOO has provided an update on current trading for the full year ending 31 March 2022. Strong business momentum has continued since the update on 26 January. Management notes that revenue is being driven by the rapid international roll-out of streaming services, and also through increased market share from its new service offerings and customer take-up for its dubbing service. The full year is now expected to be ahead of previous guidance; we increase FY22E revenue by 14% to $65m and adjusted EBITDA by 26% to $6.8m. This represents a 65% increase in revenue over FY21, with around $10m attributed to one-off regional launches of streaming services. We expect the current strength to continue into FY23E, and upgrade both FY23E revenue and EBITDA, by 10% and 14%, respectively. We also introduce FY24E estimates.

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