Published on: November 16, 2021

Interim results in-line…with revised forecasts on slower Q3 European sales

G4M’s interim results were in line with Board expectations, reflecting the previously disclosed sales and gross margin performance, together with some operational deleverage against last year’s exceptional H1 performance. The group reported H1 EBITDA of £4.8m, compared with £8.5m last year, from turnover 8% lower and resilient underlying product margins down just 30bps. While the H1 results were in line with management expectations, Q3 trading in Europe has to date been slower than expected. The Board has therefore prudently reined back expectations towards previous levels, guiding to FY22E EBITDA of not less than £12m.

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