G4M has delivered an H1 trading update in line with internal expectations against the very strong H1 trading performance last year and is on track to meet full-year consensus market expectations. UK sales performance was the stand-out feature, coming in flat on last year. Europe’s performance was hindered by post-Brexit challenges, down 16% on last year, though up 14% on a two-year view. Group sales are down 8% in aggregate, but up 31% on a two-year view. Gross margin has held up well, being down 60bps on last year, but strongly ahead of two years ago (+280bps) and historical levels. G4M is well positioned from a supply chain perspective, with good levels of on hand stock going into its peak trading period.