G4M’s full-year results to 31 March were in line with guidance given in its year-end trading update in April. The most important aspect of these results, however, is a further strengthening in top-line sales momentum from the double-digit growth since mid-March, accompanied by increasing gross margins. We view this as the result of G4M’s relaunch of its growth strategy in June 2024, supported by a more favourable competitive backdrop. With board expectations for FY26 lifted by the positive start to the year, we have accordingly increased our FY26E forecasts.