Gear4music’s FY25 trading update shows that its performance has been impacted by a more subdued than expected Q4. This resulted mostly from aggressive price discounting by underperforming competitors in both the UK and Europe, also adversely impacting gross margin. Exit run-rates provide an early indication that this competition could be lessening. While FY25 performance shows year-on-year (YOY) improvement over FY24 on most key measures, these fall shy of previous expectations. G4M has guided to FY25 EBITDA of £10.0m and PBT of £1.6m.