Financial performance during the peak seasonal trading period was in line with expectations, indicating good progress vs FY20 albeit down YoY as forecast. This and continued navigation/ mitigation of well-documented headwinds is reassuring. Crucially, EU DCs are scaling up well and momentum in Europe will soon be restored. Including AV, which launched last week, the group has a raft of incremental growth initiatives, making G4M a key pick for 2022.