Confidence in forecasts has been well-placed, and upgrades of 22% today mark the 5th such upgrade while still leaving risk potentially to the upside. G4M’s refreshed growth strategy has enabled it to capitalise on, and maybe trigger, UK/EU competitor demise. These dynamics are ongoing although, as noted previously, an element of this year’s gross margin uplift is expected to be one-off, especially in H2. We reiterate Buy given confidence in the outlook.