G4M’s update contains a mix of bad and good news. Results confirm a large proportion of gross margin/marketing efficiency has been retained, and UK trading is positive. However, Brexit headwinds are still restricting orders in Europe. Taking a prudent approach leads to 2/3rds of the last upgrade unwinding. The in-Europe solution to EU fulfilment is in place now, though, and scaling up rapidly, so these cuts might prove excessive. AV is not yet factored in either. With confidence in the growth ru ....