The FY25 results were broadly in line with the market’s expectations, as revised following the trading statement in early February. The key figure of adjusted profit before tax was £29.3m vs our estimate of £29.6m. Net debt (pre-leases) was £66.6m vs our estimate of £88.7m, reflecting strong inventory control in H2. FY25 was a challenging year but trading thus far in FY26 has been encouragingly strong, and management confirms the FY26 outlook in line with expectations.