Research on Gear4music (Holdings) (G4M) from Progressive Equity Research
Trading continues to be in line with Board expectations. Lapping last year’s demanding H1 comparative of 31% revenue growth, G4M has delivered H1 revenue growth of 6% (and over 38% on a two-year basis) to £85.4m (FY26: £80.7m). This was achieved despite some moderation in Q2, driven by the prolonged period of extremely hot weather over the summer months. Gross profit has also advanced, with EBITDA expected to be £5.7m (FY26: £6.5m) reflecting set up costs of the new automated UK warehouse.
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