G4M’s interim results were in line with last month’s detailed trading update. More encouragingly and importantly, FY25E’s sequential quarterly improvement in revenue growth continues, with 5% revenue growth achieved in Q3 to date. This has been delivered against the backdrop of a challenging consumer environment, most notably in G4M’s European markets. With November and December typically accounting for around a quarter of annual revenues, this is propitious for the full-year outturn, which G4M says remains in line with consensus market expectations.