Morning all!

Gear4music Holdings ( £G4M ) – 617p – £129.2m – PER 45.1

Trading Update For The 6 Months To End August 2018 – Revenue up 36% (which is ahead of expectations) to £42.5m (FY18: £31.2m) backed up with active customer numbers up 40% to 547,000. Expects FY EBITDA to be in-line (but mention of margins seems to imply PBT will not be – Perhaps). There’s a strange year end (by a month) change too.

Gets more attractive as the price drops but still not yet convinced here – The mention of margins is a bit of a put off (not sure if this is a small (real, not EBITDA) profit warning), I remain Neutral for now.

As always, all comment most welcome!

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