23 June 2026

 

Gear4music (Holdings) plc

Audited results for the year ended 31 March 2026

"Significant revenue growth, and EBITDA and PBT ahead of recently upgraded market expectations with a confident outlook"

Gear4music (Holdings) plc, ("Gear4music" or "the Group") (LSE: G4M), the largest UK based online retailer of musical instruments and music equipment, today announces its financial results for the year ended 31 March 2026.

FY26 Highlights*:

 

£m	Year ended 31 March 2026 ("FY26")	Year ended 31 March 2025 ("FY25")	Change on FY25
Revenue	190.7	146.7	+30%
Gross profit	54.2	39.7	+37%
Gross margin	28.4%	27.0%	+140bps
EBITDA	18.4	10.0	+84%
PBT	10.3	1.6	+£8.7m

 

·	Revenue growth of 26% in Q4 FY26, continuing the strong growth delivered throughout the year
·	EBITDA of £18.4m, ahead of previous market expectations (April 2026: £18.1m) and up £8.4m year-on-year (FY25: £10.0m; FY24: £9.4m)
·	EBITDA margin of 9.7%, up 290bps year-on-year (FY25: 6.8%; FY24: 6.9%)
·	Profit Before Tax of £10.3m, also ahead of market expectations, is £8.7m ahead of FY25 (FY25: £1.6m; FY24: £0.6m)
·	Net debt reduced for a fourth consecutive year, down to £5.0m at the year-end (FY25: £6.4m; FY24: £7.3m) having prepaid £3.1m in relation to the new UK warehouse

Trading Outlook and Strategy:

·	Multiple growth-focused technology and systems upgrades launched during Q4 FY26 and Q1 FY27 are performing well and set to yield benefits in FY27
·	Warehouse fit out progressing well and on schedule to be operational ahead of FY27 peak
·	New £45m committed Revolving Credit Facility secured through to August 2029, supporting planned capital investment and providing significant liquidity headroom to respond to strategic opportunities as they arise
·	Double digit percentage revenue growth FY27 year-to-date against tough prior year comparatives
·	FY27 trading to date in line with board expectations and on track to deliver FY27 consensus market expectations*

 

* Prior to this update, Gear4music believes that consensus market expectations were: (i) for the year ended 31 March 2026, revenues of £190.7 million, EBITDA of £18.1 million and profit before tax of £9.7 million; and (ii) for the year ending 31 March 2027, revenues of £200.2 million, EBITDA of £16.0 million and profit before tax of £6.0 million.

 

Commenting on the results, Andrew Wass, Executive Chair said:

"We are delighted to report that FY26 delivered significant strategic, commercial and financial progress, with strong revenue growth of 30% contributing to an excellent full-year financial performance. Improved gross margins combined with disciplined cost control have driven an 84% increase in EBITDA and a significant improvement in profit before tax, an increase of £8.7m compared with the previous year.

 

Due to strong revenue growth, in FY26 we announced plans to open a new automated distribution centre near York, providing additional capacity to support future growth. I am pleased to report that the project remains on budget and on schedule to become operational ahead of our peak trading period later this year.

 

Despite paying £3.1m in deposits relating to the new warehouse project, net debt reduced for the fourth consecutive year. In addition, the Group has secured a committed £45m Revolving Credit Facility through to August 2029, providing a strong liquidity position and enabling the business to respond quickly to strategic opportunities as they arise.

 

During Q4 FY26, we delivered several growth-focused technology initiatives, including the launch of an AI-based inventory forecasting and purchasing platform, a new CRM platform and digital promotions centre, and an AI-powered website chatbot.

 

To support the strong growth of high-end product sales in FY26, we also recently launched a white-glove in-house courier service, enabling us to deliver, set up and install premium products that we were previously unable to supply, further enhancing our customer proposition and overall customer experience.

 

Whilst it remains early in the financial year, double-digit revenue growth in FY27 to date gives us confidence that the business will build on the substantial progress achieved in FY26. Trading in FY27 to date is in line with the board's expectations despite more challenging year-on-year comparatives. We are on track to deliver FY27 consensus market expectations and the Group is well positioned to take advantage of further growth opportunities in both the UK and Europe."

 

- Ends -

 

Enquiries:

Gear4music Andrew Wass, Executive Chair Gareth Bevan, Chief Executive Officer Chris Scott, Chief Financial Officer	+44 (0)20 3405 0205
Singer Capital Markets - Nominated Adviser and Broker Peter Steel Anastassiya Eley	+44 (0)20 7496 3000
Alma - Financial PR Rebecca Sanders-Hewett Joe Pederzolli Sarah Peters	+44 (0)20 3405 0205 Gear4music@almastrategic.com

 

About Gear4music (Holdings) plc

Operating from a Head Office in York, Distribution Centres in York, Bacup, Sweden, Germany, Ireland & Spain, and showrooms in York, Bacup, Sweden & Germany, the Group sells own-brand musical instruments and music equipment alongside premium third-party brands including Yamaha, Roland and Fender, to customers ranging from beginners to musical enthusiasts and professionals, in the UK, Europe and the Rest of the World.

 

Having developed its own e-commerce platform, with multilingual, multicurrency websites delivering to over 190 countries, the Group continues to build its overseas presence.

 

Chairman's Statement

 

Strategic and Financial Overview

 

Our primary objective for FY26 was to return the business to strong, sustainable revenue growth whilst retaining the profitability improvements made over the last two years. Throughout the year we remained focused on the disciplined execution of our clearly defined Growth Strategy. The significant strategic and financial progress delivered in FY26 provides strong evidence that our strategy is gaining momentum, driving improved performance and delivering tangible results for the Group, as well as providing the platform to capitalise on the long-term growth opportunities.

 

The outstanding efforts of our team combined with improved market conditions have delivered strong financial outcomes with significant increases in revenue, profitability, and a fourth consecutive year of net debt reduction.

 

Operational and Commercial progress

 

I am delighted with the step-up in commercial, operational and financial performance reported through the year. This reflects well on the resilience of our business model and the disciplined execution of our strategic initiatives. We also believe that we are well placed to take advantage of further market opportunities in the UK and Europe as markets consolidate further.

 

Building on the success of FY26 and to ensure we continue to deliver a market-leading customer proposition, we announced plans to open a new automated distribution centre near York. This new facility is on track to be operational in Autumn 2026 ahead of seasonal peak trading. The facility will free up space in our current York site to enhance Showrooms, Second-hand and Returns operations, and enables us to consolidate operations from our Bacup site.

 

We are investing an estimated £10.2m into the phase one automation and fitout in FY27, increasing our UK distribution capacity by approximately 2.5 times to support continued growth. Once established, the facility is also expected to deliver increasing operational efficiencies and opportunities for margin enhancement as the business expands.

 

To support our growth ambitions, we have secured a committed £45m 'Revolving Credit Facility' ('RCF') through to August 2029 from our long-term banking partner HSBC. This facility secures an excellent liquidity position, reinforced by the strength of our balance sheet and enables the Group to respond swiftly to opportunities as and when they arise.

 

Environmental, Social and Governance

 

The Group remains committed to generating a positive and lasting impact on society, the environment, and our team. Recognising interest from a broad spectrum of stakeholders in our ESG performance, we are pleased to publish our third Climate Report, included in our FY26 Annual Report.

 

This year's report reflects the same level of depth and transparency of our disclosures achieved last year, and we aim to continue enhancing our ESG reporting in future periods. This ongoing development will further support our ability to evaluate and mitigate environmental impact wherever feasible and align with evolving stakeholder expectations.

 

Outlook

 

The Board is confident in the Group's ability to achieve its long-term strategic goals, underpinned by our leading customer proposition, expanding and scalable operational infrastructure, and robust balance sheet. Our focus remains on driving profitable growth and reinforcing our market leadership position across the UK and in Europe.

 

In FY26 we made significant progress with the core activities underpinning our Growth Strategy including development of new own-brand products, the enhancement of our marketing capabilities, and continued investment in our proprietary e-commerce platform. These cumulative strategic investments, coupled with the improved competitive landscape, position the Group well to maintain positive momentum through FY27 and beyond.

 

Andrew Wass

Executive Chair

22 June 2026

 

Chief Executive's Statement

 

Financial KPIs

 

	FY26	FY25	Change on FY25
Revenue *	£190.7m	£146.7m	+30%
UK Revenue *	£114.1m	£90.2m	+26%
International Revenue *	£76.6m	£56.5m	+36%
Gross margin	28.4%	27.0%	+140bps
Gross profit	£54.2m	£39.7m	+37%
Total Admin expenses	£43.7m	£37.3m	+17%
European Admin expenses *	£5.4m	£4.7m	+15%
EBITDA	£18.4m	£10.0m	+84%
Profit before tax	£10.3m	£1.6m	+£8.7m
Net bank debt **	(£5.0m)	(£6.4m)	+£1.4m

 

*              See note 2 of the Financial Information

**           See notes 13 and 14 of the Financial Information

 

Commercial KPIs

	FY26	FY25	Change on FY25
Website users***	82.4m	62.2m	+32%
Conversion rate***	1.39%	1.51%	-12bps
Average order value	£158	£147	+7%
Active customers	1,029,000	846,000	+22%
Products listed	66,600	63,300	+5%

 

***         Website KPIs transitioned from user-based to session-based metrics. Session-based data provides a more reliable measure of website activity given the effects of cookie consent requirements and guest checkout usage.

 

Business review

 

I am pleased to report tangible strategic progress and very strong performance across a wide range of metrics in FY26, especially as this has been delivered against a backdrop of ongoing macroeconomic uncertainty weighing on consumer confidence. All these achievements would not be possible without the exceptional commitment and contribution of our entire team, to whom I extend my sincere appreciation.

The financial year saw consolidation in the UK with two well established competitors in 'Guitar, Amp & Keyboard' ('GAK') and 'Play Music Today' ('PMT') and a number of smaller local operators ceasing trading and exiting the market. This simultaneously created an estimated £70m market share opportunity and improved market conditions as price aggressors left the market.

The European market also saw improved market conditions following the bankruptcy of a leading operator in March 2025 although it was later rescued by its founder. It was especially pleasing to see strong growth across our European markets demonstrating the effectiveness of our strategy and the wide appeal of our proposition to customers.

Strong and consistent revenue growth across the year highlighted that we had reached maximum capacity in the UK. To fulfil our growth ambitions, we announced plans to add an automated operation to our UK footprint and are on track to have Phase One operational in FY27 Q3.

Website sessions increased 32% reflecting heightened demand for our proposition in the current market and 'Average order value' ('AOV') increased 7% to £158, reversing a 4% decrease last year and this reflected proportionally more high value other branded product sales and less pricing pressures on some SKUs in certain territories as compared to last year.  

Financial overview

The Group has delivered transformational growth in revenue, supported by a strong gross margin and cost discipline, contributing to an £8.4m increase in EBITDA to £18.4m and an £8.7m improvement in Profit Before Tax to £10.3m. In addition, despite having prepaid £3.1m in relation to contract works and capital expenditure at our new UK warehouse, we recorded a fourth consecutive annual reduction in net bank debt down to £5.0m as covered in further detail in the CFO review.

Strategic Progress

Our Profitable Growth Strategy launched in 2024 continues to evolve and adapt to changing market dynamics, and pivot to capitalise on emerging opportunities. Our growth strategy is built around four pillars:

1.	Continuous development of our platform through targeted AI initiatives
2.	Expanding our capabilities to enhance customer experience
3.	Enhancing our product offering
4.	Diversifying our channels to market

 

Continuous development of our platform through targeted AI initiatives

This boosts productivity and elevates the customer experience through the offering of solutions that are unique in our market.

We delivered a series of substantial upgrades to our e-commerce platform throughout the year, including our proprietary AI based inventory forecasting and purchasing platform, our digital promotions centre, integrations with a new CRM/CEP system and a website AI chatbot.

Expanding our capabilities to enhance customer experience

Seeking and reacting to growth opportunities, we invest into operational infrastructure to maximise efficiency and ensure an exceptional customer experience at every touchpoint.

In response to strong revenue growth and an estimated £70m market share opportunity in the UK following the exit of several competitors, we are investing in additional UK operational capacity. Phase One of the project is expected to be operational in Autumn 2026 and will provide the capacity and operational efficiencies required, coming on stream ahead of our seasonal peak trading period and supporting our future growth in the UK market. As previously reported, total fit-out costs associated with the facility are expected to be £10.2m in FY27.

In June 2026 we launched an in-house courier operation to offer a differentiated white-glove delivery and installation service, to drive growth in premium product sales by enhancing the customer experience and build on recent gains in AOV.

Enhancing our product offering

This includes developing and launching a greater number of best-in-class own-brand products, scaling up our second-hand and digital download propositions, and exploring additional strategic brand partnerships. These initiatives are designed to ensure value for money and strengthening our market share. We evaluate opportunities to acquire legacy brands as they arise.

Continued expansion of our in-house product design and development capabilities enabled the successful launch of a record 771 new own-brand products. This strategic initiative supports our focus on differentiated offerings and margin expansion, further consolidating our market and value proposition. 

Diversifying our channels to market

As 'Artificial-Intelligence' ('AI') reshapes consumer behaviour and the digital search landscape, enhancing visibility within AI-generated search results including search engine AI overviews and large language models ('LLM's), is becoming increasingly important. In response, we are investing in initiatives that strengthen its presence across these emerging discovery channels and support long-term customer acquisition.

We continue to focus on channel diversification to reduce dependence on 'Pay-per-click' ('PPC') and drive more sustainable and cost-effective customer acquisition. We leverage influencers to expand our reach, develop affiliate programs, and integrate with new European marketplaces. Where appropriate, these efforts are supported with AI to maximise their effectiveness.

Outlook

While discretionary consumer spending remains under pressure, a positive start to FY27 relative to strong prior-year comparatives, provide the Board with a high degree of confidence in the Group's growth prospects for FY27 and beyond. This confidence is supported by enhanced operational foundations, a strong balance sheet and ready access to capital, and the continued disciplined delivery of the Group's strategic roadmap.

 

Gareth Bevan

Chief Executive Officer

22 June 2026

 

Chief Financial Officer's statement

Overview

 

The financial progress achieved in FY25 provided the Group with a strong foundation as it entered FY26, positioning the business favourably to accelerate execution of its Growth Strategy and deliver enhanced value for shareholders and stakeholders alike.

 

Since FY26 Q1, the Group has benefited from the exit of two established competitors in the UK, bringing a related improvement in broader market conditions. In addition, a major European competitor ceased trading during Spring 2026 after entering bankruptcy proceedings and subsequently restructured its operations.

 

The Group reports a particularly strong FY26 financial performance, delivering significant revenue growth, improved gross margins, and maintaining a disciplined approach to cost management. Collectively these factors contributed to year-on-year improvements of £8.4m (84%) in EBITDA to £18.4m and £8.7m in Profit Before Tax to £10.3m.

 

The Group's strong trading performance further strengthened its balance sheet. Notwithstanding an £8.6m increase in inventory to support continued revenue growth, together with £3.1m of prepayments relating to fit-out works, and plant and machinery at our new UK distribution centre, net bank debt reduced for a fourth consecutive year to £5.0m as at 31 March 2026. As a result, the Group's leverage ratio at 31 March 2026 improved to 0.3x FY26 EBITDA (FY25: 0.6x) further reinforcing the Group's robust financial position.

 

Revenue

 

	FY26	FY25	Change on FY25
	£m	£m	%
UK revenue	114.1	90.2	+26%
European revenue	74.7	54.7	+37%
Rest of the World revenue	1.9	1.8	+6%
Revenue	190.7	146.7	+30%

 

Revenue growth was consistently strong through the year with quarterly growth of 27%, 34%, 32% and 26% sequentially from Q1 to Q4. This equated to growth of 31% in H1 and 29% in H2.

 

UK revenue of £114.1m was £23.9m (26%) ahead of last year which itself was £7.1m (8%) ahead of FY24 reflecting the enduring strength of brand and proposition in our most mature market, with the Group taking further market share. This takes our estimated UK market share to 13.1% (FY25: 10.1%).

 

European growth has lagged the UK in recent years, reflecting challenging markets and competitive environment where certain underperforming competitors resorted to aggressive discounting. Consistent with our long-term strategy, we maintained pricing discipline throughout this period. Against this historical backdrop, FY26 revenue growth of 37% in Europe was particularly encouraging, supported by an improvement in market conditions and strengthening of the Group's position.

 

Revenues from sales outside of Europe accounted for 1.0% of total revenue (FY25: 1.2%).

 

	FY26	FY25	Change on FY25
	£m	£m	%
Other-brand product revenue	138.3	104.7	+32%
Own-brand product revenue	44.4	35.7	+24%
Carriage income	7.1	5.7	+25%
Other	0.9	0.6	+50%
Revenue	190.7	146.7	+30%

 

Other brand revenue of £138.3m was £33.6m (32%) ahead of last year reflecting improved market conditions and opportunities for particular brands in certain territories.

 

Own-brand revenue increased by 24% (+£8.7m) during the year, reflecting the continued strengthening of our product range and customer proposition. Own-brand products accounted for 23.3% of total revenue (FY25: 24.3%) despite representing just 8.8% of total SKUs listed (FY25: 8.8%). Growing our own-brand business remains a strategic priority for the Group and to support this ambition, we have again invested in our own-brand team, enhancing our capabilities in product development, sourcing and brand management.

 

Carriage income increased to £7.1m during the year and represented 3.7% of total revenue (FY25: 3.9%). The reduction as a percentage reflects lower average carrier costs and a 7% increase in AOV to £158.

 

Other revenue comprises paid for extended warranty income, and commissions earned on facilitating point-of-sale credit for retail customers. The proportion of revenue coming from these sources was 0.5% of total revenue in FY26 and 0.4% in FY25.

 

Gross profit

 

	FY26	FY25	Change on FY25
Product revenue (£m)	182.7	140.4	+30%
Product profit (£m)	58.5	43.8	+34%
Product margin	32.0%	31.2%	+80bps
Carriage costs (£m)	12.3	9.7	+27%
Carriage costs as % of sales	6.4%	6.6%	-20bps
Gross profit (£m)	54.2	39.7	+37%
Gross margin	28.4%	27.0%	+140bps

 

The combination of 30% revenue growth and a 140bps improvement in gross margin resulted in gross profit being £14.5m (36%) ahead of last year.

 

Product margin improved 80bps to 32.0% reflecting a disciplined approach to pricing and an improvement in market conditions following the exit of a number of aggressive price-led competitors. In addition, own-brand margins benefited from the expansion of new product ranges positioned at attractive price points and supported by favourable margin structures.

 

A 20bps decrease in carriage costs reflects customers selecting cheaper delivery options and a 7% increase in AOV.

 

The Group benefits from buying scale relative to its UK competitors, and its ability to source other branded products in Swedish Krona and Euros and receive product directly into its European distribution centres is a point of differentiation. The Group purchases its own-brand products in US Dollars and product margin can be impacted by exchange rate fluctuations.

 

Deal stock

 

In FY26 H1, the Group acquired inventory from the Administrators and suppliers of GAK and PMT for £2.2m. Sales of this inventory generated revenue of £3.6m at a 54% gross margin.

 

The incremental benefit of these transactions is difficult to quantify as the Group already stocked and sold the majority of the product lines, albeit typically at lower products margins. However, to illustrate the maximum potential impact, if the full revenue and profit contribution from these transactions is excluded the Group would still have delivered 28% revenue growth, and a 27.9% gross margin representing an improvement of 90 basis points on FY25.

 

Administrative expenses and Operating profit

 

Operating profit and EBITDA increased year-on-year by £8.3m and £8.4m respectively, to £11.5m and £18.4m. This significant increase in profits and profitability reflects the Group's ability to convert higher revenues into earnings through increased operational leverage, while maintaining disciplined control of its cost base.

 

	FY26	FY25	Change on FY25
	£m	£m	£m
UK Administrative expenses	(38.3)	(32.6)	(5.7)
European Administrative expenses	(5.4)	(4.7)	(0.7)
Administrative expenses	(43.7)	(37.3)	(6.4)
Other income	1.0	0.9	0.1
Operating profit	11.5	3.2	8.3
Depreciation and amortisation	(6.9)	(6.8)	(0.1)
EBITDA	18.4	10.0	8.4
EBITDA margin	9.7%	6.8%	+290bps

 

Administrative expenses increased 17% (£6.4m) on FY25, well below the 30% increase in revenue.

 

Combined marketing and labour costs of £28.5m (FY25: £23.9m) accounted for 65% of administrative expenses in FY26 (FY25: 64%):

               

-	Marketing costs increased by 21% year-on-year to £12.6m in FY26 (FY25: £10.4m) equating to 6.6% of revenue (FY25: 7.1%), reflecting improved efficiency from bringing PPC management back in-house, an improved team and set-up having resolved last year's issue, and improved market conditions. Marketing as a proportion of revenue was 6.4% in H1 and 6.7% in H2; and
-	Labour costs increased 17% year-on-year to £15.9m (FY25: 13.6m) reflecting a 9% increase in average headcount and a 7% increase in average cost per head. Labour costs accounted for 8.3% of revenue (FY25: 9.3%).

 

Other expenses and net profit

 

Net financial expenses of £1.2m (FY25: £1.7m) comprised £1.0m net bank interest (FY25: £1.1m), reflecting lower average net debt and lower interest rates, £0.3m of IFRS16 lease interest (FY25: £0.4m), and a £0.1m net foreign exchange gain (FY25: £0.2m loss).

 

The Group reports a profit before tax of £10.3m (FY25: £1.6m) that after tax translates into basic and diluted earnings per share of 34.9p (FY25: 4.0p basic and 3.8p diluted gain per share).

 

The FY26 tax charge of £3.0m reflects increased profits generated in the year, net of a £0.2m deferred tax credit. Profit for the year was £7.3m (FY25: £0.8m).

 

Cash-flow

 

Net bank debt decreased for the fourth consecutive year, from £6.4m at the start of the year down to £5.0m representing 0.3x FY26 EBITDA (£18.4m), and secured by two freehold properties with a combined carrying value of £6.7m.

 

In June 2026, the Group renewed its RCF at £45m for a further three years to August 2029 with its bankers, HSBC, providing the headroom to invest in opportunities including M&A as and when they arise.

 

	FY26	FY25	Change on FY25
	£m	£m	£m
Opening cash	5.6	4.7	0.9
Profit for the year	7.3	0.8	6.5
Movement in working capital	(10.0)	(1.8)	(8.2)
Depreciation and amortisation	6.9	6.8	0.1
Financial expense	1.2	1.6	(0.4)
Tax and Other operating adjustments	2.9	0.9	2.0
Net cash from operating activities:	8.3	8.3	-
Net cash used in investing activities:	(3.5)	(3.9)	0.4
Net cash used in financing activities:	(2.4)	(3.5)	1.1
Increase in cash in the year	2.4	0.9	1.5
Closing cash	8.0	5.6	2.4

 

'Movement in working capital' primarily reflects an £8.6m increase in inventory investment (25%) over the year, in-line with increased trading activity and partially offset by a £2.5m increase in trade payables. This movement also includes £3.1m of prepayments in relation to contract works and capital expenditure in relation to the Group's new UK warehouse that will unwind in FY27 H1.

 

Net cash outflow in investing activities was £0.4m lower than previous year at £3.6m including £3.3m of capitalised software development costs (FY25: £3.6m) and £0.3m property, plant and equipment additions (FY25: £0.3m). Depreciation and amortisation of £6.9m (FY25: £6.8m) is added back in 'net cash from operating activities'.

 

Net cash outflow from financing activities of £2.4m (FY25: £3.5m outflow) represents £2.1m payment of lease liabilities (FY25: £1.7m) and £1.2m interest paid (FY25: £1.8m), net of a £1.0m increase in borrowings under RCF (FY25: flat).

Balance sheet

 

The Group's balance sheet strengthened further during the year, with net assets increasing by £7.0m to £46.3m. The Group also has significant financial flexibility with its newly confirmed £45m committed RCF.

 

	31 March 2026	31 March 2025	Change on 31 March 2025
	£m	£m	£m
Property, plant and equipment	9.0	10.1	(1.1)
Right-of-use assets	5.2	6.5	(1.3)
Software platform	11.5	12.3	(0.8)
Other intangible assets	9.2	9.3	(0.1)
Total non-current assets	34.9	38.2	(3.3)
Inventory	42.8	34.2	8.6
Cash	8.0	5.6	2.4
Other current assets	7.0	3.4	3.6
Total current assets	57.8	43.2	14.6
Trade payables	(13.4)	(12.1)	(1.3)
Lease liabilities	(1.9)	(1.9)	-
Corporation tax payable	(2.7)	-	(2.7)
Other current liabilities	(8.8)	(7.8)	(1.0)
Total current liabilities	(26.8)	(21.8)	(5.0)
Loans and Borrowings	(13.0)	(12.0)	(1.0)
Lease liabilities	(4.6)	(5.9)	1.3
Other non-current liabilities	(2.1)	(2.4)	0.3
Total non-current liabilities	(19.7)	(20.3)	0.6
Net assets	46.3	39.3	7.0

Capital expenditure on property, plant and equipment totalled £0.3m across all sites (FY25: £0.3m).

The Group's freehold head office in York was independently valued at 31 March 2026 at £5.6m, resulting in a £0.5m non-cash revaluation reserve charge in the year.

The Group capitalised £3.4m of software development costs during the year (FY25: £3.6m), relating to the ongoing enhancement of our proprietary e-commerce platform. Related amortisation of £4.2m (FY25: £4.1m) resulted in a year-end net book value of £11.5m (FY25: £12.3m).

Other intangible assets £5.3m goodwill, £3.0m domain names, and brands of £0.9m.

Reported inventory of £42.8m was £8.6m (25%) higher than at 31 March 2025, in-line with increased trading activity and reflecting investment in inventory on-hand availability including own-brand range and breadth across all DCs, and investment in branded-products as and when the right opportunities arose.

The Group reports net bank debt of £5.0m at the year-end (31 March 2025: £6.4m).

Dividends

The Board is confident in the prospects for the business and recognises the importance of generating and retaining cash reserves to support future growth, and as such the Board does not consider it appropriate to declare a dividend at this time but will continue to review this position on an annual basis.

 

Chris Scott                           Chief Financial Officer                    22 June 2026

Consolidated Statement of Profit and Loss and Other Comprehensive Income

		Note						Year ended  31 March 2026		Year ended  31 March 2025
								£000		£000
Revenue		2						190,735		146,720
Cost of sales								(136,490)		(107,057)
Gross profit								54,245		39,663
Administrative expenses		2,3,4						(43,719)		(37,335)
Other income		3						1,007		910
Operating profit								11,533		3,238
Financial expenses		6						(1,421)		(1,791)
Financial income		6						231		115
Profit before tax								10,343		1,562
Taxation		7						(3,028)		(730)
Profit for the year   Other comprehensive income   Items that will not be reclassified to profit or loss:   Revaluation of property, plant and equipment Deferred tax movements   Items that are or may be reclassified subsequently to profit or loss:   Foreign currency translation differences - foreign operations   Total comprehensive income for the year		8						7,315           (483) 123           (87)     6,868		832           - 5           36     873
Basic profit per share		5					34.9p		4.0p
Diluted profit per share		5					34.9p		3.8p

The accompanying notes form an integral part of the consolidated financial report.

Consolidated Statement of Financial Position

				Year ended 31 March 2026	Year ended 31 March 2025
	Note			£000	£000
Non-current assets
Property Plant and Equipment	8			8,981	10,134
Right-of-use assets	9			5,171	6,479
Intangible assets	10			20,767	21,606
				34,919	38,219
Current assets
Inventories	11			42,776	34,193
Trade and other receivables	12			7,010	3,147
Corporation tax receivable				-	239
Cash and cash equivalents	13			8,015	5,576
				57,801	43,155
Total assets				92,720	81,374
Current liabilities
Trade and other payables	15			(22,187)	(19,921)
Lease liabilities	16			(1,857)	(1,869)
Corporation tax payable				(2,717)	-
				(26,761)	(21,790)
Non-current liabilities
Interest-bearing loans and borrowings	14			(13,000)	(12,000)
Other payables	15			(320)	(238)
Lease liabilities	16			(4,571)	(5,940)
Deferred tax liability				(1,771)	(2,103)
				(19,662)	(20,281)
Total liabilities				(46,423)	(42,071)
Net assets				46,297	39,303
Equity
Share capital	17			2,098	2,098
Share premium	17			13,286	13,286
Foreign currency translation reserve	17			53	140
Revaluation reserve	17			754	1,145
Retained earnings	17			30,106	22,634
Total equity				46,297	39,303

The notes 1 to 19 form part of the consolidated financial report.

 

Company registered number: 07786708