Hello. I'm Andrew, Founder and Executive Chair of Gear4music.

Before Chris and I take you through our FY26 results, I thought it'd be helpful to start with a brief overview of what Gear4music does and why we believe we have a compelling investment case. As a business, we're strong advocates of using AI to achieve efficiencies wherever appropriate.

Rather than me delivering this introduction, I thought I'd hand over to my digital AI twin. I'll see you again in a few minutes.

At its core, Gear4music is an online retailer focused on making music equipment more accessible. We offer a broad range of products from guitars, drums, and keyboards to studio, DJ, live sound, and home audio equipment, serving everyone from first-time beginners to professional musicians.

What sets us apart is our combination of product choice, value, specialist expertise, and a customer experience built around how people buy musical equipment today. Alongside leading third-party brands, we continue to grow our portfolio of higher-margin own-brand products, broadening our appeal across customer segments and price points.

While many traditional retailers remain store-led, Gear4music has modernized musical instrument retail through technology, operational efficiency, and scale. At the heart of this is our proprietary e-commerce platform built specifically for the complexities of the musical instrument market.

These capabilities enable differentiated services, including the efficient trade-in and resale of second-hand equipment at scale, while supporting increasingly sophisticated pricing, inventory management, fulfillment, and customer experience. Across Europe, we have localized our websites and customer experience while leveraging a scalable logistics network.

This allows us to deliver high levels of convenience, product availability, and service consistency across multiple territories. The combination of proprietary technology, specialist expertise, product breadth, and scalable infrastructure has created a differentiated market position that is difficult to replicate.

It has established Gear4music as a trusted destination for musicians at every stage of their journey and positions the business well for continued long-term market share growth. Thank you for listening.

I'll hand you back to the real Andrew. Hello again.

I hope you enjoyed watching that as much as I enjoyed creating it. Before we get into the detail of the results, I'd just like to briefly highlight this slide, which reinforces the points just made by my digital twin, and importantly, what sets Gear4music apart from other retailers in our market.

The key takeaway is that we've fundamentally modernized how musical instruments and equipment are sold in what was a traditional, highly fragmented specialist retail sector. By developing our own proprietary technology platform and creating our own exclusive product ranges, we've built a scalable business model that has enabled us to grow significantly faster than other retailers in our sector over the last 20 years in what is a £5 billion market.

These capabilities give us greater control of the customer experience, they support operational efficiency, and provide a strong foundation for continued profitable growth. Turning to our FY26 results, in summary, we've had a fantastic year.

We returned to strong revenue growth of 30%, margins improved across the business, delivering significant gross profit growth, whilst maintaining good cost control resulted in an 84% increase in EBITDA and a profit before tax of just over £10 million, an £8.7 million improvement compared with the previous year. That's meant fulfilling a record number of orders of over 1.2 million, which has meant we've reached maximum capacity in our UK warehouse, but as I will discuss in a few minutes, we have a clear plan to address this, providing significant additional capacity and operational efficiencies to support future profitable growth.

We recognize investors will want to know how we intend to build on such a strong year. The summary answer is that most of the growth-focused system upgrades we've been investing in over the last few years, we've only deployed during the fourth quarter of FY26.

Combined with additional warehouse capacity we have coming online ahead of this year's peak trading period, we expect to see good results from these new developments during the current financial year, and we'll cover these in more detail shortly. Before that, just looking into a few key financial trends.

On this slide, you can clearly see the progress we're making, with revenue growth and continued EBITDA improvement, and net debt coming down for the fourth consecutive year, average order value up by 7%, reflecting the growing contribution from higher-value products and customers—we'll talk more about that shortly—and it's great to see European growth bounced back strongly, growing faster than in the UK market. I think this is particularly noteworthy given that we saw the greatest level of competitor consolidation in the UK market.

For me, this underlines a really important point. Whilst market conditions undoubtedly help create opportunities, the growth we've delivered is equally a result of the strategic investments we've made and implemented across the business.

In other words, we're not simply benefiting from changes in the market, we're executing against a clear strategy that's driving our market share gains. We thought it'd be useful to share a broader range of KPIs in this next slide to illustrate where the growth and progress have come from, and the answer is it's been pretty much everywhere.

Growth has been driven by multiple initiatives rather than any single factor. Education sales performed particularly well during the year, benefiting from both reduced competition and additional government funding for schools, which happily has been extended again into this year.

Showroom sales worth calling out: all four of our showroom locations—York, Bacup, Sweden, and Germany—delivered strong growth, with York performing especially well. We don't have plans to expand our physical store estate, but there is an opportunity to grow showroom sales within the existing locations.

Even the lower growth metrics demonstrate solid positive progress. Second-hand, for example, sales grew slower than last year because it's been less of a focus with all the other opportunities that we've had, and it does take more physical space to handle and store second-hand products, given the capacity constraints we've had, it's just been a lower priority, but we still very much believe it has a strong future.

Otherwise, it's good to see both marketing and labor costs grow at a slower rate than revenues, which of course helps the bottom line. Earlier, I mentioned we've recently launched several important projects and developments, and slide 6 provides an overview of these.

Two of the most significant are commercial growth projects that support both sides of our business, buying and selling. On the buying side, after three years of in-house development, in March, we launched our new AI-powered forecasting and purchasing platform.

This will help us identify missed sales opportunities, improve stock efficiency and availability, and make our purchasing processes more efficient. On the sales side, we've completely redesigned our CRM and promotion systems.

It's a major upgrade that allows us to build and layer promotions in a more sophisticated way. For example, we can now combine offers such as trade in your old product and then receive a discount on any Gear4music guitar.

The system can also generate far more personalized and relevant automated communications with our customers. We're also highlighting on this slide our new largely automated UK distribution center that I mentioned earlier and G4M Courier, which is our in-house white-glove delivery service just launched last week.

We do have dedicated slides for both of these, I'll move straight on to G4M Courier. We want to make the most of the growth we've seen in higher-value transactions whilst also addressing a limitation that's prevented us from selling certain products in the past.

For some premium products, manufacturers expect a level of delivery, set-up, and customer service that third-party carriers aren't designed to provide. Yamaha is a good example of a brand that have certain premium products that require higher-touch service than we've been able to deliver before.

We've launched our own white-glove delivery service, initially just covering UK, and allowing us to sell those products that we've not been able to sell before, potentially generating an additional £3 million to £4 million of revenue during the next year. The good news is that the costs are comparable to existing third-party couriers, and in some cases actually cheaper.

Whilst this is a relatively small project in the scale of things, it serves as a good example of our approach to innovation, identifying practical opportunities to unlock growth and better serve our customers. To slide 8, UK logistics transformation.

During the last year, it became clear that if we wanted to continue growing in the UK, we had to address capacity constraints within our existing facilities. At the same time, we want to improve efficiency and create a platform that supports long-term profitable growth.

We're undertaking a transformation program that will take us from a largely manual warehouse operation to a highly automated one, enabling future scaling whilst keeping our underlying operating costs stable. The new warehouse is located less than 30 minutes' drive from our existing York headquarters and warehouse.

The plan is, all UK distribution of new products will move to the new facility. This will allow us to close our smaller Bacup operation that's focused on AV products and repurpose capacity for the things that require a skilled workforce, including returns processing, expanding our very successful showroom, and unlocking second-hand sales growth.

We estimated a phase-one investment of just over £10 million, which we're on track with, to be completed ahead of peak this year, and it will support more than 60% of UK order volumes as we move into next year. Phase-two installation will likely begin later this year to be completed ahead of peak 2027.

The new facility will be capable of handling more than two and a half times our current throughput for broadly the same labor cost we have now. When fully operational, around two-thirds of our UK shipments will be highly automated with an 85% reduction in labor required for those shipments, whilst also delivering a more consistent packaging standard.

It's worth noting there will be some duplicated costs as we cross over into the new facility, which the analysts have previously noted and will potentially result in a slightly lower profits for the current financial year, but it's well worth the small, short-term P&L downside to unlock future growth, and we expect the investment will pay back in just three to five years. With that, I'll hand over to Chris, who'll take you through the FY26 numbers in more detail.

Thanks Andrew, and welcome everyone. Thanks for joining us.

It's great to be able to report that all the strategic, commercial, and operational progress that Andrew has detailed has come through into the financial results for the year. The figures themselves are largely pre-announced, albeit slightly higher, and I'll draw out the main points and hopefully add some useful color.

The main takeaways from slide 10 are growth, margin progression, and operational leverage. Gross margin is covered in the coming slides and reflects a lot of hard work by our buying teams and improved market conditions.

In the year, we had a one-off upside on the sale of some deal stock that we acquired out of the insolvencies of two competitors. We made sales of £3.6 million at a 54% gross margin, although how much of this is incremental is difficult to say, as we already stock the majority of the products and make over 50% margin on our own-brand products anyway.

Just to illustrate the maximum potential impact, if you stripped out all of these sales in full, we'd still have grown at 28% and be reporting a 27.9% gross margin, which, as you can see in the chart on the bottom left, would still be a very good result. Marketing efficiency has been transformed as we brought pay-per-click operations and management back in-house and as the market improved.

Labor costs increased, but well below top-line growth, which contributed meaningfully to the EBITDA margin improvement. Slide 11 breaks down gross margin into its component parts, and we're reporting an improvement in product margin, reflecting a continued, disciplined approach to buying and pricing, and improved market conditions.

It also includes a decrease in net carriage costs, which is a reversal of last year's increase and reflects a 7% higher average order value and carrier deals partially passed on to our consumers and partially banked. Own-brand improvements reflect the culmination of a lot of hard work to refresh and broaden the range at attractive price points, underpinned with a favorable margin structure.

Branded margins continue to be stable, reflecting our pricing discipline. Slide 12 draws out the key trading themes, and you can see very strong revenue growth spread across brands and geographies.

We're especially pleased to see bounce-back growth in Europe, reflecting a normalized level of marketing and good stock breadth and depth across DCs, particularly in own-brand. The UK continues to do very well for us, reflecting an improved market where our brand is most established and where we launch our growth initiatives first.

Own-brand is a really important part of our business in terms of margin enhancement and point of differentiation, and it really does punch above its weight, with 23% of revenue coming from just 9% of our SKUs. Marketing and labor are the main component parts of our cost base, accounting for 77% of overheads and 65% of admin expenses.

Marketing continues to be highly focused on pay-per-click, although we have reduced the spend allocation from 88% last year down to 84% as we diversify and increase investment in other areas. Labor costs are up on last year, reflecting a 9% increase in average head count and a 7% increase in average pay.

Slide 13 pulls together the trading themes in a P&L format, and you can see the amplifying effect of very strong top-line growth, a strong gross margin, and operational leverage as we report EBITDA of £18.4 million, which is our second-highest figure ever, and by some way, second only to the COVID year. Touching briefly on a couple of the other lines: other income of £1 million includes £500,000 of property rents, of which £200,000 was a short-term sublet in Spain that won't repeat in FY27 as we've downsized; and net finance expenses are £500,000 lower than last year, reflecting a £300,000 net improvement in FX and £100,000 lower bank interest.

Moving on to the balance sheet: net debt of £5 million equates to just 0.3 times EBITDA and is £1.4 million lower than last year, notwithstanding an £8 million increase in inventory and £3.1 million of prepayments in relation to our new DC. Reported stock of £43 million was 25% higher than last year, reflecting investment in breadth across our DCs and our continuing to take advantage of opportunities as and when they arise.

Stock turn has been fairly consistent over the years, reflecting how we run the business, and turned 3.7 times in the year compared to 3.6 times last year. It's worth calling out we continue to have an unleveraged working capital cycle, with £43 million of stock at the year end relative to just £13 million of total trade payables.

We have freeholds of £6.7 million and capitalized £3.4 million of software development costs, including £600,000 of outsourced costs that have since been reduced. The cash flow waterfall shows our core business generates a really good level of cash.

We've invested in working capital, and this can be reversed, as we proved in FY24, and in a big way in FY23. We invest and will continue to invest in our e-commerce platform, and as we grow, the relative size of this investment decreases, and as a percentage of sales, this has come down from a high of 3.5% in FY23 down to 1.8% this year.

These figures are slightly distorted by our prepaying £3.1 million in relation to our new DC. This is an early payment of part of the £10.2 million estimated CapEx and reverses in FY27.

Moving on to some website metrics, I should start by calling out that we've moved from user-based to session-based reporting, as this gives a more reliable measure of website activity given the effects of cookie consent and guest checkouts. The trends are the same either way, but these figures are more consistent with our other data, and we will be consistently reporting on this basis going forwards.

We've also moved to a new third-party CRM system that should provide better consumer insights each year going forwards. The main points from the slide are a significant increase in traffic to our sites in line with revenue growth and a small decrease in reported conversion, reflecting increases in cross-domain journeys and in automated traffic sessions with zero conversion.

Slide 18 updates on some customer metrics, and the key point remains that we're profitable from the first transaction, with a £45 gross profit and a £14 acquisition cost. Having said that, over 200,000 customers did come back to us in the year, and the chart on the right clearly shows customer retention is improving, and this should continue to get better through things like remarketing.

Average order value is up 7%, reflecting a higher proportion of bigger-ticket sales and lower pricing competition on certain SKUs at certain times. Email subscriber database increased again, and by 200,000 to 2.2 million.

These are people who have actively signed up and are receiving our emails. I'll now hand back to Andrew.

Great. Thanks, Chris.

One objective of our refreshed growth strategy from last year was to diversify our marketing channels and draw more organic sources of demand. An area where we've made really good progress is influencer marketing.

Over the last two years, we've invested in a dedicated influencer team to build and develop partnerships across our key markets, and we're now really starting to see the benefits. During FY26, our influencer network generated, on average, 125 pieces of content a month.

Over the next 12 months, we're targeting to grow this to 200 pieces a month, with a particular focus on expanding our European presence. Whilst a significant proportion of European customers consume English language content, we want to increase engagement by using more local languages, partnering with a broader network of regional influencers.

This will help us continue building brand awareness, deepen customer engagement, and further diversifying our marketing mix. As you can see from this slide, we deliver growth across all major product categories during the year.

Particularly impressive are our core guitar and drum categories, which benefited from the growth in higher-value product sales we mentioned earlier. During this year, for example, we sold several guitars online priced at more than £15,000, and single drum kits of over £5,000 are becoming increasingly common.

Sales of products worth £2,500 increased by 55% during the year, well ahead of our overall revenue growth, demonstrating our success in premium categories. Growth in home audio visual was more modest, reflecting our decision to exit the TV market.

The low-margin nature of TV sales meant it just wasn't attractive for us to keep investing in it, we've decided to focus on higher-margin product categories instead. That's about it from us.

Just to summarize, FY26 has been a year of really strong execution and significant progress for Gear4music. We've continued to grow market share across both the UK and Europe, delivering growth in revenue, margins, and profit, reducing net debt for a fourth consecutive year, and further strengthening our balance sheet.

Alongside this fantastic performance, we've continued to invest in the future of the business. During the year, we launched a number of strategic initiatives across technology, logistics, and customer experience, which we expect to support both growth and operational efficiencies during the current financial year and beyond.

Our UK warehouse transformation project remains on track and on budget, and once operational, will provide substantial increase in capacity whilst improving efficiency and supporting long-term profitable growth. We've secured a £45 million revolving credit facility to support future opportunities, and we continue to diversify both our sales channels and customer verticals.

Finally, trading in the current financial year has started well. Despite increasingly challenging comparatives, year-to-date performance is in line with board expectations, with double-digit revenue growth.

Thanks for listening, and we'll be happy to answer any questions you have now.

Great. Thanks for the question.

Very good question. Not sure we can comment directly on this one, but I think it's fair to say it's not escaped our attention.

I think we've done everything that we've needed to do, yeah, we've brought net debt down, we've delivered growth, we've built the infrastructure that we need to grow. It's hard to answer that question directly really, but maybe people are worried about consumer spending, which could be a thing, but I can see why that might affect retailers in certain sectors, but I think today's results for us really clearly demonstrate actually that demand is strong, and if you get the setup right, you can still do very well.

I honestly don't know what's causing that situation, if people feel that's correct. Hopefully that answers the question.

Great question. I think it's one of those things that's, yeah, clearly it's helped us, but it hasn't been the key driver of what we've done during the last year.

I think that's really clearly demonstrated actually between our UK and European growth. We did very well in the UK, and it's the UK where most of the consolidations happened, with GAK, PMT both going out of business.

In Europe, sure, there was a situation with one competitor, but they resurrected themselves, and apparently are back to doing pretty well again. Actually throughout the year, yeah, we grew faster in Europe, where there was a lot less consolidation going on.

I think that really demonstrates the point clearly that it hasn't just all been about consolidation of the market, it's been about what we've been doing. I think European markets, it's really interesting that it's probably still a bit behind the UK market in terms of that transition to online, and I think therein creates a really big opportunity for us.

There's still a long way to go with that transition. The market's still changing in that way, but there's a big opportunity for us.

We've been able to adapt where other people haven't. I think I'm very confident we can keep growing.

Sure, it helped us a bit during last year, but it wasn't the key driver of it.

This is a huge step forward for us, not just in terms of capacity, but just in how we operate as well. This new facility's got a very high degree of automation, which is quite new for us.

We've run on a relatively manual setups in all of our DCs that have been quite low CapEx to install, they've been very effective and obviously built a good amount of skill in the business, but we want to move forward from that. We want to be as efficient as we possibly can as we scale and grow the business, and this automated setup is going to allow us to do that.

It's quite good timing really, because even if we tried to do this seven or eight years ago, it wouldn't have been possible to the same extent that it is now in that the cost of being able to automate has come down quite a lot. It's obviously still requires investment, we're putting CapEx into it, but it is going to be a total game-changer in terms of efficiency.

Being about 85% more effective in terms of labor costs for picking and packing our orders, really can't wait to get this up and running. It's also going to allow us to focus on when we need skilled people within the business, there's always very much going to be a place for that.

It'd be very difficult to automate second-hand, for example, our showrooms, returns, all need skilled people, it'll allow us to also focus on that, and it's going to create much-needed space and capacity in our York facility to expand those areas of the business as well. I think it's a win in every direction, and I think it's going to be a bit of a game-changer for us.

Great question, actually. We're using AI in so many different places, and certainly in some areas it's pretty straightforward to measure how effective it is.

For example, earlier this year we launched a AI website chat, which is a great tool, and it's really helping answer actual product questions as well as the customer service kind of stuff, and we can measure pretty clearly the impacts this kind of thing has got on call volumes, for example, into our call centers, and it's lowering inbound call volumes relative to how our revenues in our top line are growing. A really useful tool such as that.

We're using AI in so many places, like in our accounts function, for example, we're speeding up repetitive tasks, it's quite easy to measure that against how we were working before. Forecasting and purchasing, the big new platform we've just launched, it's going to take a bit more time for that to bed in, but I think again it'd be quite easy to measure that in terms of our growth and our efficiency.

We're clearly up against quite big like-for-likes this year. As we mentioned today, we've started the year really well, and it's systems like the AI forecasting and purchasing that really helping to support that kind of growth, I think that would be quite directly measurable as well.

Another one I can think of, quite easy to measure, AI translation. It's simply reducing our cost of translation, allowing us to do the same things but better at larger scale, more effectively, and at lower cost.

Lots of different ways we can measure the improvement and help that the AI is giving us. In terms of the governance and security side of things, we have a rolling program of internal training.

We lean on internal and external experts in the sort of defining, implementation, and rollout of the programs. We perform risk assessments on all the projects that we're doing as we work through them, keep those up to date, do all that in conjunction with our data protection officer.

We have a number of safeguards in place to make sure that we are doing the right things in the right way.

As you rightly point out, our PBT margin hit 5 5.5% in the year. There'll be a short-term transition as we effectively manage duplicated costs, I point to analysts and what they're saying for the next couple of years with the sort of PBT margin around the 3% level.

Then, yeah, after that, when you lean on CapEx and you start to get efficiency through, all subject to the top line and what level of growth you can push through, though, but the idea is you drive efficiency, and the PBT margin can be improved above those sorts of levels. I would like to think in the medium and longer term that we're able to make some improvement on that figure, notwithstanding it is a very good number in its own right.

We've actually done really well on this subject this year. Education sales have been one of our fastest-growing areas of the business.

We've got a good education team. We've got a pretty slick online system for schools now.

The new delivery service, courier service we've just announced is really going to help us with this actually, cuz particularly when you've got larger, sort of bulk education orders, we're now going to have a much better, slicker delivery service into schools. I think we mentioned maybe earlier on that there's been some extra government funding around, which we're really pleased has actually been extended into this next year as well, the schools at the minute do have access to more funding.

It's been an area of our business that's been growing quickly, and we're very keen to respond, building on our education team, and hopefully we can continue to grow that.

We're building it in the end for about two and a half times the volumes that we currently have, bearing in mind this is UK. We do shipments to Europe a little bit from it, but it's a largely UK-based warehouse.

That's an estimate at the minute. The nice thing about it in a way is that we can expand the capacity and the throughput of this operation by putting in new robots quite easily actually.

We can increase the throughput, and at the minute, we're only running on a single shift as well, we could run with dual shifts, which is what we're having to do in York at the minute to support capacity. There is a really good level of headroom.

The nice thing about it is that as you grow the throughput, it doesn't necessarily cost you really a lot much more in labor as well, which is kind of the big challenge we've got now. Recruiting for our peak seasonal trading period at Christmas is challenging, I think it's fair to say, getting enough people to come in and work at that time of year, but with the new setup, it really helps to alleviate a lot of those kinds of challenges.

A very good amount of additional scale and capacity we've got there.

I guess be coming back to that AI point slightly, how quickly can we adapt and use AI to our best advantage. For us, it's often about and always been about investing into our platform.

We've got this proprietary bespoke platform, and the more we're able to invest into that, the more it's been able to support our growth. It's always been a really key driver of what we do.

Alongside the products, of course, own-brand really important for us. I think we're growing our own-brand team faster than most other parts of the business actually.

We're now to the point where we're really investing into product development, designing our own products, and the more we can do this, the more successful we are in selling those products obviously at high margins as well. It's another area that we're keen is a real driver of not just revenues, but also the profitability of the business as well.

The barriers to entry are quite high, I'd suggest, now. A lot of the bigger brands are wanting to deal with less people, not more people, and to build a platform at the kind of scale we've got now would be, I'd suggest, very challenging indeed to be able to achieve that, even if you invest a lot of money into it.

It takes a very long time to establish the relationships that you need, understanding where you get the products from, how you build those products. I think extremely difficult, and we haven't really seen much sign of competitors or new entrants into the market for really quite a long time now.

It has been the easier way around. It's people being exiting the market.

I don't see much of that happening.

In the presentation that you can download, there is a slide in here about capacities that we have within the business. Right now, well, especially when we put this new UK facility in place, we're fine, but we are a growing business ultimately, and as a business grows and scales, you have to react to that, and you have to put in the correct infrastructure to ensure that you can keep growing.

That's exactly what we've done in the UK. As and when it becomes necessary, we'll make those similar decisions in different parts.

Our UK facility is by far the largest, there's certainly nothing of that scale that we would need to do in the very near future. We'll invest into our infrastructure so that we can become more efficient and scale the business a lot more.

We're very ambitious, we want to keep growing. Same with technology as well, we'll keep investing into technology, but we always have done, so that's nothing new.

That doesn't really new huge surprises, but we have to respond to the growth opportunity, and we need to scale to the capacity to grow.

I'd echo all of that. We are very much focused on software development and what improvements it can bring to our business.

If the question is hinting at is that spend and investment going to drop off once that project has been delivered, the answer is no. We're not short of ideas.

There's lots of really good things that we do that can make incremental improvements with our business, which in retail is what it's all about. We do invest in software development, we always have, and I think we always will.

I think if you wanted to run it just purely for a one-off P&L, that's what you'd do, but we've always been about medium, long-term growth, and that's what we'll keep doing.

It's worth noting, actually, and I think I referenced it in the deck, that thinking of it as a percentage of sales, that is really starting to come down relative to the size of the business, the size of the top line. When it was probably 3%, 3.5% of sales going back a few years, it's now down below 2%, and as the top line grows, the top line should hopefully outstrip the investment that we're putting into the platforms, that should become a smaller figure as it were from a cash and a cash flow point of view.

No, it won't lead to any requirement for stock duplication. We do need to run both facilities for a period of time to make sure that we can continue offering a seamless delivery service, and rather than just trying to move a huge amount of inventory over a couple of weeks, it's just more efficient and cheaper to allow that to more naturally sell out in one location and stock up in the next location.

It allows us to scale the new facility step by step, make sure there aren't any issues, make sure it's smooth and everything works over time, rather than suddenly throwing huge amounts of volume at it overnight, which could lead to issues. We're doing it in a more transitioned, smoother kind of way, but, no, that doesn't mean we have to duplicate stock.

It is a good point. We do recognize investment in inventory as a lever for growth.

We do invest as and when opportunities arise. I think it'll be really interesting to see what the new purchasing platform does and how it sort of affects the business.

I think in the short term, it might actually increase the natural level of stock of the business as it identifies opportunities for us to invest, as it were, and then I think in the more medium and longer term, when it resets and normalizes replenishment levels, then we could see a lowering across certain parts of or certain departments, certain brands, etc. I think that'd be quite interesting to see how that plays through and helps us.

We certainly have the financial ability to invest into stock if it's the right thing to do now. As you'll have noticed, having renewed our facilities.

I think we do, and I think the point that we need to probably communicate a little bit better is just how unleveraged, if that's the word, or deleveraged our working capital cycle is. If you look at this period end, we've got £42 million worth of stock and £13 million of total trade creditors.

We really have got, and we always have maintained, a good level of headroom, which is why we take the comfort that we can run the business as we do and make those tactical investments when we can, because we can just unwind it. If you look back at FY24, working capital was a net inflow, and FY23, it was quite a big net inflow into the business with very little effort on our part.

Renting was the question, sorry?

Great question, and the answer is we don't do renting at the minute. I think maybe in the future would be a great opportunity, but at the minute it's not a facility that we actually have.

We do consumer finance, of course, we do accounts for education, but rental is probably an untapped opportunity for us.

Thanks very much, everyone, for listening. I hope that was useful.

We look forward to doing this again in the future. Thanks for your time.