TIDMGAMA
RNS Number : 0095J
Gamma Communications PLC
06 September 2016
6 September 2016
Gamma Communications plc
Unaudited Interim Results for six months ended 30 June 2016
Continued growth in key products and results ahead of
expectations
Gamma Communications plc ("Gamma"), a leading, technology based
provider of communications services to the
UK business market, is pleased to announce its unaudited results
for the six months ended 30 June 2016.
Financial highlights
Six months ended
30 June
---------------------------------- --------------------- -------
2016 2015 Change
(%)
---------------------------------- ---------- --------- -------
Revenue GBP104.7m GBP92.4m +13.3%
---------------------------------- ---------- --------- -------
Gross profit GBP47.7m GBP39.2m +21.7%
---------------------------------- ---------- --------- -------
Gross margin 45.6% 42.4%
---------------------------------- ---------- --------- -------
EBITDA GBP14.9m GBP11.2m +33.0%
---------------------------------- ---------- --------- -------
Adjusted EBITDA* GBP16.3m GBP13.0m +25.4%
---------------------------------- ---------- --------- -------
PBT GBP10.6m GBP7.6m +39.5%
---------------------------------- ---------- --------- -------
Adjusted PBT * GBP12.0m GBP9.4m +27.7%
---------------------------------- ---------- --------- -------
EPS (fully diluted) 9.1p 6.7p +35.8%
---------------------------------- ---------- --------- -------
Adjusted EPS* (fully diluted) 10.1p 8.2p +23.2%
---------------------------------- ---------- --------- -------
Interim dividend per share 2.5p 2.2p +13.6%
---------------------------------- ---------- --------- -------
Net operating cash inflow
before tax** GBP13.8m GBP10.9m +26.6%
---------------------------------- ---------- --------- -------
Net operating cash inflow
before tax** / Adjusted EBITDA* 84.7% 83.8%
---------------------------------- ---------- --------- -------
* "Adjusted" is defined as being before share based payments of
GBP1.4m (2015:GBP1.8m) and exceptional items of nil (2015:nil) (see
note 4) (and associated tax effects in the case of adjusted
EPS)
** Net operating cash inflow before tax is defined as "Net Cash
flows from operating activities" plus "Taxes paid" before
exceptional cashflows
Operational highlights
-- Installed SIP Trunks increased from 360,000 at 31 December 2015 to 413,000 (+14.7%)
-- Cloud PBX users increased from 142,000 to 188,000 (+32.4%)
-- Gross profit from indirect business increased from GBP30.3m
in the first half of 2015 to GBP37.6m (24.1%)
-- The number of active Channel Partners grew from 834 at 31 December 2015 to 906 (+8.6%)
-- Strong growth in direct business, gross profit up from GBP8.9m to GBP10.1m (13.5%)
-- Key new contracts include Strutt & Parker, Menzies LLP,
Berendsen plc, Morrisons Utility Services and a large financial
institution.
-- Good progress in the public sector, new contracts include
Symphony Housing Group, AQA, Betsi Cawaladr Health Board, East and
North Herts NHS Trust.
-- Full Mobile (MVNO) service developed on time
-- Product pipeline remains strong and service quality remains high
Bob Falconer, Chief Executive Officer, commented:
"We are very pleased with the progress we have made across
several fronts in the first half of 2016. Our strategic products
have continued to add volume and we are seeing an acceleration in
the take-up of our data services. Getting our new full MVNO mobile
capability ready for service by June as planned has been a major
achievement and positions the business extremely well for the
future."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Gamma Communications Tel: +44 (0)333 006
plc 5972
Bob Falconer, Chief
Executive Officer
Andrew Belshaw, Chief
Financial Officer
Malcolm Goddard, Company
Secretary
Investec Bank plc (NOMAD Tel: +44 (0)207 597
& Broker) 5970
Dominic Emery / Sebastian
Lawrence
Patrick Robb / Matt
Lewis
Tulchan Communications Tel: +44 (0)207 353
LLP (PR Adviser) 4200
James Macey White /
Matt Low
Notes to Editors
Gamma is a rapidly-growing technology-based provider of
communications services to the UK business market. Gamma's
services, such as Cloud PBX, Inbound Call Control Services and SIP
Trunking, are designed to meet the increasingly complex voice, data
and mobility requirements of businesses, through the exploitation
of its know-how
and its own intellectual property.
Gamma also provides business-grade mobile and data services and,
as a consequence of its history, has a substantial voice service
capability. These services enable Gamma to provide
a comprehensive range of communications services.
Gamma has enjoyed strong organic revenue and EBITDA growth
driven by a high percentage of repeat revenues. The business had
717 employees at 30 June 2016. It operates across six main
locations - headquartered in Newbury - with offices in London,
Manchester, Glasgow, Portsmouth and Budapest.
Chairman's Statement
Introduction
I am very pleased to present the unaudited results for the half
year ended 30 June 2016.
Overview of Results
Group revenue for the half year ended 30 June 2016 increased by
GBP12.3m to GBP104.7m (H1 2015: GBP92.4m) an increase of 13.3% on
the prior year and it is particularly pleasing that all of this
growth is organic. Of this increase, GBP10.0m came from the
indirect channels business where revenue increased to GBP83.0m (H1
2015: GBP73.0m) while GBP2.3m came from the direct business which
saw revenue increase to GBP21.7m (H1 2015: GBP19.4m). Gross profit
for the six months to 30 June 2016 rose to GBP47.7m, an increase of
21.7% compared to the GBP39.2m achieved in the same period of 2015,
whilst the gross margin increased to 45.6% (H1 2015: 42.4%).
Adjusted EBITDA for the group increased by 25.4% to GBP16.3m (H1
2015: GBP13.0m).
Adjusted fully diluted earnings per share for the half year
increased by 23.2% to 10.1p (H1 2015: 8.2p).
The net operating cash inflow (pre-tax) for the first half was
GBP13.8m compared to GBP10.9m in H1 2015. This represents a cash to
adjusted EBITDA conversion ratio in respect of 2016 of 84.7%
compared to 83.8% for H1 2015. Net cash as at 30 June 2016 amounted
to GBP27.8m, up from GBP24.8m as at 31 December 2015. The business
has invested in its network, particularly the new mobile platform,
using some of its cash reserves.
Dividend
Gamma is committed to a progressive dividend policy. The Board
is therefore pleased to declare an interim dividend, in respect of
the six months ended 30 June 2016, of 2.5pence per share (2015: 2.2
pence) which, will be payable on Thursday 20 October 2016 to
shareholders on the register on Friday 23 September 2016.
Business Development
Gamma's strategic intent in 2016 is to retain its market
leadership in core strategic products, reduce its cost of delivery
on data, and bring to market the fruits of some innovative
development work. I am delighted to report that the business is
already ahead of plan on all of these fronts. The development on
time of the mobile service has been a major achievement overcoming
significant technical and commercial challenges. We look forward to
a very constructive relationship with Hutchison 3G UK Ltd, our
primary partner for radio access.
We have added 72 new channel partners and had significant
contract wins in the direct enterprise and public sector markets,
including Strutt & Parker, Menzies LLP, Berendsen plc and
Morrisons Utility Services. Of particular note the company has
entered contracts to provide UK SIP Trunking services for a large
financial institution. The three year contract will replace the
legacy voice connectivity services currently in use, with final
roll-out dependent on meeting strict acceptance criteria over the
coming months.
Good progress has also been made in the public sector. Key new
contracts include Symphony Housing Group, AQA, Betsi Cawaladr
Health Board, East and North Herts NHS Trust.
Board and Employees
As of the 30 June 2016, Gamma had 717 employees, an increase of
47 from 31 December 2015. This growth has been driven by the
general expansion of the business and the development and operation
of new services, in particular the new mobile capability. Ongoing
operational gearing efficiencies have helped adjusted EBITDA grow
from 14.1% of revenue in the first half of 2015 to 15.6% of revenue
in the first half of 2016. The Board will continue to invest to
improve efficiency.
The Board would like to express its thanks to all of Gamma staff
for their dedication, hard work and enthusiasm. The company
introduced a 3 year sharesave scheme and it was particularly
pleasing to see the exceptionally high take up with 307 staff
choosing to participate.
Outlook
The Board looks forward enthusiastically to the remainder of
2016 and beyond. The emerging market for converged fixed and mobile
services presents many opportunities, and Gamma is well placed to
exploit these with its clear focus on the UK business market and
its commitment to new product development. We believe that Gamma
has the experience, cash reserves, resources and capabilities to
continue to achieve its objectives.
Richard Last
Chairman and Independent Non-Executive Director
Chief Executive Review
Introduction
We are very pleased with the continued momentum of the business
in the half year ended 30 June 2016. In particular our strategic
products of SIP Trunking and Cloud PBX have shown excellent growth
adding 53,000 SIP channels and 46,000 Cloud PBX seats respectively.
Our data products have also grown well in a mature market as we
continue to invest in the underlying infrastructure and take
advantage of a competitive final mile access market.
Mobile
As planned, in June we brought our new business-focussed Full
MVNO into active service and began the process of transferring
customers from our current Thin MVNO with Vodafone. Our new service
is designed for businesses, and features full 4G capability. The
primary radio access network in the UK is provided by Hutchison 3G
UK Ltd, whilst separate roaming agreements are now in place.
During the fourth quarter of 2016, the service will be marketed
more widely to new channel partners and direct business customers,
with Gamma positioning itself as the fourth mobile operator in the
UK business market.
Having direct ownership of the systems controlling fixed voice,
data and mobile services positions the business well for the future
provision of more converged communications.
Indirect Business Channel
The channel remains our primary route to market and we continue
to develop our services and processes to make it straightforward
and rewarding for channel operators to work with us. The number of
partners actively trading with us has increased from 834 to 906 The
trend for the channel to move from providing niche services such as
IT support, or PBX installation, to a full ICT bundle continues,
and this opens up further opportunities with new channel partners
that previously may not have engaged. Whilst the channel is
traditionally focussed on the SME market a notable trend has been
for channel partners to win larger mid-market deals such as the
success of Olive Business Solutions Limited in securing a contract
with Scania (Great Britain) Limited to transform their
communications estate.
Direct Business Channel
In the Enterprise market, the business has had considerable
success:
-- Strutt & Parker, the UK's largest independent property
partnership, contracted with Gamma for a complete data, voice and
mobile infrastructure. This three year agreement, will see Gamma
take over the existing fixed and mobile voice services for all
Strutt & Parker UK branches and migrate them onto Gamma's next
generation cloud-based platforms.
-- Menzies LLP, a top 20 UK accountancy firm, also selected
Gamma to deliver a high capacity managed network across its UK
sites.
-- Berendsen plc selected Gamma to implement and manage a new
data and voice infrastructure across its UK business. This 100 plus
site network will deliver Berendsen a consolidated voice
architecture using Gamma leading SIP services as well as providing
increased bandwidth for applications delivery.
-- Morrison Utilities have entered a managed service agreement
for the delivery of cloud telephony to a number of its sites.
-- UHY Hacker Young entered a five year agreement for Gamma to
install and support a Cloud PABX solution across its London and
Nottingham locations.
-- Pret a Manger chose to extend its existing agreement with
Gamma to supply the retailer with managed data and voice services
until early 2019.
Meanwhile work continues to prepare to provide UK SIP Trunking
services for a large financial institution. The three year contract
will replace the legacy voice connectivity services currently in
use, and final roll-out remains dependent on meeting strict
acceptance criteria.
In the public sector traction is building with strong bid
success rates. Recent wins include the provision of Cloud PBX for
Symphony Housing Group; Cloud contact centre services for
Assessment and Qualification Alliance (AQA); SIP and Ethernet
services for Betsi Cawaladr Health Board; a national network for
Cabot Learning: and a multi-site data network and SIP Trunking for
East and North Herts NHS Trust.
The average contract length in the direct business continues to
improve and churn levels among enterprise customers remain low.
Development
Whilst the final stages of development on the 'full MVNO'
platform have been the primary focus (and have required capital
investment), the business has nevertheless continued to develop and
enhance its existing portfolio.
In May we launched SIP Trunk Call Manager. This product adds
value to SIP Trunks by providing the option to readily add software
based call control features such as time of day routing and call
queuing to a SIP Trunk either at the point of provisioning or
later, further differentiating the product from competitor
offerings and adding value and margin opportunities for our channel
partners.
In the first stage of a programme to reduce the underlying cost
of our ethernet product, we completed the build out of
infrastructure to 19 BT exchanges in the London area. This has
significantly reduced the last mile costs in these highly
competitive locations and improves the competitiveness of
SIP/ethernet bundles. The Converged Private Network service, which
provides data connectivity to multi-sited businesses, has been
enhanced with the addition of both Virgin Media and TalkTalk
Business to the access options.
Plans are also well advanced to test the demand in the channel
for a "Cloud Compute service" and to broaden further the range of
Gamma products our channel partners can take to their business
customers.
Behind the scenes, significant progress has been made in
realising the benefits of earlier investments in core network
infrastructure. The completion of this so-called New Voice
Architecture later in 2016 will bring considerable benefit in terms
of simplifying our core capability, reducing our costs, increasing
capacity and providing higher levels of resilience and
availability.
The Loop
Driven by customer demand 'The Loop', Gamma's unique
metropolitan area fibre network in the Greater Manchester area, has
now been extended by 23km to 150km, and now includes Media City in
Salford Quays. As a result, the number of customers directly
connected to The Loop has grown to 32 with the recent additions of
the BBC, NHS Salford Royal Hospital, and Manchester Metropolitan
University.
Employees
We were once again pleased to be recognised as one of The Sunday
Times "Best 100 Companies to Work For 2016". Whist a welcome and
encouraging vote of confidence from Gamma's employees, the strong
academic research behind the criteria for Best Companies confirms a
strong correlation between the high levels of employee engagement
looked for and business success generally.
Regulatory Environment and the Impact of the EU Referendum
We remain very actively engaged in regulatory matters. In
particular we welcome the recent Ofcom proposals for a more
independent Openreach.
The Board has considered the likely impact of the Brexit
referendum result on the business and does not believe that it
would have a material effect on Gamma over the next year.
Notwithstanding, it has identified the following risk areas:
-- Exchange rate movements adversely impacting capital costs of equipment
-- Any general economic slowdown, although it is noted that the
telecommunications industry has been resilient to such slowdowns in
the past
-- Business pessimism reducing demand for new services,
conversely increasing demand for services that improve
efficiency
-- Any impact from a slowdown in investment in infrastructure by
Gamma's suppliers (e.g. fibre investments)
-- Any adverse impact from interest rate changes
-- The consequence any restrictions of free movement of labour
may have on Gamma's ability to hire highly skilled technical staff
from the EU.
Outlook
The business strategy remains unchanged and resolutely focussed
on bringing high quality new and disruptive services to the
business market with the indirect channel as the primary route to
growth. We expect the volumes to continue to grow in Cloud PBX and
SIP, with data making a growing contribution to the business as our
investment in reducing access costs continues. It is anticipated
that this growth will more than offset the continued decline in
Traditional calls and lines services. The new mobile service, in
particular, presents a unique and exciting opportunity and Gamma is
one of only a very small number of companies with the underlying
capability to build true fixed and mobile converged services.
Bob Falconer
Chief Executive Officer
Financial review
Revenue
Indirect Business
Revenue from the indirect business grew from GBP73.0m to
GBP83.0m and gross profit grew from GBP30.3m to GBP37.6m - an
increase of GBP7.3m of gross profit from the first half of last
year.
Gamma's "Growth" products comprise our Enabling products (data
and mobile) and our Strategic product set (SIP, Cloud PBX and
Inbound). Sales from our Growth products through the indirect
channel grew from GBP43.7m in the first half of 2015 to GBP54.9m.
This is driven by both the increase in the number of active channel
partners and that they are selling more productsGross margin grew
from 47.6% to 53.0% which reflects the fact that the main
contributor to this growth was SIP Trunking which carries a higher
margin than Traditional products.
In line with the general trends seen in the industry, the
performance of the Traditional business (primarily traditional
calls, lines and trade with other carriers) has continued its
steady decline as gross profit has gone down to GBP8.5m (H1 2015:
GBP9.5m). The number of channel partners actively trading with
Gamma increased from 834 at the start of the year to 906 by 30
June. An increasing number of these new channel partners are IT
focussed companies who only purchase the Growth products.
Direct Business
The direct business also continues to grow. Revenue increased
from GBP19.4m in H1 2015 to GBP21.7m and gross profit from GBP8.9m
to GBP10.1m. Gross margin increased from 45.9% to 46.5%.
The growth was attributable to sales of Growth products and
gross profit on these products grew from GBP6.9m to GBP8.1m. This
includes multi-product solution sales to larger enterprises. This
is particularly pleasing because much of the new business is won on
multi-year contracts.
Operating expenses
Operating expenses before exceptional items and share based
payments grew from GBP26.2m to GBP31.4m. This was due to a number
of factors:
-- The growth in the number of customers switching to Growth
products for the first time continues to be a driver of
overhead.
-- The new mobile platform cost GBP2.7m to support in the first
half of 2016 which was overhead cost incurred without any
corresponding improvement in margins from the reduced cost of
sales. The comparable spend in the first six months of 2015 was
GBP0.8m.
-- We also continue to increase our investment in product
development and, whilst internal spend of GBP0.5m was capitalised
in the first half, we spent more on the research and initial
development of new product offerings and variants on our existing
product set as we continue to build for the future.
-- The Group continues to invest in its systems to ensure that
as sales increase, the number of customer service personnel
required does not need to scale proportionately.
Adjusted EBITDA
The combination of increasing sales of new products and
operational improvements means that adjusted EBITDA grew from
GBP13.0m to GBP16.3m or 25%. This is in spite of the increased
support costs of a mobile platform that has yet to generate any
margin improvement benefits.
Share based payments
Share based payment charges for the first half were GBP1.4m
(2015: GBP1.8m). We previously noted that we expected Share based
payments to decrease this year and this is due to the unwinding of
Long Term Incentives which were put in place just prior to the
float in October 2014.
Exceptional items
There were no exceptional items in either period.
Cash flows
The cash balance at the end of the year was GBP27.8m, up from
GBP24.8m at 31 December 2015.
The cash inflow before taxation was GBP13.8m which represents
84.7% of adjusted EBITDA for the year; in line with our historical
rates of cash conversion. Cash conversion tends to be slightly
lower in the first half of the year due to seasonal outflows such
as bonus payments to staff.
Capital expenditure for the first half was GBP7.6m, which was an
increase from GBP4.0m compared to the first half of 2015 but it was
noted that a number of projects from H1 2015 were deferred to the
second half which had artificially lowered the reported spend.
The Group continues to be debt free.
Capital expenditure
The Group spent GBP7.6m on capital which was split as
follows.
Regular capex of GBP6.8m (being the normal levels of capex that
Gamma spends to run the business) -
-- GBP2.6m was on increasing capacity and development of the
core network as well as other minor items such as IT and fixtures
and fittings (H1 2015: GBP2.0m).
-- GBP0.5m was the capitalisation of development costs incurred
during the year, this is in line with previous years (H1 2015:
GBP0.4m).
-- GBP3.7m was on customer premises equipment; this is "success
based" expenditure and is expected to increase in line with sales
in our data and Cloud PBX products (H1 2015: GBP1.6m).
Development capex of GBP0.8m (being additional capex which is
required to develop new products and services or to drive
efficiency) -
-- An additional GBP0.8m was spent on augmenting the mobile
platform purchased in late 2014 in preparation for a live service
in 2016 (H1 2015: GBP0.4m).
-- We had expected to see spend on our programme to build out
our data network but it was negligible in the first half as spend
has been deferred into 2017. At the time of IPO we noted that
Gamma's national fibre agreement expired in 2020.. The business is
now considering its options well in advance because it may become
economically beneficial to do so. Any investment (capital or lease)
could be funded from cash reserves.
Taxation
The effective tax rate for the first half of the year was 18.9%
(2015: 18.4%). The tax rate is lower than the statutory rate for
the year (20%) because the Group benefits from research and
development tax credits.
Dividends
The Board has declared an interim dividend in respect of 2016 of
2.5pence per share payable on Thursday 20 October 2016 to
shareholders on the register as at Friday 23 September 2016. This
compares to 2.2p paid in 2015 and represents an increase of
13.6%.
Andrew Belshaw
Chief Financial Officer
MANAGEMENT STATEMENT
This Interim Management Report (IMR) has been prepared solely to
provide additional information to shareholders to assess the
Group's strategies and the potential for those strategies to
succeed. The IMR should not be relied on by any other party or for
any other purpose.
The IMR contains certain forward-looking statements. These
statements are made by the directors in good faith based on the
information available to them up to the time of their approval of
this report but such statements should be treated with caution due
to the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking information.
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
-- the condensed set of interim financial statements has been
prepared in accordance with IAS34 "Interim Financial
Reporting";
-- the interim management report includes a fair review of the
information required by DTR 4.27R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
-- the interim management report includes a fair review of the
information required by DTR 4.28R (disclosure of related party
transactions and changes therein).
By the order of the board
5 September 2016
INDEPENT REVIEW REPORT TO GAMMA COMMUNICATIONS PLC
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2016 which comprises the condensed
consolidated statement of comprehensive income, the condensed
consolidated statement of financial position, the condensed
consolidated statement of changes in equity, the condensed
consolidated statement of cash flows and related notes 1 to 11. We
have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34 "Interim
Financial Reporting," as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2016 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the
European Union and the AIM Rules of the London Stock Exchange.
Deloitte LLP
Chartered Accountants and Statutory Auditor
Reading, United Kingdom
5 September 2016
Condensed consolidated unaudited statement of comprehensive
income
For the six month period ended 30 June 2016
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2015
Notes 2016 2015 GBPm
GBPm GBPm Audited
unaudited unaudited
==================================================================== ====== ================ ============== =============
Revenue 3 104.7 92.4 191.8
Cost of sales (57.0) (53.2) (109.5)
==================================================================== ====== ================ ============== =============
Gross profit 47.7 39.2 82.3
Other operating income - - 5.7
Operating expenses (37.2) (31.6) (65.5)
==================================================================== ====== ================ ============== =============
Operating profit before
share based payment,
depreciation, amortisation
and exceptional items
(adjusted EBITDA) 16.3 13.0 28.3
Share based payment
expense (1.4) (1.8) (4.1)
Exceptional items 4 - - 5.7
Operating profit before
depreciation and amortisation 14.9 11.2 29.9
Depreciation and amortisation (4.4) (3.6) (7.4)
==================================================================== ====== ================ ============== =============
Profit from operations 10.5 7.6 22.5
Interest income 0.1 - 0.1
==================================================================== ====== ================ ============== =============
Profit before tax 10.6 7.6 22.6
Tax expense 5 (2.0) (1.4) (4.3)
==================================================================== ====== ================ ============== =============
Profit after tax 8.6 6.2 18.3
==================================================================== ====== ================ ============== =============
Total
comprehensive
income
attributable
to the owner
of the
parent 8.6 6.2 18.3
==================================================================== ====== ================ ============== =============
Earnings per share 6
Basic per ordinary share
(pence) 9.5 7.0 20.4
Diluted per ordinary
share (pence) 9.1 6.7 19.6
==================================================================== ====== ================ ============== =============
Adjusted earnings per share is shown in note 6.
Condensed consolidated unaudited statement of financial
position
At 30 June 2016
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2015
Notes 2016 2015 GBPm
GBPm GBPm Audited
unaudited unaudited
=============================== ======= =========== =========== ============
Assets
Non-current assets
Property, plant and
equipment 7 26.7 19.6 23.4
Intangible assets 10.3 10.5 10.4
Deferred tax asset 2.0 1.5 2.0
=============================== ======= =========== =========== ============
39.0 31.6 35.8
=============================== ======= =========== =========== ============
Current assets
Inventories 2.6 1.1 2.3
Trade and other receivables 39.8 33.9 35.2
Cash and cash equivalents 27.8 16.1 24.8
=============================== ======= =========== =========== ============
70.2 51.1 62.3
=============================== ======= =========== =========== ============
Total assets 109.2 82.7 98.1
=============================== ======= =========== =========== ============
Liabilities
Non-current liabilities
Provisions 1.4 1.2 1.4
Deferred tax liability 0.4 0.1 0.4
=============================== ======= =========== =========== ============
1.8 1.3 1.8
=============================== ======= =========== =========== ============
Current liabilities
Trade and other payables 32.6 25.2 27.3
Current tax liability 2.4 1.7 2.3
=============================== ======= =========== =========== ============
35.0 26.9 29.6
=============================== ======= =========== =========== ============
Total liabilities 36.8 28.2 31.4
=============================== ======= =========== =========== ============
Issued capital and reserves
attributable to owners
of the parent
Share capital 8 0.2 0.2 0.2
Share premium reserve 3.7 3.4 3.7
Merger reserve 2.3 2.3 2.3
Share option reserve 2.7 2.9 3.8
Investment in own shares (0.8) (0.3) (0.8)
Retained earnings 64.3 46.0 57.5
=============================== ======= =========== =========== ============
Total equity 72.4 54.5 66.7
=============================== ======= =========== =========== ============
Total equity and liabilities 109.2 82.7 98.1
=============================== ======= =========== =========== ============
Condensed consolidated unaudited statement of cash flows
For the six month period ended 30 June 2016
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2015
Notes 2016 2015 GBPm
GBPm GBPm audited
unaudited unaudited
================================== ======= =========== =========== =============
Cash flows from operating
activities
Profit for the period
before tax 10.6 7.6 22.6
Adjustments for:
Depreciation of property,
plant and equipment 7 3.8 2.9 6.1
Amortisation of intangible
assets 0.6 0.7 1.3
Share based payment expense 1.4 1.8 4.1
Interest income (0.1) - (0.1)
================================== ======= =========== =========== =============
16.3 13.0 34.0
================================== ======= =========== =========== =============
(Increase) in trade and
other receivables (7.4) (1.6) (3.3)
(Increase) in inventories (0.3) - (1.2)
Increase/(decrease) in
trade and other payables 5.2 (0.7) 0.4
Increase in provisions
and employee benefits - 0.2 0.5
Taxes paid (1.9) (0.8) (2.2)
================================== ======= =========== =========== =============
Net cash flows from operating
activities 11.9 10.1 28.2
Investing activities
Purchases of property,
plant and equipment (7.1) (3.6) (10.6)
Expenditure on development
costs (0.5) (0.4) (0.9)
Payment of deferred consideration - (0.1) (0.1)
Repayment of loans made
to individuals to subscribe
for shares (Note 9) 2.6 0.3 0.5
Interest received 0.1 - 0.1
================================== ======= =========== =========== =============
Net cash used in investing
activities (4.9) (3.8) (11.0)
Financing activities
Share issues - 0.2 0.5
Investment in own shares - (0.3) (0.8)
Dividends paid (4.0) (3.5) (5.5)
================================== ======= =========== =========== =============
Net cash used in financing
activities (4.0) (3.6) (5.8)
Net increase in cash
and cash equivalents 3.0 2.7 11.4
Cash and cash equivalents
at beginning of period 24.8 13.4 13.4
================================== ======= =========== =========== =============
Cash and cash equivalents
at end of period 27.8 16.1 24.8
================================== ======= =========== =========== =============
Condensed consolidated unaudited statement of changes in
equity
For the six month period ended 30 June 2016
Share capital Share premium Merger Share option Investment Retained Total equity
GBPm GBPm reserve reserve in earnings GBPm
GBPm GBPm own shares GBPm
GBPm
========================== ============= ============= ======== ============ =========== ========= ============
1 January 2016 0.2 3.7 2.3 3.8 (0.8) 57.5 66.7
========================== ============= ============= ======== ============ =========== ========= ============
Issue of shares - - - (2.2) - 2.2 -
Recognition of share
based payments - - - 1.1 - - 1.1
Dividends paid - - - - - (4.0) (4.0)
========================== ============= ============= ======== ============ =========== ========= ============
Transaction with owners - - - (1.1) - (1.8) (2.9)
========================== ============= ============= ======== ============ =========== ========= ============
Profit for the year - - - - - 8.6 8.6
========================== ============= ============= ======== ============ =========== ========= ============
Total comprehensive income - - - - - 8.6 8.6
========================== ============= ============= ======== ============ =========== ========= ============
30 June 2016 0.2 3.7 2.3 2.7 (0.8) 64.3 72.4
========================== ============= ============= ======== ============ =========== ========= ============
1 January 2015 0.2 3.2 2.3 2.4 - 43.1 51.2
========================== ============= ============= ======== ============ =========== ========= ============
Issue of shares - 0.2 - (1.2) - 1.1 0.1
Deferred tax on share
based payments - - - - - (0.9) (0.9)
Recognition of share
based payments - - - 1.7 - - 1.7
Investment in own shares - - - - (0.3) - (0.3)
Dividends paid - - - - - (3.5) (3.5)
========================== ============= ============= ======== ============ =========== ========= ============
Transaction with owners - 0.2 - 0.5 (0.3) (3.3) (2.9)
========================== ============= ============= ======== ============ =========== ========= ============
Profit for the year - - - - - 6.2 6.2
========================== ============= ============= ======== ============ =========== ========= ============
Total comprehensive income - - - - - 6.2 6.2
========================== ============= ============= ======== ============ =========== ========= ============
30 June 2015 0.2 3.4 2.3 2.9 (0.3) 46.0 54.5
========================== ============= ============= ======== ============ =========== ========= ============
Notes forming part of the condensed consolidated unaudited
interim financial information
For the six month period ended 30 June 2016
1. Basis of preparation
The unaudited interim consolidated financial information for the
six months ended 30 June 2016 has been prepared following the
recognition and measurement principles of IFRS as adopted by the
European Union and in accordance with International Accounting
Standard 34 Interim Financial Reporting ('IAS34'). The interim
consolidated financial information does not include all the
information and disclosures required in the annual financial
information, and should be read in conjunction with the audited
statutory financial statements for the year ended 31 December
2015.
The condensed interim financial information contained in this
interim statement does not constitute financial statements as
defined by section 434(3) of the Companies Act 2006. The condensed
interim financial information has not been audited. The financial
information for the year ended 31 December 2015 is derived from the
audited statutory financial statements for the year ended 31
December 2015, which was unqualified and did not contain any
statement under section 498(2) or 498(3) of the Companies Act
2006.The comparative financial information for the period ended 30
June 2015 does not constitute statutory accounts for that
period.
There are no additional standards or interpretations applicable
to the Group for the accounting period commencing 1 January 2016
for adoption.
In preparing the condensed interim financial information the
Directors have considered the Group's financial projections,
borrowing facilities and other relevant financial matters, and the
Board is satisfied that there is a reasonable expectation that the
Group has adequate resources to continue in operational existence
for the foreseeable future. For this reason the Directors continue
to adopt the going concern basis in preparing the financial
information, the condensed financial information for the six month
period were approved by the board on 5 September 2016.
2. Accounting policies
The accounting policies adopted are consistent with those
followed in the preparation of the audited statutory financial
statements for the year ended 31 December 2015.
Some of the significant accounting policies require management
to make difficult, subjective or complex judgments or estimates.
The policies which management consider critical because of the
level of complexity, judgment or estimation involved in their
application and their impact on the financial Information are:
-- Valuation of intangibles
-- Impairment of goodwill
-- Taxation
-- Leasehold dilapidations
-- Capitalisation of internal development costs
-- Share based payment charges.
3. Segment information
The Group has two main operating segments:
(R) Indirect - This division sells Gamma's traditional and
growth products and services to channel partners and contributed
79% (2015: 79%) of the Group's external revenue; and
(R) Direct - This division sells Gamma's traditional and growth
products and services to end users in the SME, Enterprise and
public sectors. They contributed 21% (2015: 21%) of the Group's
external revenues.
There are no material non UK segments and no material
non-current assets outside the UK.
Both operating segments sell a combination of traditional
products (which is mainly voice traffic from which revenues are
derived from channel partners and other carriers as well as rentals
for wholesale lines) and growth products (which consist of IP voice
traffic, rental income derived from SIP Trunking, hosted IP voice
systems and Gamma's hosted inbound product and data products).
Growth products were formerly known as New products but management
believes that Growth is a better description of the product set.
There is no change in underlying classification.
Factors that management used to identify the Group's reportable
segments
The Group's reportable segments are strategic business units
that offer products and services into different markets. They are
managed separately because each business requires different
marketing strategies and are reported separately to the Board and
management team.
Measurement of operating segment profit or loss, assets and
liabilities
The accounting policies of the operating segments are the same
as those described in the summary of significant accounting
policies.
The Group evaluates performance on the basis of profit or loss
from operations but excluding non-recurring losses, such as
goodwill impairment, and the effects of share based payments.
Inter-segment sales are priced along the same lines as sales to
external customers, with an appropriate discount being applied to
encourage use of Group resources at a rate acceptable to local tax
authorities. This policy was applied consistently throughout the
current and prior period.
Loans and borrowings are allocated to the segments based on
relevant factors (e.g. funding requirements). Details are provided
in the reconciliation from segment assets and liabilities to the
Group position.
Indirect Direct Total
GBPm GBPm GBPm
==================================== =========== ====== =====
Period to 30 June 2016
Traditional products and services 28.1 5.3 33.4
Growth (being strategic and
enabling) products and services 54.9 16.4 71.3
==================================== =========== ====== =====
Total revenue from external
customers 83.0 21.7 104.7
==================================== =========== ====== =====
Inter-segment revenue 7.3 - 7.3
Traditional products and services 8.5 2.0 10.5
Growth (being strategic and
enabling) products and services 29.1 8.1 37.2
==================================== =========== ====== =====
Total gross profit 37.6 10.1 47.7
==================================== =========== ====== =====
Segment operating profit before
share based payment, depreciation,
amortisation and exceptional
items 11.8 4.5 16.3
Share based payment expense (1.4) - (1.4)
Segment EBITDA 10.4 4.5 14.9
Depreciation and amortisation (4.0) (0.4) (4.4)
==================================== =========== ====== =====
Segment profit 6.4 4.1 10.5
==================================== =========== ====== =====
Interest income 0.1 - 0.1
Tax (1.2) (0.8) (2.0)
==================================== =========== ====== =====
Group profit after tax 5.3 3.3 8.6
==================================== =========== ====== =====
External revenue of customers has been derived principally from
the United Kingdom and no single customer contributes more than 10%
of revenue.
Indirect Direct Total
GBPm GBPm GBPm
================================ ======== ====== =====
Additions to non-current assets 7.3 0.3 7.6
================================ ======== ====== =====
Reportable segment assets 77.1 32.1 109.2
================================ ======== ====== =====
Reportable segment liabilities 14.9 21.9 36.8
================================ ======== ====== =====
Indirect Direct Total
GBPm GBPm GBPm
==================================== ======== ====== =====
Period to 30 June 2015
Traditional products and services 29.3 5.4 34.7
Growth (being strategic and
enabling) products and services 43.7 14.0 57.7
==================================== ======== ====== =====
Total revenue from external
customers 73.0 19.4 92.4
==================================== ======== ====== =====
Inter-segment revenue 4.6 - 4.6
Traditional products and services 9.5 2.0 11.5
Growth (being strategic and
enabling) products and services 20.8 6.9 27.7
==================================== ======== ====== =====
Total gross profit 30.3 8.9 39.2
==================================== ======== ====== =====
Segment operating profit before
share based payment, depreciation,
amortisation and exceptional
items 9.4 3.6 13.0
Share based payment expense (1.8) - (1.8)
Segment EBITDA 7.6 3.6 11.2
Depreciation and amortisation (3.2) (0.4) (3.6)
==================================== ======== ====== =====
Segment profit 4.4 3.2 7.6
==================================== ======== ====== =====
Interest income - - -
Tax (0.8) (0.6) (1.4)
==================================== ======== ====== =====
Group profit after tax 3.6 2.6 6.2
==================================== ======== ====== =====
External revenue of customers has been derived principally from
the United Kingdom and no single customer contributes more than 10%
of revenue.
Indirect Direct Total
GBPm GBPm GBPm
================================ ======== ====== =====
Additions to non-current assets 3.7 0.3 4.0
================================ ======== ====== =====
Reportable segment assets 57.6 25.1 82.7
================================ ======== ====== =====
Reportable segment liabilities 13.8 14.4 28.2
================================ ======== ====== =====
4. Exceptional items
There were no exceptional items in either period.
5. Taxation on profit on ordinary activities
Tax expense is recognised based on management's best estimate of
the weighted average annual tax rate expected for the full year.
The estimated average annual tax rate used for the year to 31
December 2016 is 18.9% (the estimated tax rate for the first half
to 30 June 2015 was 18.4%).
Taxes on profit in the interim periods are accrued using the tax
rate that would be applicable to expected total annual
earnings.
Six months Six months
ended ended
30 June 30 June
2016 2015
GBPm GBPm
--------------------------------------------------- ----------- -----------
Current tax expense
Current tax on profits for the year 2.1 1.7
Adjustment in respect of prior year - (0.2)
--------------------------------------------------- ----------- -----------
Total current tax 2.1 1.5
--------------------------------------------------- ----------- -----------
Deferred tax expense
Origination and reversal of temporary differences (0.1) (0.1)
--------------------------------------------------- ----------- -----------
Total tax expense 2.0 1.4
--------------------------------------------------- ----------- -----------
The reasons for the difference between the actual tax charge for
the year and the standard rate of corporation tax in the United
Kingdom applied to profits for the year are as follows:
Six months Six months
ended ended
30 June 30 June
2016 2015
GBPm GBPm
--------------------------------------------- ----------- -----------
Profit before income taxes 10.6 7.6
Expected tax charge based on the standard
rate of United Kingdom corporation tax
at the domestic rate of 20% (2015: 20.25%) 2.1 1.5
Expenses not deductible for tax purposes - 0.2
Additional deduction for R&D expenditure (0.1) (0.1)
Adjustment in respect of prior year - (0.2)
--------------------------------------------- ----------- -----------
Total tax expense 2.0 1.4
--------------------------------------------- ----------- -----------
The Finance Act 2013 included provision for the main rate of
corporation tax to reduce to 20% from 1 April 2015. The Finance Act
2015 includes provision for the main rate of corporation tax to
reduce to 19% for the year beginning 1 April 2017, with a further
reduction from 19% to 18% for the year beginning 1 April 2020.
6. Earnings per share and dividends
Earnings per share
The calculation of basic earnings per Ordinary Share is based on
a profit after tax of GBP8.6 m for the six months ended 30 June
2016 (Six months ended 30 June 2015: GBP6.2m) and 90,799,608
Ordinary Shares for the six months ended 30 June 2016 (Six months
ended 30 June 2015: 89,132,949 Ordinary Shares), being the weighted
average number of Ordinary Shares in issue during the period.
The diluted earnings per Ordinary Share is calculated by
including in the weighted average number of shares the dilutive
effect of potential Ordinary Shares related to committed share
options. For the six months ended 30 June 2016 the diluted Ordinary
Shares were based on 94,286,518 Ordinary Shares (Six months ended
30 June 2015: 92,300,037) that included 3,486,910 potential
Ordinary Shares (Six months ended 30 June 2015: 3,167,088).
The following reflects the income and share data used in the
calculation of adjusted earnings per share computations before
share based payments, one-off costs and their associated tax
effect.
Six months Six months
ended ended
30 June 30 June
2016 2015
GBPm GBPm
Unaudited Unaudited
GBPm
======================================= ========== ==========
Profit for the year 8.6 6.2
Exceptional items - -
Share based payment costs 1.4 1.8
Less tax benefit associated with share
based payment costs (0.5) (0.3)
======================================= ========== ==========
Adjusted profit after tax for the year 9.5 7.7
======================================= ========== ==========
The adjusted diluted earnings per Ordinary Share is calculated
by including in the weighted average number of shares the dilutive
effect of all potential Ordinary Shares as management believe they
will all be exercised. For the six months ended 30 June 2015 the
diluted Ordinary Shares were based on 94,395,910 Ordinary Shares
(Six months ended 30 June 2015: 93,774,584) that included 3,596,302
potential Ordinary Shares (Six months ended 30 June 2015:
4,641,635).
Six months Six months
ended ended
30 June 30 June
2016 2015
No. No.
Unaudited Unaudited
============================================ ========== ==========
EPS
-------------------------------------------- ---------- ----------
Weighted average number of Ordinary
Shares for basic earnings per share 90,799,608 89,132,949
Effect of dilution resulting from share
options 3,486,910 3,167,088
============================================ ========== ==========
Weighted average number of Ordinary
Shares adjusted for the effect of dilution 94,286,518 92,300,037
-------------------------------------------- ---------- ----------
Adjusted EPS
-------------------------------------------- ---------- ----------
Weighted average number of Ordinary
Shares for basic earnings per share 90,799,608 89,132,949
Effect of dilution resulting from share
options 3,596,302 4,641,635
============================================ ========== ==========
Weighted average number of Ordinary
Shares adjusted for the effect of dilution 94,395,910 93,774,584
============================================ ========== ==========
Adjusted earnings per Ordinary Share
- basic (pence) 10.5 8.6
Adjusted earnings per Ordinary Share
- diluted (pence) 10.1 8.2
============================================ ========== ==========
There have been no material transactions involving Ordinary
Shares or potential shares between the reporting date and the date
of completion of the financial statements.
Dividends
A final dividend of 4.4p was paid on the 23 June 2016 (2015:
3.95p).
The Board have declared an interim dividend of 2.5p per share
payable on Thursday 20 October 2016 to shareholders on the register
as at Friday 23 September 2016. In the prior year an interim
dividend of 2.2p was paid.
7. Property, plant and equipment
Customer
Network Premises Computer Fixtures
assets equipment equipment and Total
GBPm GBPm GBPm fittings GBPm
GBPm
====================== ========= ========== =========== ========== =======
Cost
At 1 January 2015 41.8 1.9 12.5 1.5 57.7
Additions 1.5 1.6 0.5 - 3.6
Disposals - (0.1) - - (0.1)
Reclassification 0.9 - (0.9) - -
====================== ========= ========== =========== ========== =======
At 30 June 2015 44.2 3.4 12.1 1.5 61.2
====================== ========= ========== =========== ========== =======
Depreciation
At 1 January 2015 27.0 0.8 10.0 1.0 38.8
Charge for the period 1.9 0.4 0.5 0.1 2.9
Disposals - (0.1) - - (0.1)
Reclassification 0.3 - (0.3) - -
====================== ========= ========== =========== ========== =======
At 30 June 2015 29.2 1.1 10.2 1.1 41.6
====================== ========= ========== =========== ========== =======
Net book value
At 1 January 2015 14.8 1.1 2.5 0.5 18.9
====================== ========= ========== =========== ========== =======
At 30 June 2015 15.0 2.3 1.9 0.4 19.6
====================== ========= ========== =========== ========== =======
Cost
At 1 January 2016 45.9 5.8 4.6 0.5 56.8
Additions 2.5 3.7 0.8 0.1 7.1
Disposals - (0.4) - (0.1) (0.5)
At 30 June 2016 48.4 9.1 5.4 0.5 63.4
====================== ========= ========== =========== ========== =======
Depreciation
At 1 January 2016 29.4 1.7 2.2 0.1 33.4
Charge for the period 1.9 1.3 0.5 0.1 3.8
Disposals - (0.4) - (0.1) (0.5)
At 30 June 2016 31.3 2.6 2.7 0.1 36.7
====================== ========= ========== =========== ========== =======
Net book value
At 1 January 2016 16.5 4.1 2.4 0.4 23.4
====================== ========= ========== =========== ========== =======
At 30 June 2016 17.1 6.5 2.7 0.4 26.7
====================== ========= ========== =========== ========== =======
The estimated cost of the property, plant and equipment which
the Group is contractually committed to purchase at 30 June 2016 is
GBPnil (30 June 2015: GBPnil).
8. Share capital
2016 2016
Number GBPm
----------------------------------- ----------- ------
1 January 2016
Ordinary Shares of GBP0.0025 each 90,250,607 0.2
Number Notes
----------------------------------- ----------- ------
1 January 2016 90,250,607
23 March 2016 32,500 (a)
31 March 2016 1,022,536 (a)
18 April 2016 50,000 (a)
30 June 2016 207,856 (a)
30 June 2016 91,563,499
----------------------------------- ----------- ------
(a) Ordinary shares were issued to satisfy options which have been exercised.
2016 2016
Number GBPm
----------------------------------- ----------- -----
30 June 2016
Ordinary Shares of GBP0.0025 each 91,563,499 0.2
9. Related party transactions
As at 30 June 2016 an amount of GBPnil (30 June 2015: GBP2.7m)
was owed to the Group by key management personnel; this sum
includes GBPnil (30 June 2015: GBP50,000) owed by Andrew Belshaw
and GBPnil (30 June 2015: GBP2,591,460) owed by Bob Falconer.
On 6 May 2014, a subsidiary (Gamma Telecom Holdings Limited)
made an interest free loan of GBP50,000 to Andrew Belshaw to enable
him to repay a loan of GBP50,000 from the Employee Benefit Trust.
This loan was repaid in full on the 2 December 2015.
The loan previously held by Bob Falconer was repaid in full on
the 31 March 2016. On 2 October 2014, the Company agreed certain
arrangements with Bob Falconer to enable him to maintain his
holding of 5% of the issued Ordinary Share capital of the Company
for the purposes of enabling him to benefit from "entrepreneur's
relief" from UK capital gains tax. In order to achieve this, Bob
Falconer agreed to pay to the Company the sum of GBP3.1m, being
GBP0.9375 in respect of each of the 3,356,528 B1 shares held by
him, such that each of his B1 shares converted into one Ordinary
Share (each, a "Converted Share"). To part fund that payment, the
Company's subsidiary, Gamma Telecom Holdings Limited, made an
interest free loan to Bob Falconer of GBP2.6m ("Loan"). Had Bob
Falconer ceased to be a Director of the Company the Loan was
repayable on expiry of his notice period or three months after
termination if no notice period applied. The Loan was also
repayable if Bob Falconer disposed of the Converted Shares or upon
certain events of default, including his bankruptcy or within six
months of his death. There was also a part repayment obligation if
Bob Falconer sold only part of the Converted Shares. The Loan was
secured by an unregistered charge over 1,580,159 Ordinary Shares
registered in Bob Falconer's name. As part of these arrangements,
the Company cancelled Bob Falconer's options over 549,132 A shares
in return for a cancellation payment to Bob Falconer of GBP1.6m,
being equal to the capped value of the A shares pursuant to the
terms of the Company's articles of association in force at that
time less the option exercise price for those A shares. Bob
Falconer used part of the cancellation payment to repay a loan of
GBP0.3m which had previously been made by Gamma Telecom Holdings
Limited to him in April 2014.
Dividends totalling GBP0.3m (being the final dividend for 2016)
were paid in the first half of the year in respect of ordinary
shares held by the Company's directors (2015: GBP0.3m).
10. Events after the reporting date
There were no reportable events after the balance sheet
date.
11. Ultimate controlling party
There is no ultimate controlling party. Gamma Communications plc
is the ultimate controlling party of the Gamma Communications
Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDCUUGBGLU
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