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Published on: May 17, 2023

AGM update – ticking all the right boxes

Today’s AGM trading update confirms that Gamma has continued to show growth across all three business areas. Management expects the strong start to the year to continue and for FY23 adjusted EBITDA and adjusted EPS (fully diluted) to be in line with market expectations. UK Direct and Indirect both continue to perform well, and in Europe the H2 22 improvements have continued into FY23. New products have helped growth in Europe, while in the UK Gamma has launched its Simple Swap product for SME customers to convert their legacy data and voice services as PSTN switch-off approaches. Despite the strong balance sheet, excellent cash generation and an impressive growth outlook, Gamma’s shares appear to trade on undemanding multiples.

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