Published on: September 7, 2021

Moving resolutely forwards

Gamma continues to produce consistently good results with these interims reflecting a strong business performance in both the UK and European businesses. We increase estimates by c. 2% to reflect updated guidance and note the positive outlook comments in the announcement. The European business continues to evolve its footprint as the Group looks to accelerate the long-term growth in its Cloud PBX business. Margins are settling into a more consistent level in the UK Indirect business while mix, including the influence of acquisitions, is driving margins in the UK Direct and European businesses. We see clear execution of Gamma’s Unified Communications as a Service (UCaaS) strategy together with further product development and geographic expansion. Noting the sentiment in the outlook statement, we look forward to a positive second half performance.