Published on: March 22, 2022

Steady progress over choppy waters

Gamma’s results for the year ended 31 December 2021, released this morning, are broadly in line with our expectations. While revenue fell slightly short of our forecast, £447.7m vs our £455.6m estimate (£393.8m FY20), the company achieved higher margins than we had expected, yielding an Adj EBITDA figure just ahead of our forecast, £95.4m vs our £94.0m estimate (£79.0m FY20). The strong overall results reflected robust operating performance across the group – some areas very strong, some slightly less so, but combining to demonstrate why, in our opinion, Gamma remains a favoured, high-quality stock in the UK market.

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