Gamma Communications — FY24 results herald next phase of growth

We see Gamma Communications as being at an inflection point as it moves from AIM to the London Main Market on 2 May. While its UK SME and enterprise customers continue to provide a solid recurring revenue base, recent bolt-on acquisitions (from organic cash flow) have given the group critical mass in the larger (and more attractive) German market. The fundamentals are thus in place for the group to repeat the 18% CAGR in adjusted EBITDA and 19% CAGR in fully diluted EPS that it has delivered over the last decade.