Gamma Communications

GAMA · Main Market · Telecommunications · mcap £977m · 1094.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 07 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £976.8m
Owner’s net cash: £11.8m
Net cash / market cap: 1%
EV ex leases: £965.4m
Revenue: £659.2m
Operating profit: £98.5m
Free cash flow after leases: £76.2m
EV / EBIT: 9.8×
FCF yield: 7.8%
Price / tangible book: 2.68×
ROCE: 20%
Net income (owners): £69.2m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 07 Sep 26 · read the results ↗

Source ↗

	2026 £m Unaudited	2025 £m Unaudited
Revenue	330.0	316.6
Cost of sales	(151.9)	(144.6)
Gross Profit	178.1	172.0
Operating Expenses	(126.1)	(127.6)
Of which exceptional items	-	(7.3)
Profit from operations	52.0	44.4
Finance income	0.3	2.0
Finance expense	(2.2)	(2.9)
Profit before tax	50.1	43.5
Tax expense	(13.3)	(11.1)
Profit after tax	36.8	32.4
Attributable to
Equity holders of Gamma Communications plc	36.7	32.4
Non-controlling interest	0.1	-
Total attributable to	36.8	32.4
Earnings per share attributable to the equity holders of the Company
Basic per Ordinary Share (pence)	40.2p	34.2p
Diluted per Ordinary Share (pence)	40.2p	34.1p

Source ↗

	30 June 2026 £m Unaudited	30 June 2025 £m Unaudited	31 December 2025 £m Audited
Assets
Non-current assets
Property, plant and equipment	36.2	40.8	40.0
Intangible assets	389.7	394.1	396.8
Deferred tax asset	5.3	7.9	6.9
Trade and other receivables	19.8	10.6	10.8
Contract assets	12.2	12.6	12.7
Total non-current assets	463.2	466.0	467.2
Current assets
Inventories	12.7	8.4	7.5
Trade and other receivables	84.1	86.6	78.4
Contract assets	42.1	40.0	41.8
Cash and cash equivalents	21.8	25.2	23.7
Current tax asset	2.6	2.0	2.7
Total current assets	163.3	162.2	154.1
Total assets	626.5	628.2	621.3
Liabilities
Non-current liabilities
Other payables	1.9	0.1	-
Other financial liabilities	37.3	60.6	45.6
Provisions	1.4	1.4	1.4
Contract liabilities	19.7	13.7	15.0
Acquisition-related liabilities	8.0	13.0	15.8
Deferred tax liability	48.1	50.3	48.8
Total non-current liabilities	116.4	139.1	126.6
Current liabilities
Trade and other payables	99.2	90.7	70.3
Other financial liabilities	4.7	3.1	5.2
Provisions	1.2	0.8	2.1
Contract liabilities	24.9	24.5	20.2
Acquisition-related liabilities	10.0	10.3	7.2
Current tax liability	5.5	3.9	4.7
Total current liabilities	145.5	133.3	109.7
Total liabilities	261.9	272.4	236.3
Net assets	364.6	355.8	385.0
Equity
Share capital	0.2	0.2	0.2
Share premium reserve	23.3	23.3	23.3
Other reserves	(7.7)	(10.4)	(6.3)
Retained earnings	349.5	343.6	368.6
Equity attributable to owners of Gamma Communications plc	365.3	356.7	385.8
Non-controlling interest	0.4	0.2	0.3
Written put options over non-controlling interest	(1.1)	(1.1)	(1.1)
Total equity	364.6	355.8	385.0

Source ↗

	2026 £m Unaudited	2025 £m Unaudited
Cash flows from operating activities
Profit for the period before tax	50.1	43.5
Adjustments for
Depreciation of property, plant and equipment	4.0	4.2
Depreciation of right-of-use assets	2.4	1.4
Amortisation of intangible assets	14.1	14.2
Change in fair value of contingent consideration	(1.3)	(1.5)
Share-based payment expense	1.0	1.6
Finance income	(0.3)	(2.0)
Finance expense	2.2	2.9
Other non-cash movements*	-	(1.3)
Total adjustments for	72.2	63.0
Increase in trade and other receivables and contract assets	(14.7)	(15.5)
(Increase)/decrease in inventories	(5.1)	2.6
Increase in trade and other payables	8.3	6.4
Increase/(decrease) in contract liabilities	9.4	(3.0)
Decrease in provisions	(0.9)	(0.4)
Cash generated by operations	69.2	53.1
Taxes paid	(9.8)	(13.7)
Net cash flows from operating activities	59.4	39.4
Investing activities
Purchase of property, plant and equipment	(1.5)	(1.1)
Purchase of intangible assets	(10.4)	(8.5)
Interest received	0.5	1.8
Acquisition of subsidiaries net of cash acquired	(4.3)	(142.8)
Net cash flows used in investing activities	(15.7)	(150.6)
Financing activities
Lease liability repayments	(2.6)	(2.1)
Proceeds from borrowings	10.5	89.0
Repayment of borrowings	(18.0)	(42.0)
Repayment of borrowings acquired with acquisitions	-	(14.6)
Interest paid	(1.1)	(1.5)
Share issues/ reissued	0.2	0.2
Dividends	(13.4)	(12.1)
Repurchase of own shares	(21.1)	(34.9)
Net cash flows used in financing activities	(45.5)	(18.0)
Net decrease in cash and cash equivalents	(1.8)	(129.2)
Cash and cash equivalents at beginning of period	23.7	153.7
Effects of exchange rate changes on cash and cash equivalents	(0.1)	0.7
Cash and cash equivalents at end of period	21.8	25.2

Source ↗

	2025 £m	2024 £m
Revenue	645.8	579.4
Cost of sales	(297.6)	(279.1)
Gross profit	348.2	300.3
Operating expenses	(257.3)	(210.0)
Of which exceptional items	(10.6)	-
Profit from operations	90.9	90.3
Finance income	2.9	7.1
Finance expense	(6.1)	(1.8)
Profit before tax	87.7	95.6
Tax expense	(22.7)	(25.8)
Profit after tax	65.0	69.8
Profit attributable to
Equity holders of Gamma Communications plc	64.9	69.8
Non-controlling interests	0.1	-
Total profit attributable to	65.0	69.8
Earnings per share attributable to the ordinary equity holders of the Company
Basic per Ordinary Share (pence)	69.5	72.3
Diluted per Ordinary Share (pence)	69.3	72.0

Source ↗

	2025 £m	2024 £m
Assets
Non-current assets
Property, plant and equipment	40.0	33.6
Intangible assets	396.8	189.3
Deferred tax asset	6.9	8.6
Trade and other receivables	10.8	8.7
Contract assets	12.7	6.7
Total non-current assets	467.2	246.9
Current assets
Inventories	7.5	10.0
Trade and other receivables	78.4	80.4
Contract assets	41.8	35.0
Cash and cash equivalents	23.7	153.7
Current tax asset	2.7	2.0
Total current assets	154.1	281.1
Total assets	621.3	528.0
Liabilities
Non-current liabilities
Other payables	-	0.1
Other financial liabilities	45.6	5.9
Provisions	1.4	1.4
Contract liabilities	15.0	13.3
Acquisition-related liabilities	15.8	22.0
Deferred tax liability	48.8	17.6
Total non-current liabilities	126.6	60.3
Current liabilities
Trade and other payables	70.3	68.4
Other financial liabilities	5.2	2.0
Provisions	2.1	0.9
Contract liabilities	20.2	18.5
Acquisition-related liabilities	7.2	4.5
Current tax liability	4.7	0.7
Total current liabilities	109.7	95.0
Total liabilities	236.3	155.3
Net assets	385.0	372.7
Equity
Share capital	0.2	0.2
Share premium reserve	23.3	23.3
Other reserves	(6.3)	(18.2)
Retained earnings	368.6	368.3
Equity attributable to owners of Gamma Communications plc	385.8	373.6
Non-controlling interests	0.3	0.2
Written put options over non-controlling interests	(1.1)	(1.1)
Total equity	385.0	372.7

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Profit for the year before tax	87.7	95.6
Adjustments for
Depreciation of property, plant and equipment	8.2	9.3
Depreciation of right-of-use assets	3.8	2.4
Amortisation of intangible assets	28.0	22.1
Other change in fair value of contingent consideration	(1.9)	(1.3)
Share-based payment expense	2.2	2.7
Finance income	(2.9)	(7.1)
Finance expense	6.1	1.8
Other non-cash movements*	(1.4)	-
Total adjustments for	129.8	125.5
(Increase) in trade and other receivables and contract assets	(6.8)	(1.7)
Decrease/(increase) in inventories	3.4	(1.7)
(Decrease) in trade and other payables	(6.0)	(4.8)
(Decrease)/increase in contract liabilities	(6.1)	2.0
Increase/(decrease) in provisions	0.8	(2.5)
Cash generated by operations	115.1	116.8
Taxes paid	(26.7)	(23.9)
Net cash flows from operating activities	88.4	92.9
Investing activities
Purchase of property, plant and equipment	(4.8)	(4.9)
Purchase of intangible assets	(19.5)	(14.3)
Interest received	2.3	7.1
Acquisition of subsidiaries net of cash acquired	(144.7)	(15.4)
Net cash used in investing activities	(166.7)	(27.5)
Financing activities
Lease liability repayments	(5.1)	(3.3)
Proceeds from borrowings	108.5	-
Repayment of borrowings	(75.5)	(1.5)
Repayment of borrowings acquired with acquisitions	(14.6)	-
Interest paid	(3.0)	-
Share issues/ reissued	0.9	1.8
Dividends	(18.9)	(17.3)
Repurchase of own shares	(45.1)	(27.3)
Net cash used in financing activities	(52.8)	(47.6)
Net (decrease)/ increase in cash and cash equivalents	(131.1)	17.8
Cash and cash equivalents at beginning of year	153.7	136.5
Effects of exchange rate changes on cash and cash equivalents	1.1	(0.6)
Cash and cash equivalents at end of year	23.7	153.7

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	659.2	645.8	579.4
Gross profit	354.3	348.2	300.3
Adjusted EBITDA	143.3	141.7	125.5
Adjusted operating profit	–	120.3	116.1
Exceptional / adjusting items	(3.3)	(10.6)	0.0
Operating profit	98.5	90.9	90.3
Depreciation (owned assets)	8.0	8.2	9.3
Depreciation (right-of-use)	4.8	3.8	2.4
Amortisation	27.9	28.0	22.1
Share-based payments	1.6	2.2	2.7
Operating profit to net income
Finance costs	(5.4)	(6.1)	(1.8)
Profit before tax	94.3	87.7	95.6
Tax	(24.9)	(22.7)	(25.8)
Net income (owners)	69.2	64.9	69.8
Per share
EPS basic	75.5p	69.5p	72.3p
EPS diluted	75.4p	69.3p	72.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	330.0	+4%	329.2	316.6
Gross profit	178.1	+4%	176.2	172.0
Adjusted EBITDA	72.5	+2%	70.8	70.9
EBITDA	72.5	+13%	–	64.2
Exceptional / adjusting items	0.0	n/m	(3.3)	(7.3)
Operating profit	52.0	+17%	46.5	44.4
Depreciation (owned assets)	4.0	−5%	4.0	4.2
Depreciation (right-of-use)	2.4	+71%	2.4	1.4
Amortisation	14.1	−1%	13.8	14.2
Share-based payments	1.0	−38%	0.6	1.6
Operating profit to net income
Finance costs	(2.2)	−24%	(3.2)	(2.9)
Profit before tax	50.1	+15%	44.2	43.5
Tax	(13.3)	+20%	(11.6)	(11.1)
Net income (owners)	36.7	+13%	32.5	32.4
Per share
EPS basic	40.2p	–	35.3p	34.2p
EPS diluted	40.2p	–	35.2p	34.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	108.4	88.4	92.9
Interest paid	(2.6)	(3.0)	0.0
Tax paid	(22.8)	(26.7)	(23.9)
Investing activities
Capex (PP&E)	(5.2)	(4.8)	(4.9)
Capex (intangibles)	(21.4)	(19.5)	(14.3)
Financing activities
Lease principal paid	(5.6)	(5.1)	(3.3)
Dividends paid	(20.2)	(18.9)	(17.3)
Share buybacks	(31.3)	(45.1)	(27.3)
Shares issued	0.9	0.9	1.8

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	59.4	+51%	49.0	39.4
Interest paid	(1.1)	−27%	(1.5)	(1.5)
Tax paid	(9.8)	−28%	(13.0)	(13.7)
Investing activities
Capex (PP&E)	(1.5)	+36%	(3.7)	(1.1)
Capex (intangibles)	(10.4)	+22%	(11.0)	(8.5)
Financing activities
Lease principal paid	(2.6)	+24%	(3.0)	(2.1)
Dividends paid	(13.4)	+11%	(6.8)	(12.1)
Share buybacks	(21.1)	−40%	(10.2)	(34.9)
Shares issued	0.2	0%	0.7	0.2

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	–	396.8	189.3
Property, plant & equipment	36.2	40.0	33.6
Non-current assets	463.2	467.2	246.9
Current assets
Inventories	12.7	7.5	10.0
Trade receivables	84.1	78.4	80.4
Cash	21.8	23.7	153.7
Current assets	163.3	154.1	281.1
Total assets	626.5	621.3	528.0
Current liabilities
Trade payables	99.2	70.3	68.4
Current liabilities	145.5	109.7	95.0
Non-current liabilities
Deferred consideration	10.0	7.2	–
Non-current liabilities	116.4	126.6	60.3
Total liabilities	261.9	236.3	155.3
Equity
Non-controlling interests	0.4	0.3	0.2
Total equity	364.6	385.0	372.7
Net cash and other figures
Net cash / (debt) ex leases	–	(9.3)	153.7
Undrawn facilities	104.5	–	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	–	396.8	–	189.3
Property, plant & equipment	36.2	40.0	40.8	33.6
Non-current assets	463.2	467.2	466.0	246.9
Current assets
Inventories	12.7	7.5	8.4	10.0
Trade receivables	84.1	78.4	86.6	80.4
Cash	21.8	23.7	25.2	153.7
Current assets	163.3	154.1	162.2	281.1
Total assets	626.5	621.3	628.2	528.0
Current liabilities
Trade payables	99.2	70.3	90.7	68.4
Current liabilities	145.5	109.7	133.3	95.0
Non-current liabilities
Deferred consideration	10.0	7.2	10.3	–
Non-current liabilities	116.4	126.6	139.1	60.3
Total liabilities	261.9	236.3	272.4	155.3
Equity
Non-controlling interests	0.4	0.3	0.2	0.2
Total equity	364.6	385.0	355.8	372.7
Net cash and other figures
Net cash / (debt) ex leases	–	(9.3)	–	153.7
Undrawn facilities	104.5	–	–	–

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