Gamma Communications PLC AGM Trading update (6397Z)
17 Maggio 2023 - 8:00AM
UK Regulatory
TIDMGAMA
RNS Number : 6397Z
Gamma Communications PLC
17 May 2023
17 May 2023
Gamma Communications plc
AGM trading update
Positive growth momentum leading to continued high cash
generation. Guidance is reiterated
Ahead of the Annual General Meeting ("AGM") to be held later
today at Investec, 30 Gresham St, London EC2V 7QN, Gamma
Communications plc ("Gamma" or the "Group") confirms the following
update on trading.
Group overview
Gamma is pleased with the good performance in 2023 to date, with
growth across all three operating segments. It expects this
positive momentum to continue through the rest of the year.
Operational highlights in the first part of the year
include:
-- The UK businesses have experienced a positive start to the
year. Announced price rises landed in line with expectations.
Spending controls remain in place to manage inflationary pressures
which are expected to continue into the second half of the
year.
-- The launch of Simple Swap, a unique proposition in the UK
marketplace, that allows us to seamlessly convert legacy data and
voice services for small businesses as PSTN switch off
approaches.
-- The improved European business performance seen in H2 2022
has continued in 2023 to date, including a number of product
launches.
Balance Sheet
Our balance sheet remains strong and underlying trading
continues to generate cash. Gamma had net cash of GBP101.3m as at
30 April 2023 (30 April 2022: GBP54.0m).
Dividend
The proposed final dividend in respect of the year ended 31
December 2022 will be put to shareholder vote at the AGM today. The
proposed final dividend is 10.0 pence (2021: 8.8 pence) equating to
a cash cost of GBP9.7m. When added to the 5.0 pence interim
dividend (2021: 4.4 pence) this will deliver a total dividend
declared of 15.0 pence for 2022 (2021: 13.2 pence), an increase of
14% over 2021.
Outlook
The Board remains positive about Gamma's prospects. The Group
continues to be in a strong financial position allowing it to
invest and deliver against its long-term growth strategy, and has
proven to be resilient to the varying economic market
conditions.
Based on our trading in 2023 to date, the Board expect adjusted
EBITDA and adjusted EPS (fully diluted) for the year ending 31
December 2023 to be within the range of market forecasts*.
The Board will provide its next trading update shortly after the
end of the first half and prior to the publication of the interim
results for the six months ending 30 June 2023 on Tuesday 5
September.
Chair Succession
Following the announcement made on 21 March 2023, the search for
a replacement Chair to succeed Richard Last has made good progress
but has not yet completed. Subject to his re-election at the AGM to
be held today, Richard will remain on the Board as Chair until his
successor has been appointed.
The Company will make a further announcement in due course,
updating the market as and when appropriate.
* Note: Company compiled range is based on known sell side
analyst estimates, some of which have been updated to take into
account Gamma's FY 2022 audited results. The ranges are adjusted
EBITDA GBP110.4m - GBP117.2m and adjusted EPS (fully diluted) 70.0
pence - 77.0 pence.
Enquiries:
Gamma Communications plc Tel: +44 ( 0)333 006 5972
Andrew Belshaw, Chief Executive Officer
Bill Castell, Chief Financial Officer
Rachael Matzopoulos, Company Secretary
Investec Bank plc (NOMAD & Broker) Tel: +44 (0)207 597 5970
Patrick Robb / Virginia Bull
Teneo (PR Adviser) Tel: +44 (0)207 353 4200
James Macey White / Rebecca Hamer
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END
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May 17, 2023 02:00 ET (06:00 GMT)
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