Gamma Communications : Slow growth but sound margins in H1 2024
>Some slowdown in growth (but still taking share from BT) - Gamma has reported H1 2024 results. Group revenue growth remains solid at 10% y-o-y to £ 283m (ODDO BHF: £ 285m), albeit partly helped by acquisitions (500-600bp impact); excluding M&A, the indirect UK business (revenues from partners) was up 6% y-o-y and the UK direct business up 5% y-o-y. There was a little bit of a slowdown due to price pressure in the lower-end of the market (public sector). However, Gamm...Gamma Communications is a communications company. Co. has two main operating segments: Indirect, which sells Co.'s products to channel partners; and Direct, which sells Co.'s products to end users in the SME, Enterprise and Public Sectors together with an associated service wrap. Both operating segments sell a combination of products and services (which is mainly voice traffic from which revenues are derived from channel partners and other carriers as well as rentals for wholesale lines) and growth products and services (which consists of IP voice traffic, rental income derived from SIP trunks, hosted IP voice systems and Gamma's hosted inbound product and data products)
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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