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UK provider of cloud telephony and unified-communications services for businesses, sold mainly through channel partners.
UK provider of cloud telephony and unified-communications services for businesses, sold mainly through channel partners.
Sells through a network of independent resellers who own the end-customer relationship, charging them monthly per-user subscriptions for hosted phone systems plus call and line charges, so most revenue repeats. Beyond the UK it has built a European business through acquisitions, notably in Germany.
In one line: A UK RingCentral/8x8 for business communications.
Moat: narrow (distribution, switching costs, installed base). Deep channel-partner network and embedded business phone systems create switching costs.
Headquarters: London, UK · Founded: 2003 · Employees: 2,230
Size Gamma Communications (GAMA.L) is a United Kingdom Communication Services company (Major Telecommunications) with a market value of $1.32B, the 199th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,097 on 6 Nov 2026.
Performance Over six months the shares gained 22.7%, against -17.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 7.5% over the last twelve months (peer median +3.7%); the operating margin is 15.5% (peer median 9.4%).
Valuation It trades at 11.9× forward earnings against a peer median of 19.1× (3rd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.3 points above its cost of capital (9.7% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £659M | £646M | £579M | £522M | £485M |
| Revenue growth | — | +11% | +11% | +8% | — |
| Gross profit | £314M | £308M | £266M | £236M | £220M |
| EBITDA | £143M | £138M | £126M | £98.3M | £92.6M |
| Net income | £69.2M | £64.9M | £69.8M | £53.6M | £49.3M |
| Free cash flow | £102M | £82.9M | £95.1M | £107M | £78.6M |
| Capital expenditure | £26.6M | £24.3M | £19.2M | £23.0M | £20.7M |
| Total debt | n/a | £50.6M | £7.90M | £11.7M | £13.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Gamma Communications GAMA.L | $1.32B | +23% | +7% | 15% | 11.9× | -0.4% |
| RingCentral RNG | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% |
| 8x8 EGHT | $308M | -22% | +4% | 4% | 5.9× | 12.4% |
| BT Group plc BT.A.L | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GAMA.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | +0.1% | 11th highest of 21 |
| 6-month return | +22.7% | -17.1% | 4th highest of 21 |
| Distance from 52-week high | -9.1% | -34.0% | 6th highest of 21 |
| Revenue growth (TTM) | +7.5% | +3.7% | 7th highest of 21 |
| Operating margin | 15.5% | 9.4% | 6th highest of 21 |
| Forward P/E | 11.9× | 19.1× | 3rd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -0.4% | 5.6% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +10.4% | +4.6% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | -10.8 pp | +5.6 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +10.3 pp | -2.7 pp | 4th highest of 19 |
| EV / EBITDA | 7.0× | 10.2× | 6th cheapest of 17 |
| Net debt / EBITDA | 0.1× | 2.1× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gamma Communications GAMA.L | United Kingdom | $1.32B | +23% | +7% | 15% | 11.9× | -0.4% | +10.4% |
| Uniti UNIT | United States | $1.27B | -54% | +200% | 10% | n/a | n/a | n/a |
| Guangdong South New Media 300770.SZ | China | $1.37B | +7% | -6% | 37% | 13.8× | -1.5% | +5.9% |
| Grupo Televisa, S.A.B. Sponsored ADR TV | United States | $1.24B | -18% | +6% | 11% | 9.9× | 1.1% | -7.5% |
| Hicon Network Technology (Shandong) 301262.SZ | China | $1.21B | +1% | +2% | 38% | 30.8× | 5.4% | +0.1% |
| HKBN 1310.HK | Hong Kong | $1.02B | -25% | +6% | 3% | 10.1× | n/a | n/a |
| Liberty Latin America LILA | United States | $1.73B | +72% | +1% | 17% | n/a | 0.5% | +3.4% |
| RailTel Corp. of India RAILTEL.NS | India | $817M | -31% | +23% | 10% | 18.8× | 31.3% | +25.4% |
| IDT IDT | United States | $2.18B | +54% | +5% | 9% | 19.5× | 5.7% | -2.2% |
| Eutelsat Communications ETL.PA | France | $2.40B | -40% | -1% | -6% | n/a | n/a | n/a |
| ITI ITI.NS | India | $2.53B | -18% | -41% | -1% | n/a | n/a | n/a |
| Bahnhof BAHN-B.ST | Sweden | $681M | +12% | +8% | 11% | 25.2× | 10.9% | +8.5% |
| NetLink NBN Trust CJLU.SI | Singapore | $2.87B | -7% | 0% | 22% | 44.5× | 16.0% | +2.3% |
| Liberty Global LBTYB | United States | $3.09B | -17% | -27% | -1% | n/a | n/a | n/a |
| Shenandoah Telecommunications SHEN | United States | $534M | -40% | +6% | -3% | n/a | n/a | n/a |
| NOVA Technology 300921.SZ | China | $504M | -32% | +2% | 5% | n/a | 23.9% | +2.2% |
| Ooma OOMA | United States | $497M | -7% | +17% | 5% | 13.0× | 22.7% | +10.1% |
| ATN International ATNI | United States | $432M | -1% | +2% | 8% | 31.5× | 4.5% | +9.8% |
| Internet Initiative Japan 3774.T | Japan | $4.05B | +30% | +14% | 9% | 25.3× | 2.3% | +10.2% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | n/a | 5.1% | -9.7% |
| Ovzon OVZON.ST | Sweden | $417M | -26% | +77% | 26% | 18.0× | 13.1% | +35.6% |