Gamma Communications plc LSE:GAMA
- Incorporated
- United Kingdom
- Chief executive
- Andrew Belshaw
- Employees
- 2,243
- Reports in
- GBP
- Companies House
- 08943488
Read straight from the annual reports
1,092p at close on 5 Oct 2026 · 11 reported years, 2015–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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German expansion through acquisitions (Placetel, Starface)
Geographic revenue for Germany rose to £122.9m from £67.5m. Starface contributed £35.7m of revenue from 19 Feb 2025 to 31 Dec 2025. Group organic revenue growth was only 1% (£6.2m), against 10% inorganic (£58.8m).
page 141Recurring subscriptions and rentals
Subscriptions and rentals revenue was £450.3m (2024: £403.2m). Voice and data traffic was £107.7m (2024: £109.2m). Revenue recognised over time was £572.0m, 88.6% of revenue.
page 142Higher-margin German acquisitions
Starface and Placetel have higher gross profit margins than the existing Group. Group gross profit margin was 53.9% (derived: 348.2/645.8), up from 51.8% in 2024.
page 34UK SME PSTN switch-off and Enterprise pricing pressure
Net gross profit impact of c.£4m (UK SME) and c.£2m (Gamma Enterprise), c.£6m in total.
page 32Restructuring of UK operations completed in H2 2025 will deliver annual operating expense savings of £7m across Gamma Business and Gamma Enterprise from FY2026.
page 33Share buyback programme of up to £42.5m in FY2026 appointed Investec Bank plc (January 2026). At 20 March 2026, 1,002,213 shares had been bought and cancelled for £9.0m.
page 169Final dividend proposed at 14.8p (2024: 13.0p), payable 18 June 2026 to shareholders on the register at 29 May 2026. Total FY2025 dividends are 22.2p (2024: 19.5p), comprising an interim of 7.4p already paid. The Board describes a progressive policy and intends to hold dividend per share at FY2025 levels for the next two years, structured as one-third interim and two-thirds final.
page 115Unmodified opinion from Deloitte LLP (James Brass FCA), dated 23 March 2026, on the group and parent financial statements. No material uncertainty identified on going concern for at least 12 months. Key audit matters: (1) accuracy of Gamma Business usage revenue, (2) valuation of Starface customer relationship intangibles (£87.7m). Materiality £5.8m, set on adjusted PBT (the auditor's stated adjusted PBT of £116.0m differs from the APM figure of £119.4m). Auditor tenure 11 years.
page 119- Existing routes to market and product strategy not aligned with changing customer buying behaviour (Major; stable)p.40
- Slow responses to shifts in the competitive landscape leading to decline in market share (Major; increasing), with macro uncertainty and weaker UK performancep.40
- Data loss and cyber attacks, with potential fines under TSA, NIS2 and GDPR (Major; stable)p.41
- Inability to attract and retain talent (Significant; stable), including UK restructuring and German leadership changep.42
Read from C000518-AR-2025-nsm.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (9), FCA NSM (1)
FY2026Next report expected 30 Mar 2027