Gamma: German growth supports H1 results, with dividends paused during the takeover process
Gamma Communications reported H1 results on 7 September 2026.
| Measure | H1 2026 | H1 2025 |
|---|---|---|
| Revenue | £330.0m | £316.6m |
| Adjusted EBITDA | £72.5m | £70.9m |
| Statutory pretax profit | £50.1m | £43.5m |
| Adjusted pretax profit | £59.2m | £61.0m |
| Diluted EPS | 40.2p | 34.1p |
Business mix and cash
German SME gross profit rose 30%, including 11% organic growth. UK SME gross profit fell 7%, reflecting pricing and market pressure.
Adjusted cash conversion improved to 97%. June net debt was £3.8m, down from £9.3m at December.
Takeover context
Following the recommended Epiris cash offer announced on 1 September, Gamma does not intend to declare or pay further dividends before the transaction becomes effective. Its buyback is currently suspended under the programme's pricing parameters.
The statutory profit increase and adjusted pretax decline measure different effects. The next issues are takeover conditions, cash generation and whether German momentum offsets pressure in the UK.
0
Sign in or create an account to comment.
0 comments
Be the first to share your perspective.