FY 2020 results confirm another strong year
The recent acquisition of Mission Labs was one of strategic importance to Gamma, in our view. It exemplified the progress that the Group has made in following its strategic plan to add to its scale and enhance product development capabilities through combining good organic growth with complementary acquisitions. The FY 2020 results reflect the success that Gamma has had to date in exploiting the significant growth opportunities that it has produced. We upgrade estimates to reflect the strong adjusted EBITDA performance just reported and to add the contribution of Mission Labs. We also introduce first-time numbers for FY 2023E. In all, we continue to expect good growth in profitability.