Strong trading continues
Gamma’s trading update for the first half of its current financial year highlights strong revenue and margin growth across all business areas. The upbeat announcement says that management expects the results for the full year ‘to be at the higher end of the range of Board expectations’. With the Group required to report its interims under new accounting standards in September, we are leaving estimates unchanged at present but will update numbers to reflect first half trading and the effects of IFRSs 9, 15 and 16 at that time. We note, however, that the Group ended the half year with a healthy cash balance which is ahead of our current year-end estimate. New CEO Andrew Taylor took over from Bob Falconer following May’s AGM with the handover ‘well received and successfully completed’. In all, the update presents a welcome continuation of momentum and growth.