(Alliance News) - Gamma Communications PLC on Tuesday said revenue was up in 2022, with growth expected to continue in 2023.
The London-based cloud communication services provider reported 2022 revenue of GBP484.6 million, increasing 8.2% from GBP447.7 million in 2021. The company said this was driven by recurring revenue of 89%, which was maintained form the same figure a year ago.
Pretax profit was GBP64.9 million, falling 3.4% from GBP67.2 million a year ago. The drop in profit was a result of GBP12.5 million of non-cash exceptional items relating to the impairment of its Spanish cash-generating-unit.
The company said basic earnings per share was 51.1 pence, down 8.6% from 55.9p in 2021.
The company declared a final dividend of 10.0p per share, up 14% from 8.8p, bringing the total dividend to 15.0p, compared with 13.2p the year prior.
The company said it expects growth to continue in 2023, as it looks to expand its use base in the UK and Europe.
Chief Executive Officer Andrew Belshaw said: "Gamma remains well placed to navigate any macro-economic headwinds that may occur. We have a product set that is business critical to customers and telephony services have typically been resilient during periods of economic stress.
"We have a high degree of recurring revenue and expect to continue to be strongly cash generative. We have a healthy balance sheet that will allow us to continue investing in the business as well as supporting organic growth with acquisitions."
Gamma Communications shares fell 1.8% to 1,100.00 pence each in London on Tuesday morning.
By Harvey Dorset, Alliance News reporter
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Gamma Communications (GAMA)