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Annual Report and Accounts 2018

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Annual Report and Accounts 2018 Gamma Communications plc Annual Report and Accounts 2018 Our strategy for the future Contents Gamma is an AIM-listed communications company. We are a leading supplier of business communications services to the UK and Dutch markets. Strategic report Highlights Chairman’s statement 2 Q&A with the Chief Executive Officer 4 Revenue Chief Executive Officer’s statement 5 Revenue grew from £242.0m Delivering our strategy 10 £284.9m +18% in 2017 to £284.9m Our strategy and culture in action 12 Gamma at a glance 18 Market trends 20 Business model 22 EPS EPS (fully diluted) increased TSI case study 24 +25% by 25% from 24.0p in 2017 to 30.0p Dean One case study 26 30.0p Care UK case study 28 Gamma Accelerate case study 30 Key performance indicators 32 Adjusted EPS Principal risks and uncertainties 34 Adjusted EPS (fully diluted) grew Business review 38 30.3p +31% by 31% from 23.1p to 30.3p UK Indirect 39 UK Direct 40 Overseas 41 Financial review 42 Dividend Corporate social responsibility 46 Dividend grew 9.3p +11% by 11% from 8.4p to 9.3p Corporate governance Chairman’s introduction 50 to corporate governance Board of Directors 52 Leadership team 54 All 2017 figures, except cash and dividends, have been restated for the effects of the adoption of IFRS 15. Corporate governance report 56 Audit Committee report 58 All alternative performance measures set out throughout this document are described as ‘adjusted’ and are defined and reconciled in the Financial Review section and these definitions Remuneration Committee report 60 are applied consistently. Where reference is made to adjusted EPS this is stated on a fully Directors’ report 71 diluted basis (‘FD’). Statement of Directors’ responsibilities 73 Financial statements AIM Company of the Year 2018 Independent auditor’s report 74 Consolidated statement of comprehensive income 78 Consolidated statement of financial position 79 Consolidated statement of cash flows 80 Consolidated statement of changes in equity 81 Notes forming part of the financial statements 82 Company balance sheet 114 Company statement of changes in equity 115 Notes forming part of the Company financial statements 116 Supplementary information Company information 119 Strategic reportStrategic Corporate governance Corporate Financial statementsFinancial Supplementary information Our growth journey is continuing through the ongoing implementation of our successful long term strategy. Our recent expansion into Europe is a clear milestone on our way to managed business growth.” Andrew Taylor Chief Executive Officer Gamma Communications plc Annual Report and Accounts 2018 1 Chairman’s statement Working together to deliver our long term strategy I am pleased to present the results for the year ended 31 December 2018. Dividend Specifically we have increased our focus Gamma remains committed to a on our channel partner marketing progressive dividend policy. The Board platform (Accelerate) and this is now is therefore pleased to propose a final actively used by over 700 of our dividend, in respect of the year ended partners to assist them to generate and 31 December 2018, of 6.2 pence per convert customer leads. Channel share (2017: 5.6 pence), an increase of partners have significantly increased 11% which, subject to shareholder their use of our online training platform approval at the forthcoming AGM, will (The Gamma Academy), which enables be payable on Thursday 20 June 2019 partners to keep up to date with new to shareholders on the register on products and services. The platform can Friday 31 May 2019. When added to also be used to train their staff and is Overview of results the 3.1 pence interim dividend therefore cost effective for both them Group revenue for the year ended (2017: 2.8 pence) this makes a total and Gamma. 31 December 2018 increased by £42.9m dividend declared of 9.3 pence for the In the indirect channel, our channel to £284.9m (2017: £242.0m), an increase year as a whole (2017: 8.4 pence). partners continue to drive growth in of 18% on the prior year. Of this increase, Business development our key products: £3.4m was inorganic and was due to the We continue to launch new products as acquisition of the DX Groep in the • BTT successfully secured the contract well as developing our existing product Netherlands. The organic growth pre to supply SCS with a 117 site MPLS portfolio. As in previous years, the focus acquisition was 16% and, of this, £25.7m network. of our development programme has came from the UK indirect channel where been to provide services that deliver both • Fidelity Group have again extended revenue increased to £210.6m (2017: tangible business benefits to the end their long term commitment to £184.9m) while £13.8m came from the user and support our channel partner Gamma for another two years. In total, UK direct business which saw revenue base to develop their businesses. they have committed to add 5,500 increase to £70.9m (2017: £57.1m). Gross Horizon seats in the next two years profit for the year rose to £132.2m, an During the year we launched Connect, predominantly on five year terms. increase of 22% compared to the £108.7m the fixed/mobile converged product • South West Communications have achieved in 2017, with an improvement in that integrates a mobile user with the committed to 3,000 net new Horizon the gross margin to 46.4% (2017: 44.9%) Gamma Cloud PBX service, Horizon. seats per year in a strategic agreement due to improved product mix. EBITDA for The service includes an easy to use app for the next two years. the Group increased by 34% to £48.3m that supports advanced voicemail and (2017: £36.0m). number presentation services, and • Focus Group has pledged a minimum feedback from early adopters of the of 5,700 Horizon seats per year for the Fully diluted earnings per share for the product has been very positive. next two years as part of a contract year increased by 25% to 30.0p We will continue to develop Horizon which could see them add over 10,000 (2017: 24.0p). Adjusted fully diluted into a full Unified Communications as a seats per year. In addition we will see earnings per share for the year Service (‘UCaaS’) suite (in line with our a net growth of 750 broadband circuits increased by 31% to 30.3p (2017: 23.1p). strategic aims) with the imminent a year, together with the selection of The cash generated by operations for launch of Collaborate. Gamma for all its new and existing the year was £40.6m compared to inbound business over the same two Increasingly we are focusing on £29.9m in 2017. This represents a cash year period. providing integrated services that to adjusted EBITDA conversion ratio for support Horizon to integrate with a The direct business continues to perform 2018 of 84% compared to 83% for 2017. greater number of CRM systems making well across all market segments, but in The closing cash balance for the year the service an integral part of the end particular our focus on Enterprise and was £35.5m compared to £31.6m at the user’s key business systems. Public Sector organisations is reaping the end of December 2017. This cash rewards, with significant multi-year balance has been maintained whilst Alongside product development, contract awards including The London spending £12.7m on capital items, we invest in programmes to support Stock Exchange for Global UCaaS and £11.1m on acquisitions and £8.1m channel partners to develop and retailer ALDI (UK and Ireland) for an on dividends. optimise their own business. enterprise-wide data network. 2 Gamma Communications plc Annual Report and Accounts 2018 Strategic reportStrategic Revenue £284.9m +18% Dividend per share 9.3p +11% In the public sector the Scottish primarily from recurring service At present, we have thirteen apprentices governance Corporate Government deployed a large SIP contracts with those operators and currently employed in IT, HR, solution, and The Guinness Partnership their tenants. Infrastructure Support, Software is deploying a managed solution for Board and employees Development, Sales and Customer Unified Communications, Connectivity Service. We have a good track record of In May 2018, Bob Falconer, the former and Mobility. Gamma achieved Stage 2 offering permanent employment at the CEO, retired and stood down from the Health and Social Care Network (HSCN) end of these apprenticeships, and Board. Bob has been instrumental in the compliance, in addition to being expanding opportunities for apprentices growth and development of Gamma for awarded new contracts with Fife across the business remains a priority which we thank him and wish him a and Thurrock Councils. for Gamma. happy retirement. I am pleased to Expansion into the Netherlands report that the Company has continued We consider diversity to be an important The year also saw Gamma’s expansion to benefit from Bob’s significant part of our culture at Gamma, and run a statementsFinancial into the Netherlands as part of our company knowledge and industry number of programmes across our strategic decision to expand into expertise on a part-time consultancy business to support and promote this. Europe to gain scale. This was achieved basis. Andrew Taylor joined the Board We are aware of the lack of diversity of through the acquisition of DX Groep on 4 April and took over as CEO at the the Board and will consider this with which trades as Dean One and Schiphol AGM on 23 May. Andrew has made an future appointments. Connect. Dean One sells a similar immediate and positive impact in the Outlook portfolio of services to Gamma through business.
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