The key headlines are:
Gross profit grew from £32m to £33.4m.
Significant positive cashflow inflow before financing of £4.1m reduced the net debt from £5.7m down to £1.6m, with the management expectation that the business will be debt free in the first half of 2010.
The business declared a Profit (before interest and tax) of £2.6m and an EBITDA of £6.5m (the highest since the business was founded).
The number of active channel partners grew by 8% to 550, with no one channel partner accounting for more than 5% of margin.
Turnover reduced by 11% to £141.3m, mainly due to the acquisition of Tiscali by Carphone Warehouse, lower pricing being passed through to our channel partners and a general recessionary drop in volumes.
Bob Falconer, CEO of Gamma Telecom, commented, "These are an excellent set of results during a recessionary period, particularly given that the volumes for legacy voice products have been falling. The Gamma business is currently in great shape and we are almost debt free. We do appreciate the business that our growing band of Channel Partners has chosen to place with us, and we have been impressed by the strength and durability of the channel during an exceptionally tough year.
I also would like to acknowledge the exceptional contribution throughout 2009 from the Gamma team. We have all been pleased to see the growing return on our investment in "new wave" products, such as Contact Pro, built on our Next Generation Network. We shall be driving forwards with our investment programme, with the objective of continuing to give Gamma Partners that extra edge in the marketplace."