Gamma’s trading update for FY 2017E reflects continued strong growth in all its non-traditional products. Adjusted EBITDA is anticipated to come in slightly ahead of market expectations. Given that we are at the top end of consensus, we leave estimates unchanged although we note that the year-end cash position is better than our number. As expected, momentum from a good first half looks to have continued through the rest of the year. Consequently, we expect to see good profitability in both the direct business and the growth products in the indirect business when results are reported in March. For the year as a whole, Gamma’s Cloud PBX and SIP Trunking products continued to grow ahead of the market while the direct business announced a number of ‘significant’ contracts. As flagged, Gamma launched its converged offering before the year-end. In all, Gamma looks to have delivered a strong performance in 2017, living up to the potential seen in the interim results.