Thursday, June 17, 2021

Results ahead of expectations at Gateley following “very strong end to the financial year”

Revenue and profitability are anticipated to be ahead of expectations at Gateley, the legal and professional services group, according to a trading update for the year ended 30 April 2021 (FY21).

The company said that “following a very strong end to the financial year, revenue in FY21 is expected to be materially ahead of consensus market expectations.”

Consensus market expectations were previously revenue of £111.7m, Adjusted PBT of £14.7m and net cash of £8.4m.

The board confirmed that it intends to recommence dividend payments, and will pay a dividend for this financial year in line with its previous policy of distributing up to 70% of profit after tax. As part of this total dividend payment for the year, it intends to declare an interim dividend of 2.5p per ordinary share, details of which will be announced in due course.

Rod Waldie, Chief Executive Officer of Gateley, said: “I am delighted to report this outperformance, which demonstrates the Group’s well balanced and resilient business model and provides further validation of our strategy to continue to build a substantial and well-diversified professional services group.”

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