Sunday, July 12, 2020

“Strong growth” at Gateley as half year results set to see revenue rise to £51m

Gateley, the legal and professional services group with offices in Leicester and Nottingham, has witnessed “strong growth, ” according to a trading update ahead of its half year results for the six months ended 31 October 2019.

Revenue for the period is expected to be not less than £51.0m, compared to £46.4m for the six months ended 31 October 2018.

The firm said: “This strong growth, which is primarily organic, is built upon a broadening and deepening of the Group’s service lines and the expansion in the Group’s average number of fee earners to 673 at the Period end, which has increased by 10.3% since the full year end and by 21.9% since the prior half year end in October 2018.”

Gateley also noted that the pipeline for acquisitive expansion remains strong, with the Group’s sixth acquisition, the land referencing consultancy Persona Associates, which completed in July 2019, integrating into the Group “well.”

The law firm recently entered into a new five-year orderly market arrangement with its senior shareholding staff, announced in October 2019, providing “a stable long-term platform for all investors.”

Michael Ward, Chief Executive Officer of Gateley, said: “The Board continues to invest in the future of the Group in order to keep pace with a rapidly changing environment.  As we approach the end of our first five years on AIM, I am pleased with how our business has delivered on its promises to staff and investors. Despite the uncertainty around Brexit, which may continue to impact investor and client sentiment in the short-term, we remain confident that the business is well positioned to deliver a strong performance for the full year, in line with market expectations.”

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