Strong results for “resilient” Gateley

Michael Ward, Gateley

Gateley, the law-led professional services group, has seen revenue and profits grow in the six months ending 31 October 2018.

Revenue increased 20.1% to £46.4m (H1 18: £38.6m), and profit before tax went up 18.6% to £5.0m (H1 18: £4.2m).

Michael Ward, CEO of Gateley, said: “I am delighted with the performance of the business in the first half of the financial year. Our proven strong and resilient business model and our focused diversification strategy has continued to drive growth across our business: our core legal business has grown strongly; our acquired complementary businesses are all fully integrated and are performing very well; our acquisition pipeline is strong with regular approaches from companies who view Gateley as an ideal choice to help them grow their businesses successfully. 

“The Group now operates from ten offices with a team now comprising over 900 people, who support the mid-market with all of its legal and other professional service requirements. Since our admission to AIM three and a half years ago, our core legal team has grown by 47% from 384 to 565.

“We have also expanded our non-legal service lines such that our legal team now works alongside 38 other professionals including chartered surveyors, tax consultants, clinical psychologists and chartered accountants. We remain committed to our strategy of investing in the business and its people and expanding the Group’s offering, whilst maintaining our focus on sustainable improving performance.

“In the first three years post Admission to AIM, the Group has delivered turnover growth of 37%, adjusted EBITDA growth of 46% and, including the dividend from this set of results, has provided shareholders with dividend income of 21.84 pence per share. The Group is on track to deliver full year earnings in line with market forecasts, which were raised following the positive Trading Update announced on 23 November 2018, with revenues of not less than £102m and EBITDA margins in H2 19 not less than those achieved previously.  

“With our strong trading and investment for the future both continuing, the Board looks forward to the second half of the financial year with confidence.”