Gateley 'delighted' by H1 performance
By Iain Gilbert
Date: Wednesday 24 Nov 2021
(Sharecast News) - Legal and professional services group Gateley said on Wednesday that it was "delighted" by its strong performance in the six months ended 31 October, both in terms of activity levels and fee generation.
Gateley said interim revenues had grown 23% and were expected to be no less than £62.0m as momentum built during the "strong second six months" of the 2021 trading year had continued throughout the period.
The AIM-listed group stated it was continuing to benefit from "lower-than-normal" levels of discretionary expenditure, which it expects to last until the end of the financial year, at least.
Underlying adjusted pre-tax profits were said to be no less than £8.1m for the period, compared with £7.5m a year earlier, while cash generation during the half also remained strong after reintroducing dividends and bonus payments. Net cash was £7.8m at the period end.
Chief executive Rod Waldie said: "Our long-established and resilient business model, enhanced by an increasing range of connected services offered to clients via our platforms, and our embedded 'one-team' culture have been the driving force behind another strong financial performance from Gateley.
"We are excited by the wide range of opportunities that are presenting themselves to the group and look forward to continuing to grow the business, both organically and via acquisition, in line with our stated strategy."
As of 1320 GMT, Gateley shares were down 2.14% at 215.30p.
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