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Gateley expecting strong first-half performance

By Josh White

Date: Thursday 24 Nov 2022

Gateley expecting strong first-half performance

(Sharecast News) - Legal and professional services group Gateley reported a "strong" first-half performance in a trading update on Thursday, with revenue 22% higher year-on-year, to be at least £76m.
The AIM-traded company said it continued to have a "clear strategic focus" and increased scale, operating in a "diverse and resilient" business model that, despite a global economic backdrop of inflation, geopolitical tension and rising negative sentiment, yielded a "pleasing" performance in the six months ended 31 October.

Underlying adjusted profit before tax was up around 11%, and was expected to come in at a minimum of £9.4m.

The group reported a net cash position and a "strong" balance sheet, as it continued to trade in line with market expectations for the financial year.

While the board said it was "mindful" of the economic outlook, it "looked forward" to the second half of the financial year.

"In a period that included previously announced investment to strengthen our operating model and some predicted and appropriate post-pandemic increases in operating costs, our resilient business model, enhanced by an increasing range of complementary services, and our embedded 'one-team' culture, remain the driving forces behind another strong financial performance by the group," said chief executive officer Rod Waldie.

"On behalf of the board, I would like to thank our clients for their support and our dedicated people for their ongoing hard work, commitment and can-do attitude.

"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."

At 1237 GMT, shares in Gateley Holdings were up 1.73% at 176p.

Reporting by Josh White for


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