Gateley (Holdings) PLC Trading Update (5256X)
27 November 2017 - 6:00PM
UK Regulatory
TIDMGTLY
RNS Number : 5256X
Gateley (Holdings) PLC
27 November 2017
Gateley (Holdings) Plc
('Gateley', the 'Company' or the 'Group')
Trading Update
Gateley (AIM:GTLY), the national commercial law firm and
complementary professional services group, is pleased to announce
an update on trading ahead of its interim results for the six
months ended 31 October 2017.
The Board is pleased with the performance of the business in the
first six months of the financial year. Activity levels have been
robust and this, together with particularly strong growth in
Gateley's Corporate and Property service lines, has yielded
revenues up 10% over this period.
The Board generally sees activity levels remaining solid and
continues to invest in the business, taking advantage of growth
opportunities as they arise. Following similar investment last
year, total staff numbers, including six further strategic lateral
partner hires, have risen from 717 as at 30 April 2017 to 763 as at
31 October 2017. As a result, Group EBITDA for the six months is in
line with that achieved last year.
The Board looks forward to the second half of the financial
year, and on the basis of current new business and work in progress
levels, anticipates revenues in the second half to deliver a Group
performance for the full year in line with market expectations.
Commenting, Michael Ward, Chief Executive Officer of Gateley,
said:
"In line with our overall growth strategy, we have continued to
take advantage of our brand recognition opportunities, service line
enhancements and the delivery of excellent levels of client
service. Whilst we remain focused on seeking further acquisition
opportunities, our ability to achieve organic growth by attracting
talent and recruiting into growing service lines places us in a
strong position for the second half of the year. Our new Global
Mobility service line is our latest example of strategic investment
which, alongside our existing clients and contacts, will enable us
to capitalise on the opportunities which we expect to emerge in an
environment of ongoing political and economic uncertainty. Gateley
Capitus and Gateley Hamer are also performing well with a
distinctive cross-sell that is proving attractive to clients.
"We continue to invest in our people through the release of
further share incentive option schemes where participation remains
strong across professional and support staff alike. We were also
extremely pleased with the recent share offer which was
oversubscribed. We saw strong demand from existing and new
institutions, as well as good internal take up from both
longstanding employees and recent joiners."
The Board expects to announce the Group's half year results in
early December 2017.
Enquiries:
Gateley (Holdings) Plc
Neil Smith, Finance Director Tel: +44 (0) 121 234 0196
Nick Smith, Acquisitions Director and Head of Investor Relations Tel: +44 (0) 20 7653 1665
Cara Zachariou, Head of Communications Tel: +44 (0) 121 234 0074
or +44 (0) 7703 684 946
Cantor Fitzgerald Europe - Nominated adviser and broker
David Foreman / Marc Milmo / Callum Butterfield (Corporate Finance) Tel: +44 (0) 20 7894 7000
Caspar Shand Kydd, Alex Pollen (Sales)
Arden Partners - Broker Tel: +44 (0) 20 7614 5900
John Llewellyn-Lloyd, Benjamin Cryer (Corporate Finance)
James Reed-Daunter (Corporate Broking)
IFC Advisory - Financial PR Adviser Tel: +44 (0) 20 3053 8671
Tim Metcalfe / Graham Herring / Miles Nolan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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