Gateley (Holdings) PLC Pre-close Trading Update and Notice of Results (7890Z)
26 May 2021 - 4:00PM
UK Regulatory
TIDMGTLY
RNS Number : 7890Z
Gateley (Holdings) PLC
26 May 2021
26 May 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310
GATELEY (HOLDINGS) PLC
("Gateley" or the "Group")
PRE-CLOSE TRADING UPDATE AND NOTICE OF RESULTS
Gateley (AIM: GTLY), the legal and professional services group,
is pleased to provide further detail of the Group's trading, ahead
of the publication of its audited results for the year ended 30
April 2021 ("FY21") and following its initial update on 6 May
2021.
The Group entered the second half of the year ("H2 21") with
high activity levels, strong trading momentum, and a sense of
optimism and confidence, despite the ongoing uncertainty brought
about by the Covid-19 pandemic. Trading continued to improve
throughout H2 21, resulting in the Group generating revenue for H2
21 of not less than GBP69.5m, an increase of more than 20% over the
previous year. Revenue for FY21 will be not less than GBP120m
(FY20: GBP109.8m), an increase of more than 9.3% for the year as a
whole.
Prudent cost and cash management measures, initiated by the
Board at the start of the pandemic and augmented by the stronger
than anticipated H2 trading, have yielded a net cash position at 30
April 2021 of GBP20m, significantly ahead of management's previous
expectations. The Group expects to report FY21 profit before tax of
not less than GBP16.0m, compared with GBP14.8m for FY20, an
increase of not less than 8.1%.
The Group is recommencing dividend payments to shareholders in
line with its previous policy of distributing up to 70% of profit
after tax, and the Board will propose a dividend for FY21 in the
Group's Final Results announcement on 13 July 2021. The Board is
pleased to declare today that the interim dividend of 2.5p per
ordinary share, disclosed in the Group's Trading Update announced
on 6 May 2021, will be paid on 28 June 2021 to shareholders on the
register at close of business on 4 June 2021. The corresponding
ex-dividend date is 3 June 2021.
Rod Waldie, Chief Executive Officer of Gateley, said:
"I am delighted with this excellent performance, which is
testament to our culture and the contribution of everyone working
at Gateley, without whose commitment we would not have been able to
deliver such a strong result. I thank the whole team for their hard
work, diligence, and resilience, in the face of what has been an
unprecedented period.
I also thank our clients for their support throughout FY21 and
for giving us the opportunity to work with them on high quality
mandates. This has been a turbulent year for all of our
stakeholders but our diverse and highly regarded legal and
consultancy offering has enabled us to continue to provide
excellent service to our clients whilst growing our business. We
are carrying a strong pipeline of work into FY22 and are looking
forward to continuing to grow the Group, both organically and via
acquisition."
Enquiries:
Gateley (Holdings) Plc
Neil Smith, Finance Director Tel: +44 (0) 121 234
0196
Nick Smith, Acquisitions Director and Head Tel: +44 (0) 20 7653
of Investor Relations 1665
Cara Zachariou, Head of Corporate Communications Tel: +44 (0) 121 234
0074
Mob: +44 (0) 7703
684 946
finnCap - Nominated adviser and broker Tel: +44 (0) 20 7220
0575
Matt Goode / James Thompson (Corporate Finance)
Andrew Burdis (ECM)
N+1 Singer - Joint broker Tel: +44 (0) 20 7496
3000
Peter Steel (Corporate Finance)
Rachel Hayes (Corporate Broking)
Belvedere Communications Limited - Financial
PR
Cat Valentine (cvalentine@belvederepr.com) Mob: +44 (0) 7715
769 078
Keeley Clarke (kclarke@belvederepr.com) Mob: +44 (0) 7967
816 525
Llew Angus (langus@belvederepr.com) Mob: +44 (0) 7407
023 147
gateleypr@belvederepr.com
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END
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