Gateley (Holdings) PLC Trading Update and Notice of Results (3367T)
24 November 2021 - 5:59PM
UK Regulatory
TIDMGTLY
RNS Number : 3367T
Gateley (Holdings) PLC
24 November 2021
24 November 2021
GATELEY (HOLDINGS) PLC
("Gateley", or the "Group")
Trading Update and Notice of Results
Continued strong trading momentum
Gateley (AIM: GTLY), the legal and professional services group,
is pleased to announce a trading update ahead of its half year
results for the six months ended 31 October 2021 (the "Period"),
which will be announced on 12 January 2022.
The Board is delighted with the strong performance of the Group
in the Period, both in terms of activity levels and fee generation,
which were in line with management's expectations. Revenue for the
Period has grown by 23% and is expected to be not less than
GBP62.0m.
Momentum built during the strong second six months of FY21 has
continued throughout the Period, further vindicating the Group's
decision in 2020 to retain capacity during the onset of the
pandemic. Gateley continues to benefit from lower-than-normal
levels of discretionary expenditure which is expected to last at
least through the remainder of the financial year. Underlying
adjusted profit before tax* is not less than GBP8.1m for the
Period, compared with GBP7.5m for the prior Period. Cash generation
during the Period has remained strong after reintroducing dividends
to shareholders and bonus payments to staff, net cash was GBP7.8m
at the Period end.
The Board looks forward to the second half of the financial year
with confidence.
*Underlying adjusted profit before tax excludes share-based
payment charges, amortisation and exceptional items
Commenting, Rod Waldie, Chief Executive Officer of Gateley,
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. On behalf of the Board, I thank our incredible 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. "
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
Liberum - Nominated adviser and Broker
Richard Lindley / Ben Cryer / Cara Murphy Tel: +44 (0) 20 3100
2000
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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