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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November 24, 2021 01:59 ET (06:59 GMT)

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