14
May 2024
The information contained
within this announcement is deemed by the Company to constitute
inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU
Exit) Regulations 2019. Upon the publication of this announcement
via the Regulatory Information Service, this inside information is
now considered to be in the public domain.
GATELEY (HOLDINGS)
PLC
("Gateley
or the "Group")
TRADING UPDATE, NOTICE OF
RESULTS, AND BOARD CHANGE
Trading update and notice of results
Gateley (AIM: GTLY), the
professional services group, announces a trading update ahead of
its full year results for the year ended 30 April 2024 (the
"Period"), which are expected to be announced on 16 July
2024.
Revenue for the Group grew by c.5.7%
in the Period and is expected to be not less than £172.0m (FY 23:
£162.7m). During the Period, the board remained committed to its
long-term strategic plan and continued to invest in, strengthen and
diversify the business. Group underlying profit before tax* for the
Period is expected to be not less than £22.8m (FY 23: £25.1m),
reflecting the board's decision this year, unlike last, to make a
provision of £4.5m for employee bonuses.
The Group maintains a strong balance
sheet with net cash of £3.3m (FY23: £4.3m), net of in-Period
investment in acquired and organic opportunities to generate future
growth and supporting the employee benefit trust with its recent
purchase of shares.
Board change
David Wilton was appointed to the
board as a non-executive director and Chairman designate on 1
February 2024. The board and David have mutually agreed not to
continue with David's appointment as Chairman and David will stand
down from the board with effect from today's date.
The nomination committee has begun a
process to recruit a new Chairman. In the meantime, Nigel Payne has
been asked, and has agreed to, continue to Chair the Group until a
successor is appointed.
Commenting on the results, Rod Waldie, Chief Executive Officer
of Gateley, said:
"I am pleased with the outturn for
FY 24 which was helped by strong activity levels in Q4. This
positions us well as we enter FY 25. The Group continues to benefit
from the resilience created by our strategy of investing in an
increasingly diverse but complementary range of professional
services. Our strong balance sheet also provides a solid foundation
from which to take a long-term view of potential growth
opportunities, as well as providing the bandwidth to deliver a
strong dividend yield for our shareholders.
"I would like to thank our clients
for their support and our dedicated people for their ongoing hard
work, commitment and can-do attitude. I would also like to thank
David for his contribution to the board during his time with
us.
"The board remains confident in its
strategy and we continue to invest in both legal and consultancy
services to further grow the Group and we look forward to the
future with confidence."
*Underlying profit before tax
excludes remuneration for post-combination services, gain on
bargain purchase, share-based payment charges, acquisition related
amortisation and exceptional items.
Enquiries
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Gateley (Holdings) Plc
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Neil Smith, Finance
Director
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Tel: +44
(0) 121 234 0196
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Nick Smith, Acquisitions Director and
Head of Investor Relations
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Tel: +44
(0) 20 7653 1665
|
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Cara Zachariou, Communications
Director
|
Tel: +44
(0) 121 234 0074
Mob: +44
(0) 7703 684 946
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Liberum - Nominated adviser and Broker
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Richard Lindley / Nikhil
Varghese
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Tel: +44
(0) 20 3100 2000
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Belvedere Communications Limited - Financial
PR
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Cat Valentine
(cvalentine@belvederepr.com)
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Mob: +44
(0) 7715 769 078
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Keeley Clarke
(kclarke@belvederepr.com)
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Mob: +44
(0) 7967 816 525
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