REG - Gateley (Holdings) - Trading Update

Gateley (Holdings)Announcement

06/05/2021 07:00

RNS Number : 6984X
  
Gateley (Holdings) PLC
  
06 May 2021
  
 

6 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")
 
TRADING UPDATE
 
Gateley (AIM:GTLY), the legal and professional services group, provides the following update in respect of the Group's trading for the year ended 30 April 2021 ("FY21").
 
The Board is pleased to report that, following a very strong end to the financial year, revenue in FY21 is expected to be materially ahead of consensus market expectations*. As a result of the Group's continuing prudent approach to costs and cash management, profitability is therefore expected to be more significantly ahead of consensus market expectations with a cash position at 30 April 2021 substantially ahead of consensus market expectations.
 
The Board confirms that it intends to recommence dividend payments, and will pay a dividend for this financial year in line with its previous policy of distributing up to 70% of profit after tax.  The Board is also pleased to announce that as part of this total dividend payment for the year, it intends to declare an interim dividend of 2.5p per ordinary share, details of which will be announced in due course.
 
Rod Waldie, Chief Executive Officer of Gateley, said:
 
"I am delighted to report this outperformance, which demonstrates the Group's well balanced and resilient business model and provides further validation of our strategy to continue to build a substantial and well-diversified professional services group."
 
Further details will be provided in a pre-close trading statement, which will be announced later this month.
 
*Gateley believes consensus market expectations, prior to this announcement were: revenue of £111.7m, Adjusted PBT of £14.7m and net cash of £8.4m.
 
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 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








gateleypr@belvederepr.com



 

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