REG - Gateley (Holdings) - H1 24 Trading update and notice of results

Gateley (Holdings)Announcement

22/11/2023 07:00

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RNS Number : 1758U  Gateley (Holdings) PLC  22 November 2023

22 November 2023

 

GATELEY (HOLDINGS) PLC

("Gateley or the "Group")

AIM: GTLY

 

H1 24 Trading update and notice of results

 

Gateley (AIM: GTLY), the professional services group, is pleased to announce a
trading update ahead of its half year results for the six months ended 31
October 2023 (the "Period" or "H1 24"), which will be announced on 17 January
2024.

 

Despite a challenging market due to macro-economic conditions, the Group's
increasingly diverse business lines combined to deliver a resilient
performance in the Period.  Group revenue grew by c.7% and is expected to be
not less than £81.5m.

 

Underlying profit before tax* is expected to be not less than £10.0m,
representing growth of c.4.0%.

 

Activity levels improved throughout Q2 24, compared to Q1 24, and the Group
continues to perform in line with the board's expectations for FY 24.
 However, the board remains mindful of current economic conditions and,
therefore, maintains a cautious outlook.

 

The Group continues to maintain a strong balance sheet with low net debt at
the Period end (£3.1m), after investment in both inorganic and organic growth
opportunities in line with the Group's long-term strategic plan.

 

*Underlying profit before tax excludes remuneration for post-combination
services, gain on bargain purchase, share-based payment charges, acquisition
related amortisation and exceptional items.

 

Commenting, Rod Waldie, Chief Executive Officer of Gateley, said:

 

"Given the economic conditions during the Period, I am pleased with the
Group's performance in H1 24 and improving activity levels as the financial
year progresses mean that we are carrying good momentum into H2.

 

"Whilst the macroeconomic and geopolitical outlook remains uncertain, the
Group continues to benefit from the resilience created by our strategy of
investing in a diverse and complementary range of professional services.  Our
balance sheet provides a strong foundation from which to take a long-term view
of potential opportunities to further invest in both legal and consultancy
services.

 

"Finally, as always, I would like to thank our clients for their support and
our dedicated people for their ongoing hard work, commitment and can-do
attitude."

 

 

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, Communications Director                           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

 

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