REG - Gateley (Holdings) - Trading Update and Notice of Results

Gateley (Holdings)Announcement

24/11/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211124:nRSX3367Ta&default-theme=true

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 £62.0m.

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 £8.1m for the Period, compared
with £7.5m 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 £7.8m 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 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

 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 (mailto:gateleypr@belvederepr.com)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTFLFETLDLVFIL