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

Gateley (Holdings)Announcement

24/11/2022 07:01

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RNS Number : 4141H  Gateley (Holdings) PLC  24 November 2022

24 November 2022

 

GATELEY (HOLDINGS) PLC

("Gateley or the "Group")

AIM: GTLY

 

Trading update and notice of results

 

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 2022 (the "Period"), which will be announced on 18 January
2023.

 

The board is pleased with the strong performance of the Group in the Period.
Revenue has grown by c.22% (H1 2022: 23%) and is expected to be not less than
£76.0 million.

 

Gateley continues to demonstrate a clear strategic focus and increased scale,
operating within a diverse and resilient business model that, despite a global
economic backdrop of inflation, geopolitical tension and rising negative
sentiment, has yielded a pleasing first half performance. Underlying adjusted
profit before tax* has grown by c.11% (H1 2022: 14.1%) and is expected to be
not less than £9.4 million for the Period, (H1 2022: £8.5 million).

 

The Group has net cash and a strong balance sheet and the business continues
to trade in line with market expectations for the financial year. Whilst
mindful of the economic outlook, the board looks forward to the second half of
the financial year.

 

*Underlying adjusted profit before tax excludes share-based payment charges,
amortisation and exceptional items.

 

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

 

"In a period that included previously announced investment to strengthen our
operating model and some predicted and appropriate post-pandemic increases in
operating costs, our resilient business model, enhanced by an increasing range
of complementary services, and our embedded 'one-team' culture, remain the
driving forces behind another strong financial performance by the Group.

 

"On behalf of the board, I would like to thank our clients for their support
and our dedicated 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

 

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