Gateley (Holdings) PLC – Preliminary Results 2019

Gateley (Holdings) PLC – Preliminary Results 2019

Gateley (AIM: GTLY), the legal and professional services group, is pleased to announce its audited preliminary results for the year ended 30 April 2019.

 

Financial Highlights

 

·

Revenue increased 20.2% to £103.5m (2018: £86.1m)

·

Adjusted EBITDA* increased 15.7% to £19.1m (2018: £16.5m)

·

Profit before tax increased 8.9% to £15.9m (2018: £14.6m)

·

Profit after tax increased 10.6% to £13.0m (2018: £11.8m)

·

Basic EPS increased 7.3% to 11.83p (2018: 11.03p), adjusted fully diluted EPS increased 17.8% to 13.15p (2018: 11.16p) **

·

Proposed final dividend of 5.4p per share (2018: 4.8p), representing a full year dividend of 8.0p per share (2018: 7.0p) an increase of 14.3%

·

Robust balance sheet with net assets increased to £30.6m (2018: £23.0m) and net debt of £3.2m (2018: £0.7m)

·

Strong cash generation and continued investment for future growth

·

New financial year has started well and the Group is well positioned to make further progress

 

*

Adjusted EBITDA excludes share based payment charges, depreciation, amortisation and exceptional items

**

Adjusted fully diluted EPS excludes share based payment charges, amortisation and exceptional items. It also adjusts for the future weighted average number of expected unissued shares from granted but unexercised share option schemes in issue based on a share price at the end of the financial year

 

Operational Highlights

 

·

Record breaking revenue and staff numbers attained

·

Three acquisitions completed and fully integrated in the year:

– Strategic acquisition of housebuilder specialists GCL Solicitors in May 2018

– Complementary acquisition of non-legal Human Capital consultancy business, Kiddy & Partners, in July 2018

– Complementary acquisition of non-legal inward investment consultancy business, International Investment Services, in November 2018

·

Continued investment in fee earning staff with average numbers up 19.8% to 610 (2018: 509). Average total staff numbers up 19.8% to 907 (2018: 757)

·

Increased levels of Partner recruitment, with organic growth momentum maintained

·

Introduction of new Long Term Incentive Plan, to replace Stock Appreciation Rights Scheme and to increase clarity on dilution. LTIP to sit alongside existing CSOP and SAYE staff option schemes

·

New five year Orderly Market Agreement being finalised

 

Michael Ward, CEO of Gateley, said:

 

“I am delighted that our legal and professional services Group has broken the £100m revenues barrier for the first time, as we delivered another excellent financial performance whilst continuing to take advantage of opportunities to diversify revenue streams through complementary acquisitions.

 

“Our teamwork has, once again, enabled us to maintain strong momentum. We have continued to invest in our people, with staff numbers now approaching 1,000 employees, and had our most active year to date on strategic acquisitions, all of which have been successfully integrated.

 

“The new financial year has started very well and we continue to look to the future with confidence.”

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