Gateley (AIM: GTLY), the law led professional services group, is pleased to announce an update on trading ahead of the publication of its audited results for the financial year ended 30 April 2019.
Trading in the second half of the financial year has remained strong. The Board is delighted with revenue and profit growth in the year which has enabled the Group to not only increase its dividends to shareholders but, also, to invest further in the business. Subject to audit, we expect to report revenue for the financial year ended 30 April 2019 of not less than £102 million (2018: £86.1 million), adjusted EBITDA* of not less than £19 million (2018: £16.5 million) and reported profit after tax of not less than £13 million (2018: £11.8 million).
The Group has recorded organic and acquisitive growth across all of its segmental reporting lines, reflecting Gateley’s strength in depth and the benefits of continued, focused investment. Our acquisition pipeline remains strong, as we seek additional growth opportunities through complementary professional services. Our staff numbers continue to grow to record levels, as we invest in people to support the further expansion of professional services across our national offering to clients, who will benefit from the increased breadth, depth and scale of our expert advice.
The Board intends to recommend a final dividend in line with its stated dividend policy. The Group’s audited results for the year ended 30 April 2019 will be announced on 16 July 2019.
Michael Ward, Chief Executive Officer of Gateley, commented:
“I am delighted that the business has broken the £100m turnover barrier for the first time and delivered another excellent performance, whilst continuing to take advantage of further opportunities to diversify our revenue streams through complementary acquisitions.
“Our teamwork has once again delivered another year of strong momentum and investment as we approach 1,000 employees and have successfully integrated further strategic acquisitions, including our new Guildford office location, into the growing Gateley Group. Our national reach, built on our already well balanced business, creates further exciting opportunities for future expansion.
“We look forward to the future with confidence.”
* Adjusted EBITDA represents earnings before interest, taxation, income or expenses that relate to non-underlying items, depreciation, amortisation, impairment and non-cash charges relating to share-based payments.