Gateley, the national commercial law and professional services group, issued a trading update for the financial year ended April 30, 2017. It reported that trading in the second half of the financial year had exceeded expectations in revenue enabling the Group to further invest in the business.
The Group reported that, subject to audit, revenue for the financial year would be not less than £77 million (2016: £67m). Adjusted EBITDA was expected to be in line with market expectations at not less than £14.7m (2016: £12.9m).
Gateley’s legal business lines continued to perform well and provided a ‘strong platform for further expansion’ of the wider Group. The integration of the acquired complementary businesses, together with the continued investment in new staff and the development of the newly-opened Reading office, had been a positive focus for the firm during the year.
The board remained ‘extremely pleased with the level of share incentive scheme participation’ across the Group, as reported in the half-year statement. The statement added: “We continue to look to strengthen our offering to clients and have experienced another significant year of staff recruitment across the Group including new skills and service lines from our complementary businesses of Gateley Capitus and Gateley Hamer.”
The Board expected to recommend a final dividend in line with its stated dividend policy of distributing up to 70% of the Group’s after-tax profits.
Results for the year will be announced in mid-July.
Mike Ward, chief executive, commented: “I am delighted with the continued progress made by the Group in the year. This represents another year of expansion for us. This has been possible due to the strength of our service offering, the depth of our client relationships and the growth in our teams of skilled professionals.”