Law firm Gateley plc has announced 20% increase in revenue and a 19% rise in pre-tax profit in the six months ended October 31, 2018.
The firm, which has a growing office in Reading serving the Thames Valley, has recorded growth across the business. – and has now expanded to 16 legal and five non-legal business lines following the acquisition and integration of GCL Solicitors and Kiddy & Partners.
Michael Ward, CEO of Gateley, said: “I am delighted with the performance of the business in the first half of the financial year. Our proven strong and resilient business model and our focused diversification strategy has continued to drive growth across our business: our core legal business has grown strongly; our acquired complementary businesses are all fully integrated and are performing very well; our acquisition pipeline is strong with regular approaches from companies who view Gateley as an ideal choice to help them grow their businesses successfully.
“The Group now operates from 10 offices with a team now comprising more than 900 people, who support the mid-market with all of its legal and other professional service requirements. Since our admission to AIM three and a half years ago, our core legal team has grown by 47% from 384 to 565. We have also expanded our non-legal service lines such that our legal team now works alongside 38 other professionals including chartered surveyors, tax consultants, clinical psychologists and chartered accountants. We remain committed to our strategy of investing in the business and its people and expanding the Group’s offering, whilst maintaining our focus on sustainable improving performance.
“In the first three years post admission to AIM, the Group has delivered turnover growth of 37%, adjusted EBITDA growth of 46% and, including the dividend from this set of results, has provided shareholders with dividend income of 21.84 pence per share. The Group is on track to deliver full year earnings in line with market forecasts, which were raised following the positive Trading Update announced on 23 November 2018, with revenues of not less than £102m and EBITDA margins in H2 19 not less than those achieved previously.
“With our strong trading and investment for the future both continuing, the Board looks forward to the second half of the financial year with confidence.”