Gateley (Holdings) PLC Trading Update (2640I)
November 23 2018 - 2:00AM
UK Regulatory
TIDMGTLY
RNS Number : 2640I
Gateley (Holdings) PLC
23 November 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon publication of
this announcement, this information is now considered to be in the
public domain.
Gateley (Holdings) Plc
('Gateley' or the 'Group')
Trading Update
Gateley (AIM:GTLY), the law led professional services group, is
pleased to announce a trading update ahead of the release of its
half year results for the six months ended 31 October 2018.
The Board is delighted with the strong performance of the Group
in the period with strong growth evidenced from the successful
execution of both our organic and acquisitive growth strategy and
the well balanced nature of our resulting expanded service lines.
Group revenue for the six months ended 31 October 2018 is expected
to be not less than GBP46.4m, an increase of 20% as compared to
GBP38.6m for the six months ended 31 October 2017. Revenue growth
attributable to the acquisitions of GCL Solicitors and Kiddy &
Partners announced in May and July 2018, respectively, accounted
for approximately half of this increase.
Current activity levels remain encouraging despite the backdrop
of political and economic uncertainty and the Board has continued
to invest for the future with total staff numbers rising from 791
as at 30 April 2018 to 928 as at 31 October 2018. Acquisitions of
complementary non-legal businesses remain a core part of the
Group's growth strategy to enhance its service lines and cross sell
to a widening group of its clients. The Board is delighted with the
contributions all four post IPO acquisitions have made to the Group
to-date.
The Board looks forward to the second half of the financial year
with confidence and now expects the Group to generate revenues of
not less than GBP102m for the year ending 30 April 2019 with an
EBITDA margin comparable with that achieved in 2018.
Commenting, Michael Ward, Chief Executive Officer of Gateley,
said:
"Our strong financial performance continues to enable the Board
to invest in the future of the Group. It's been a busy six months,
including the acquisitions of GCL Solicitors and Kiddy &
Partners, in a sector showing opportunities for further strategic
consolidation. These acquisitions, together with our strong
underlying organic growth, demonstrate the increasing momentum
across our business and the successful execution of our focused
strategy. Client service remains at the centre of our ethos and I
continue to be impressed with the dedication and skill sets of all
our staff as we continue to deliver on our stakeholder
promises."
The Board expects to announce the Group's half year results on 8
January 2019.
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
or +44 (0) 7703 684 946
Cantor Fitzgerald Europe - Nominated adviser and broker Tel: +44 (0) 20 7894 7000
David Foreman, Rick Thompson, Michael Boot (Corporate Finance)
Caspar Shand Kydd (Sales)
Arden Partners - Broker Tel: +44 (0) 20 7614 5900
John Llewellyn-Lloyd, Benjamin Cryer (Corporate Finance)
James Reed-Daunter (Corporate Broking)
IFC Advisory - Financial PR Adviser Tel: +44 (0) 20 3934 6632
Tim Metcalfe, Miles Nolan
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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