Michael Ward, CEO of Gateley, commented:
“We are delighted with the performance of the business this year, a year in which we have grown our revenues, increased our profit, enhanced our returns to shareholders and invested in the future through additional staff hires and two complementary acquisitions. As the first UK commercial law-led professional services group to be admitted to AIM, we are justifiably very proud of our team who continue to support our journey and help drive the business forward with such strong momentum.”
“The Board strongly believe that the time remains right for providing greater choice for our clients and investors and we therefore remain focused on further enhancing the breadth of our offering for the benefit of all our stakeholders. At the same time we continue to build resilience into our business model and feel confident that the business we have grown profitably over many decades is now strengthened further by the blend of professionals that we continue to attract.”
Gateley (Holdings) PLC (LON:GTLY), the law-led professional services group is pleased to report its audited preliminary results for the year ended 30 April 2018.
Financial Highlights
· Revenue increased 11.0% to £86.1m (2017: £77.6m)
· Adjusted EBITDA* increased 10.6% to £16.5m (2017: £14.9m)
· Profit before tax increased 11.7% to £14.6m (2017: £13.1m)
· Basic EPS increased 17.0% to 11.03p (2017: 9.43p)
· Proposed final dividend of 4.8p (2017: 4.4p) representing a full year dividend of 7.0p (2017: 6.6p)
· Strengthening balance sheet with net assets increasing to £23.0m (2017: £17.4m)
· Strong cash generation and continued investment for future growth
* Adjusted EBITDA excludes share based payment charges and exceptional items
Operational Highlights
· Strategic acquisition of housebuilder specialists GCL Solicitors acquired May 2018, adding 80 new staff
· Further acquisition of complementary non-legal Human Capital consultancy business, Kiddy & Partners, acquired July 2018
· Strong investment in fee earning staff with average fee earning staff numbers up 11.4% from 457 at 30 April 2017 to 509 at 30 April 2018. Total staff numbers up 8.8% from 696 at 30 April 2017 to 757 at 30 April 2018
· All three established share schemes now well placed to enhance equity ownership (including all staff SAYE share scheme, CSOP and Stock Appreciation Rights Schemes)
· Successful expansion of shareholder base with free float now up to 39.9%
