We are pleased to announce a trading update ahead of our half year results for the six months ended 31 October 2023 (the “Period” or “H1 24”), which will be announced on 17 January 2024.
Despite a challenging market due to macro-economic conditions, the Group’s increasingly diverse business lines combined to deliver a resilient performance in the Period. Group revenue grew by c.7% and is expected to be not less than £81.5m.
Underlying profit before tax* is expected to be not less than £10.0m, representing growth of c.4.0%.
Activity levels improved throughout Q2 24, compared to Q1 24, and the Group continues to perform in line with the board’s expectations for FY 24. However, the board remains mindful of current economic conditions and, therefore, maintains a cautious outlook.
The Group continues to maintain a strong balance sheet with low net debt at the Period end (£3.1m), after investment in both inorganic and organic growth opportunities in line with the Group’s long-term strategic plan.
* Underlying profit before tax excludes remuneration for post-combination services, gain on bargain purchase, share-based payment charges, acquisition related amortisation and exceptional items.
Commenting, Rod Waldie, Chief Executive Officer of Gateley, said:
“Given the economic conditions during the Period, I am pleased with the Group’s performance in H1 24 and improving activity levels as the financial year progresses mean that we are carrying good momentum into H2.
“Whilst the macroeconomic and geopolitical outlook remains uncertain, the Group continues to benefit from the resilience created by our strategy of investing in a diverse and complementary range of professional services. Our balance sheet provides a strong foundation from which to take a long-term view of potential opportunities to further invest in both legal and consultancy services.
“Finally, as always, I would like to thank our clients for their support and our dedicated people for their ongoing hard work, commitment and can-do attitude.”