Gateley (AIM: GTLY), the legal and professional services group, is pleased to announce a trading update ahead of its half year results for the six months ended 31 October 2022 (the "Period"), which will be announced on 18 January 2023.
The board is pleased with the strong performance of the Group in the Period. Revenue has grown by c.22% (H1 2022: 23%) and is expected to be not less than £76.0 million.
Gateley continues to demonstrate a clear strategic focus and increased scale, operating within a diverse and resilient business model that, despite a global economic backdrop of inflation, geopolitical tension and rising negative sentiment, has yielded a pleasing first half performance. Underlying adjusted profit before tax* has grown by c.11% (H1 2022: 14.1%) and is expected to be not less than £9.4 million for the Period, (H1 2022: £8.5 million).
The Group has net cash and a strong balance sheet and the business continues to trade in line with market expectations for the financial year. Whilst mindful of the economic outlook, the board looks forward to the second half of the financial year.
*Underlying adjusted profit before tax excludes share-based payment charges, amortisation and exceptional items.
Commenting, Rod Waldie, Chief Executive Officer of Gateley, said:
“In a period that included previously announced investment to strengthen our operating model and some predicted and appropriate post-pandemic increases in operating costs, our resilient business model, enhanced by an increasing range of complementary services, and our embedded 'one-team' culture, remain the driving forces behind another strong financial performance by the Group.
“On behalf of the board, I would like to thank our clients for their support and our dedicated people for their ongoing hard work, commitment and can-do attitude.
“We are excited by the wide range of opportunities that are presenting themselves to the Group and look forward to continuing to grow the business, both organically and via acquisition, in line with our stated strategy.”