Gateley FY revenues expected 'materially ahead' of consensus expectations

Legal and professional services group Gateley said on Thursday that, following "a very strong end to the financial year", revenue was expected to be "materially ahead" of consensus market expectations.

Gateley stated that as a result of its "continuing prudent approach to costs and cash management", profitability was now expected to be "more significantly ahead" of consensus market expectations, with a cash position at 30 April "substantially ahead" of forecasts.

The AIM-listed group also confirmed that it intends to recommence dividend payments, and said it will pay a dividend for the current financial year in line with previous policy of distributing up to 70% of pre-tax profits. It also intends to declare an interim dividend of 2.5p per ordinary share.

Chief executive Rod Waldie said: "I am delighted to report this outperformance, which demonstrates the group's well-balanced and resilient business model and provides further validation of our strategy to continue to build a substantial and well-diversified professional services group."

As of 1030 BST, Gateley shares were up 8.31% at 202.0p.