Gateley posts solid growth in maiden results

National full-service commercial law firm Gateley posted its full-year results for the 12 months to 30 April on Tuesday - its maiden set of results as a public limited company dollowing admission of the group to trading on AIM on 8 June 2015.

During the period, the firm’s revenue increased 10.2% to £67.1m, with adjusted EBITDA improving 13.3% to £12.8m.

Profit before tax increased 12.2% to £11m, and basic earnings per share went up 5.7% to 8.18p.

The company’s board proposed a total year dividend of 5.639p.

It held cash at period end of £9.8m, an increase from £2.7m at the start of the financial year, while net cash flow from operating activities was strong at 122% of profit after tax before one-off transitional charges, the board said.

“I am pleased to report that the group has performed well in its first year as a public company,” said Gateley CEO Michael Ward.

“In a market that continues to be challenging the board has remained focused on the execution of our stated strategy of long term organic and acquisitive growth.

“The group has made excellent progress since our successful AIM admission, all of which has been made possible by the positive reaction to our flotation by our diversified client base and excellent staff,” Ward added.

He said trading in the second half of the financial year was robust, and he reported that trading in the first two months of the current financial year was encouraging.

“We are confident that our business is well balanced and resilient and we remain focused on delivering another year of growth in our core services, whilst continuing to look for complementary acquisitions