20th Jul 2021 15:30
(Alliance News) - Gateley Holdings PLC on Tuesday said its profit has increased in its most recent financial year and it has reinstated dividend payments.
Berkshire, England-based Gateley is a legal and professional services group.
Pretax profit for the financial year that ended April 30 was GBP16.3 million, a rise of 11% year-on-year from GBP14.8 million. This was a result of increased revenue and swiftly implemented cost-management initiatives, which arose from agile working arrangements.
It posted revenue for the financial year of GBP121.4 million, a rise of 11% from GBP109.8 million.
"The firm's revenue performance is a product of the breadth and balance of the group's legal and consultancy service lines. After a significant reduction during the first half of financial year 2021, corporate transactional activity returned in the second half, and has since been relentless, as business owners and private equity firms reassessed the impact of the pandemic and their appetite for deal-making," the company said.
Gateley's legal and consulting teams, working together on its property platform, traded strongly throughout the year. In addition, many of the group's counter-cyclical service lines, including Dispute Resolution performed well.
Gateley reinstated dividend payments this financial year, with a total dividend of 7.5 pence per share compared to prior year when the firm decided against a dividend.
"It is testament to the group's long-established and resilient business model, which is enhanced by an increasing range of connected services offered to clients via our platforms," said Chief Executive Rod Waldie.
"The expanding depth and breadth of our offering through our platforms is becoming increasingly attractive to existing and new clients due to our ability to deliver multiple legal and consultancy services on projects in a coordinated and well-managed way. I am excited about our opportunity to further expand these both organically and via acquisition in financial year 2022 and beyond," added Waldie.
Shares in Gateley were down 1.8% at 208.10 pence each in London on Tuesday afternoon.
By Amrit Sahota; [email protected]
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