27th Nov 2024 12:02
(Alliance News) - Gateley Holdings PLC on Wednesday said it expects to post growth in underlying profit for the first half of its current financial year, and anticipates full-year results in line with market expectations.
The Birmingham, England-based provider of legal and other professional services said it expects to report underlying pretax profit of at least GBP10.5 million for the six months that ended October 31, which would represent a 4.9% growth from GBP10.0 million last year.
Revenue is expected at around GBP86.0 million, up 4.8% from GBP82.0 million the year before.
Gateley is due to release its interim results on January 15.
Chief Executive Officer Rod Waldie said: "I am pleased with the group's performance in the first half of financial 2025 and the ongoing improvement in activity levels as the financial year progresses, which means that we have good momentum into the second half.
"The group continues to benefit from the resilience created by our strategy of investing in a diverse and complementary range of professional services. We are pleased that our more recent organic investments are beginning to generate positive returns alongside the strong performance from our recently acquired businesses.
"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."
Looking ahead, Gateley expects to deliver full-year results in line with market expectations, citing a company-compiled market consensus of GBP184 million in revenue, which would represent a 6.5% increase from GBP172.5 million, and underlying pretax profit of GBP24.1 million, up 4.7% from GBP23.0 million.
It also said it anticipates recent changes to UK employer national insurance contributions to lift costs by around GBP1.8 million in financial 2026.
The group's annual statutory pretax profit last year fell 15% to GBP14.0 million from GBP16.2 million in financial 2023.
Shares in Gateley Holdings were down 1.7% at 129.75 pence each in London on Wednesday morning.
By Emily Parsons, Alliance News reporter
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