16th Jul 2019 11:41
(Alliance News) - Gateley Holdings PLC on Tuesday expressed a confident outlook after reporting revenue and profit growth in its most recently ended financial year.
The professional services company reported an 8.9% increase in pretax profit for the year to the end of April to GBP15.9 million as revenue rose 20% to GBP103.5 million.
Revenue from core legal services grew organically by 9.5%, the AIM-listed company said, and through acquisitions by 11%.
Operating expenses rose by 23% to GBP87.9 million from GBP71.6 million a year ago. This growth in operating costs has been driven mainly by the continued expansion of staff levels organically and from acquisitions, Gateley explained, to enable the company to continue to meet growing client demand.
Average numbers of legal and professional staff rose by 20% during the year to 610 from 509 last year.
Gateley proposed a final dividend of 5.4 pence a share, up from 4.8p paid the year before, taking the total payout for the year to 7.0p, up 14% year-on-year.
"We have continued to invest in our people, with staff numbers now approaching 1,000 employees, and had our most active year to date on strategic acquisitions, all of which have been successfully integrated," said Chief Executive Michael Ward.
He added: "The new financial year has started very well and we continue to look to the future with confidence."
Gateley shares were trading 0.5% higher on Tuesday in London at 164.75p each.
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