15th Sep 2015 08:46
LONDON (Alliance News) - Commercial law firm Gateley Holdings PLC on Tuesday said its pretax profit for the year to the end of April, prior to it listing in London, was sharply higher thanks to stronger revenue.
Gateley, which floated in London in June, said its adjusted pro-forma pretax profit for the year to the end of April was GBP9.8 million, up from GBP7.4 million a year earlier, as revenue rose to GBP60.9 million from GBP54.6 million. The results related to the group's final year as an limited liability partnership and represent the period prior to its admission to AIM on June 8.
The company said its fee-generating staff rose to 366 from 355 in the year, with the utilisation volume of those fee-earning staff at 85%, up from 84%. Banking and financial services revenue was up 13% year-on-year, driven by an increasing number of banking transactions taking place and by successes the company had in recovering funds "obtained through fraudulent or deceitful transactions".
Gateley's corporate arm performed well in the year, helped by increased deal flow, and revenue rose 14% for the unit, while its property division saw revenue rise 16% thanks to an improved market.
"In an evolving and still challenging legal marketplace the group has delivered a pleasing set of results for the year ended April 30, 2015 which provide a solid platform for the business as we embark upon delivering on our goals and objectives as a PLC," said Chairman Nigel Payne.
Shares in Gateley were up 3.8% to 102.8 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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