19th Jul 2016 09:11
LONDON (Alliance News) - Commercial law firm Gateley (Holdings) PLC on Tuesday reported higher pretax profit and revenue for its recent financial year after it advised on a fewer deals but of a higher value.
Gateley said pretax profit in the year to April 30 grew 12% year-on-year to GBP11.0 million from GBP9.8 million the prior year. Revenue rose 10% to GBP67.1 million from GBP60.9 million.
Gateley said its utilisation of fee-generating staff in the year grew to 89% from 85% the prior year and said it advised on 212 corporate deals in the year, down from 237 the year before. The value of those deals, however, totalled GBP1.76 billion, up from GBP1.60 billion.
The company, which floated in London in June 2015, declared a 3.764 pence final dividend, pushing its total payout up to 5.639p from 5.15p a year before.
Chief Executive Michael Ward said trading was strong in the second half of the year, and this momentum has continued in the current year.
"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," he added.
Gateley shares were up 3.6% to 106.75p Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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