The first and so far only law firm to list on the London Stock Exchange in its own right has issued a bullish trading statement ahead of annual results which will be announced in July.
AIM-quoted national firm Gateley expects full-year revenues to 30 April to top £66m, an 8% rise on the £60.9m posted for 2014/15. Underlying profits - defined as EBITDA adjusted for non-underlying acquisition-related costs - are forecast to be at least £12.6m.
in its interim results, announced in December, Gateley posted an 11.5% rise in first-half turnover to £29.6m and a 10% rise in pre-tax profits to £2.9m.
In an announcement to the stock exchange yesterday, Gateley described second-half trading as ‘strong’ and said the group’s maiden results as a listed company ’continue to demonstrate strong organic growth’ within the business.
Cash generation has been ‘strong’, enabling the group to invest in a new office in Reading and the recent acquisition of tax incentives advisory business Capitus.
Michael Ward (pictured), chief executive of Gateley, said: 'The group has performed well in its first year as a public company. In a market that continues to be challenging, the board has remained focused on the execution of our stated strategy of long-term organic and acquisitive growth.
'The group has made excellent progress since our successful AIM admission [last June], all of which has been made possible by the positive reaction to our flotation by our diversified client base and excellent staff.
'Trading in the second half of FY2015 was robust and the board believes that the group is well placed for future growth and we look forward to the current financial year with confidence.’
Shares in Gateley, which floated at £1, closed last night at £1.06.