Pre-tax profits at commercial firm Gateley, the first UK legal practice to list in its own right on the stock exchange, rose sharply in the first half of this financial year, with the business lining up to make further acquisitions. Figures for the six months ending 31 October show profits up by 44.8% to £4.2m on revenues up by 18.9% to £35.2m.
London and Birmingham-based Gateley floated shares on the alternative investment market (AIM) in 2015, raising £30m. It has made two acquisitions this year, of tax advice business Capitus and property adviser Hamer Associates. In October this year the partners shared £6.4m from the flotation.
Chief executive Michael Ward was bullish today about opportunities for further expansion. ‘Opportunities for organic growth continue as our market share remains small relative to the overall size of the UK commercial legal sector. We remain on track to deliver against our expectations for the year and continue to look to maximise synergies from our recent acquisitions as their services continue to attract further interest from new and existing clients.'
Ward told the Gazette that he would consider going to the stock market to finance an acquisition 'if it was the right deal for us'.
Gateley Holdings Plc's share price rose by 6.73% to £1.19 this morning.