Ward: continued progress
Turnover at the country’s first listed law firm, Gateley, has gone up by at least 15% in the last financial year, it announced to the stock exchange today as its share price reached an all-time high.
With trading in the second half of the financial year exceeding expectations, “enabling the group to further invest in the business”, it said revenue for the financial year ended 30 April 2017 will be not less than £77m, up from £67m the previous year.
Adjusted EBITDA is expected to be in line with market expectations at not less than £14.7m, 14% up on the previous year’s £12.9m.
Its share price was up in early trading to 170p. After listing at 95p in June 2015, the share price only moved a little in the first 18 months, but since last December has been on a strong upward curve.
A Legal Futures analysis at the start of the year showed that Gateley was one of the few law-related stocks to beat the market in 2016.
In the past year, Gateley has added surveyors Hamer Associates and tax advisory business Capitus to its legal offering, and has said it is on the look-out to acquire other non-legal businesses.
“The group’s legal business lines continue to perform well and provide a strong platform for further expansion of the wider group,” it told investors.
“The integration of our acquired complementary businesses, together with the continued investment in new staff and the development of our newly opened Reading office, have been a positive focus for us during the year.
“The board remains extremely pleased with the level of share incentive scheme participation across the group.”
The firm said it expected to recommend a final dividend in line with its stated dividend policy of distributing up to 70% of the group’s after-tax profits.
Chief executive Mike Ward said: “I am delighted with the continued progress made by the group in the year. This represents another year of expansion for us.
“This has been possible due to the strength of our service offering, the depth of our client relationships and the growth in our teams of skilled professionals.”
The full results will be announced in mid-July.
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