Legal Business Blogs

Financials 2017: Gateley posts double-digit revenue and profits rise in another strong year for listed firm

AIM-listed law firm Gateley has posted a double-digit increase in revenues for this financial year, with turnover up 16% from £67.1m to £77.6m.

In addition, adjusted EBITDA increased 16% from £12.9m to £14.9m, while profit before tax rose 19% from £11m to £13.1m. Net assets grew from £12.7m to £17.4m and the group free float increased from 30% to 34.3%, following the sale of former shares.

Commenting on the results, Michael Ward, chief executive officer of Gateley said he was delighted with the continued progress with the progress made by the group in the last year.

‘This represents another year of continued expansion for us where we have both grown the business and invested further in it to support our future expansion, Ward said.

‘Trading in the second half of the financial year ended 30 April 2017 was excellent and we are pleased to report that trading in the first two months of the current financial year has continued well,’ he added.

Ward said: ‘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.’

Operational highlights for the firm included successful acquisition of Gateley Hamer in September 2016, with ‘integration progressing well’ and ‘further investment in group service.’ The group now has a total staff of 717 across all of its offices, including, most recently, its Reading office, which now employs 19 staff including seven legal partners.

In a trading update published this May, Gateley said that the integration of acquired complementary businesses, including tax adviser Capitus, the continued investment in new staff and the development of the firm’s newly opened Reading office were positive focus points for the firm during the year.

This May, Legal Business revealed that Gateley was close to finalising a ‘best friends’ referral arrangement with Scottish Independent Anderson Strathern, following HBJ Gateley’s merger with Addleshaw Goddard in June this year.