Following its recent landmark move to become the UK’s first listed law firm, West Midlands-based Gateley has stated in its first trading statement that revenues had increased by 10% to ‘not less than’ £60m for the 2014/15 financial year.
Announced today (16 July), the firm said the business ‘continued to perform well in the second half’ of its financial year which runs to 30 April 2015, with revenues demonstrating ‘strong fee income and demand for Gateley’s services’.
It is a marked increase on last year when the firm posted turnover of £53.8m, up 6% from £50.7m, while profit rose from £17.1m in 2013 to £20.4m. LLP accounts filed at Companies House for 2013/14 showed that cash at bank and in hand totalled over £1.9m, while net debt amounted to £1.5m. It also cleared an overdraft totalling £464,667.
The past year saw the firm land a role advising parcel delivery company City Link on its administration following its collapse on Christmas Eve while in January 2015 Gateley acted on the sale of Birmingham’s National Exhibition Centre to Lloyds Banking Group’s private equity arm LDC.
The 380 fee-earner outfit became the first UK-listed law firm in June with an initial public offering on the Alternative Investment Market (AIM). It set aside £5m for investment from the float the placed 31.6m ordinary shares with institutional and other investors at 95 pence per share. The firm had a market capitalisation of £100m on admission – down from the initially targeted range of between £130m to £140m.
On its latest results, chief executive Michael Ward said: ‘We are encouraged to report such a strong trading statement, our first as a public company. Post-admission to AIM, Gateley continues to trade very well and we look to the future with confidence.’
For more on Gateley’s decision to float see: Selling the family silver: Will Gateley’s listing on London’s stock exchange pay off?