Legal Business Blogs

Gateley turnover soars 15% to £77m as group plans further growth

AIM-listed Gateley has seen turnover soar 15% for the financial year ending 30 April 2017, from £67m in 2016 to £77m. In addition, adjusted EBITDA also saw double digit growth, increasing 14% from £12.9m to £14.7m.

In a trading update, the firm 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.

The statement added: ‘The Board remains extremely pleased with the level of share incentive scheme participation across the Group, as reported in our half year statement.’

‘We continue to look to strengthen our offering to clients and have experienced another significant year of staff recruitment across the Group including new skills and service lines from our complementary businesses of Gateley Capitus Limited and Gateley Hamer Limited,’ it continued.

‘The Board expects to recommend a final dividend in line with its stated dividend policy of distributing up to 70% of the Group’s after tax profits,’ according to the statement.

Michael Ward, chief executive of Gateley said he was 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.’

This month, Legal Business revealed that Gateley was looking at options for a new Scottish tie-up and had approached a number of firms in the market including Anderson Strathern, MacRoberts, Morton Fraser and Harper Macleod.

The merger between Gateley’s former Scottish arm HBJ Gateley and Addleshaw Goddard is due to go live on 1 June.