Gateley Holdings PLC (LON:GTLY), the national commercial law and complementary professional services group has reported its audited preliminary results for the year ended 30 April 2017, which constitutes the Group’s second annual results as a Plc following admission of the Group to trading on AIM on 8 June 2015.
· Revenue increased 15.7% (2016: 10.2%) to £77.6m (2016: £67.1m)
· Adjusted EBITDA* increased 15.5% (2016: 14.8%) to £14.9m (2016: £12.9m)
· Profit before tax increased 18.8% (2016: 12.2%) to £13.1m (2016: £11.0m)
· Basic EPS increased 15.3% to 9.43p (2016: 8.18p)
· Proposed final dividend of 4.4p resulting in an increased total year dividend of 6.6p (2016: 5.639p)
· Strong cash generation and completion of second acquisition using own cash resources
* Adjusted EBITDA excludes share based payment charges and for the 2016 comparative, income or expenses that related to non-underlying items
· Successful acquisition of further complementary business (Gateley Hamer acquired September 2016) with integration progressing well
· Further investment in Group service offering across all offices with total staff numbers at 717 including most recent Reading location now employing 19 staff (including 7 legal partners)
· All three originally planned share schemes now in place (including all staff SAYE share scheme, CSOP and Stock Appreciation Rights Schemes)
· Strengthening balance sheet with net assets increasing to £17.4m (2016: £12.7m)
· Expanding shareholder base following the successful sale of former partner shares in October 2016 increasing Group free float from 30% to 34.3%
· Ranked first by deal volume both nationally and in the Midlands in the 2017 Q1 Experian Corpfin M&A Advisor League Table. Of equal importance the Group advised on a significant number of high profile deals across all service lines
Michael Ward, CEO of Gateley, commented:
I am delighted with the continued progress made by the Group in the 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. 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.
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. 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.