Gateley (holdings) Share Discussion Threads

[tole] 26/5/2021 13:30

https://www.thebusinessdesk.com/northwest/news/2079595-law-firm-sees-revenues-profits-and-reserves-grow-following-strong-second-halfLaw firm sees revenues, profits and reserves grow following strong second halfRod WaldieLegal Services | May 26 2021 | Neil Hodgson Legal and professional services firm, Gateley, will announce improved revenues and pre-tax profits for the year to April 30, and recommence dividend payments, it confirmed today.In a trading update ahead of publication of its final results on July 13, the firm said it entered the second half of the year with high activity levels, strong trading momentum, and a sense of optimism and confidence, despite the ongoing uncertainty brought about by the COVID-19 pandemic.Gateley, which has offices in Birmingham, Manchester, Leeds, Leicester, Nottingham and Dubai, said trading continued to improve throughout the second half, resulting in the group generating revenue during the six months of not less than £69.5m, an increase of more than 20% over the previous year.Full year revenues will be not less than £120m, compared with £109.8m the previous year, an increase of more than 9.3% for the year as a whole.Prudent cost and cash management measures, initiated by the board at the start of the pandemic and augmented by the stronger than anticipated second half trading, have yielded a net cash position at April 30, 2021, of £20m, significantly ahead of management's previous expectations.The group expects to report 2021 profit before tax of not less than £16m, compared with £14.8m for 2020, an increase of not less than 8.1%.Gateley also said it is recommencing dividend payments to shareholders in line with its previous policy of distributing up to 70% of profit after tax. Gateley to restart divi payment after strong financial year Gateley pays out again after successful acquisitionThe board will propose a dividend for 2021 in the group's final results announcement on July 13. The interim dividend of 2.5p per ordinary share will be paid on June 28.Chief executive, Rod Waldie, said: "I am delighted with this excellent performance, which is testament to our culture and the contribution of everyone working at Gateley, without whose commitment we would not have been able to deliver such a strong result."I thank the whole team for their hard work, diligence, and resilience, in the face of what has been an unprecedented period."He added: "I also thank our clients for their support throughout FY21 and for giving us the opportunity to work with them on high quality mandates."This has been a turbulent year for all of our stakeholders, but our diverse and highly regarded legal and consultancy offering has enabled us to continue to provide excellent service to our clients whilst growing our business."We are carrying a strong pipeline of work into FY22 and are looking forward to continuing to grow the group, both organically and via acquisition."

[this_is_me] 26/5/2021 07:35

Great set of results; back on the up despite this year's lockdown.

[tdog1975] 21/5/2021 17:00

Not much for sale.... any demand is going to push this up up up

[this_is_me] 21/5/2021 15:14

It looks like we are back on the up again.

[this_is_me] 06/5/2021 08:34

I'm glad I stayed invested here for the long term. Record results despite the virus.

[tdog1975] 06/5/2021 08:30

If Carlsberg did updates...

[saucepan] 06/5/2021 08:12

Back in here. Update too good to ignore.

[2vdm] 06/5/2021 07:37

Cash substantially ahead of mkt expectations and a 2.5p dividend in due course. Well done to the BOD

[jonwig] 06/5/2021 07:22

Trading statement. "Materially ahead" -

[dogwalker] 19/2/2021 17:26

Got a good boost in that direction at the close today, didn't it?!
Just needs to stay above 182.5p before we're then off to the moon/Mars .
Let's be positive on this one.

[johny cash] 19/2/2021 17:08

Next week this should be on the move north :)

[dogwalker] 21/1/2021 17:13

And we've the little gap to fill around 180p next, left there on 9th March last.

[this_is_me] 12/1/2021 18:44

Closed above the 160p level which has been important over the last 4 years or so.

[petewy] 12/1/2021 14:56

I read the same...promises no date.

[epo001] 12/1/2021 12:01

The RNS I've just read contains the following (in CEO review): "We are committed to resuming bonus payments to our staff and dividends to our investors and will look to reintroduce our existing dividend policy following completion of FY 21."

[petewy] 12/1/2021 11:09

All promises:
"make dividend payments to shareholders for the current financial year."
By end of March.

[tole] 12/1/2021 08:31

"So long as trading remains robust for the remainder of the financial year, the board will be in a position to, and intends to, award bonus payments to staff and make dividend payments to shareholders for the current financial year"Also good to hear confirmation of their proposed return to the dividend register.

[this_is_me] 12/1/2021 07:49

Excellent results given the circumstances.

[2vdm] 18/12/2020 07:30

Only 3-4 weeks to go for the results on 12th Jan

[tradertrev] 27/11/2020 16:09

It's also land acquisition and permitting for infrastructure. It's an extremely diverse business.

[jonwig] 27/11/2020 15:56

That's true, but it's housebuilders and their land purchases, which is more palatable!

[energeticbacker] 27/11/2020 15:47

Adjusted profit before tax is anticipated to be not less than £7.0m, compared to £6.6m for the prior year, with net cash of £9.6m at the period end, although it’s unclear how much this has been helped by government support measures.

The group has significant exposure to the property sector which may worry some, according to Investor's Champion.

[bbluesky] 27/11/2020 09:52

Yes, conservative and solid is their trademark. In due course it will return.

[jonwig] 27/11/2020 09:50

prudent decision - dividend or not will depend on performance post-Oct 31, ie. no further deterioration in Covid climate.

[petewy] 27/11/2020 08:13

No mention of dividend. Not a comprehensive update