Gateley (Holdings) PLC Trading Update and Notice of Results (9119Z)

TIDMGTLY

RNS Number : 9119Z

Gateley (Holdings) PLC

23 May 2019

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

23 May 2019

Gateley (Holdings) Plc

("Gateley" or the "Group")

Trading Update and Notice of Results

"Strong performance in second half and results in line with expectations"

Gateley (AIM: GTLY), the law led professional services group, is pleased to announce an update on trading ahead of the publication of its audited results for the financial year ended 30 April 2019.

Trading in the second half of the financial year has remained strong. The Board is delighted with revenue and profit growth in the year which has enabled the Group to not only increase its dividends to shareholders but, also, to invest further in the business. Subject to audit, we expect to report revenue for the financial year ended 30 April 2019 of not less than GBP102 million (2018: GBP86.1 million), adjusted EBITDA* of not less than GBP19 million (2018: GBP16.5 million) and reported profit after tax of not less than GBP13 million (2018: GBP11.8 million).

The Group has recorded organic and acquisitive growth across all of its segmental reporting lines, reflecting Gateley's strength in depth and the benefits of continued, focused investment. Our acquisition pipeline remains strong, as we seek additional growth opportunities through complementary professional services. Our staff numbers continue to grow to record levels, as we invest in people to support the further expansion of professional services across our national offering to clients, who will benefit from the increased breadth, depth and scale of our expert advice.

The Board intends to recommend a final dividend in line with its stated dividend policy. The Group's audited results for the year ended 30 April 2019 will be announced on 16 July 2019.

Michael Ward, Chief Executive Officer of Gateley, commented:

"I am delighted that the business has broken the GBP100m turnover barrier for the first time and delivered another excellent performance, whilst continuing to take advantage of further opportunities to diversify our revenue streams through complementary acquisitions.

"Our teamwork has once again delivered another year of strong momentum and investment as we approach 1,000 employees and have successfully integrated further strategic acquisitions, including our new Guildford office location, into the growing Gateley Group. Our national reach, built on our already well balanced business, creates further exciting opportunities for future expansion.

"We look forward to the future with confidence."

* Adjusted EBITDA represents earnings before interest, taxation, income or expenses that relate to non-underlying items, depreciation, amortisation, impairment and non-cash charges relating to share-based payments.

 
 Gateley (Holdings) Plc 
 Neil Smith, Finance Director                        Tel: [phone] 
 Nick Smith, Acquisitions Director and                Tel [phone] 
  Head of Investor Relations 
 Cara Zachariou, Head of Corporate Communications     Tel [phone] 
                                                     Mob: [phone] 
 
 finnCap - Nominated adviser and broker               Tel [phone] 
 Matt Goode / James Thompson (Corporate 
  Finance) 
 Andrew Burdis (ECM) 
 
 N+1 Singer - Joint broker                            Tel [phone] 
 Richard Lindley / Peter Steel (Corporate 
  Finance) 
 Rachel Hayes (Corporate Broking) 
 
 Belvedere Communications Limited - Financial 
  PR 
 Cat Valentine ([e-mail])          Mob: [phone] 
                                                                       078 
 Llew Angus ([e-mail])                 Mob: [phone] 
                                                                       147 
 Keeley Clarke ([e-mail])             Mob: [phone] 
                                                                       525 
 

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May 23, 2019 02:00 ET (06:00 GMT)