Gateley reports strong results following flotation

Gateley plc, which last year became the first UK-listed law firm, has reported strong results for its financial year ended 30 April 2016.

Gateley's shares began trading on the AIM market on 8 June 2015, so the results represent nearly a full year of operating as a listed company. They show revenue up 10.2% from £60.9m to £67.1m, adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) up by 13.3% to £12.8m from the 2015 equivalent figure of £11.3m, and profit before tax up by 12.2% from £9.8m (equivalent figure) to £11.0m.

The firm's initial purchase offer in June 2015 raised £30m. It has since acquired Gateley Capitus Ltd, opened a new office in Reading, increased utilisation of fee generating staff from 85% to 89%, made 12 new lateral partner hires (since 1 May 2015), and made four internal promotions to partner. Staff numbers increased from 606 to 638.

Michael Ward, CEO of Gateley, commented: “I am pleased to report that the Group has performed well in its first year as a public company. In a market that continues to be challenging the board has remained focused on the execution of our stated strategy of long term organic and acquisitive growth. The group has made excellent progress since our successful AIM admission, all of which has been made possible by the positive reaction to our flotation by our diversified client base and excellent staff.

"Trading in the second half of the financial year ended 30 April 2016 was robust and we are pleased to report that trading in the first two months of the current financial year has been encouraging. 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.”