Saturday, December 9, 2023

Gateley sees another year of growth

Gateley, the professional services group, has continued its unbroken record of year-on-year revenue and underlying profit growth.

In audited results for the year ended 30 April 2023 (FY23), the firm hailed a “strong financial performance…through its diversified and resilient business model, benefitting from a full year’s contribution from the prior year’s acquisitions, Adamson Jones Limited and Gateley Smithers Purslow Limited.”

Underlying group revenue hit £162.7m, growing from £137.2m in the year prior, while group underlying profit before tax reached £25.1m, increasing from £21.6m.

Reported group profit before tax however slipped to £16.2m from £26.8m as a result of the IFRS 3 related acquisition accounting treatments.

Rod Waldie, CEO of Gateley, said: “I am very pleased to report another year of growth for Gateley. This is a strong performance, set against a challenging macro-economic backdrop throughout the second half. It is the result of the hard work and dedication of our people allied to a long-term commitment and adherence to the successful execution of our growth through our diversification strategy, building in resilience through design.

“During the year under review, both our legal services teams and consultancy teams performed strongly and we have made further progress in adding breadth and strength to our group, expanding the patent and trade mark attorney offer on our Business Services Platform through the acquisition of Symbiosis.

“Post-Period end, we have added legal services lateral hires to strategically broaden our Business Services Platform dispute resolution teams and have further enhanced our Property Platform with the acquisition of RJA Consultants. Our M&A pipeline for FY24 is encouraging and we will seek to strengthen our Platforms further as opportunities arise.

“Looking forward, we are mindful of ongoing macro-uncertainty and it is difficult to predict market conditions for the rest of FY24. However, our diverse and resilient business model, combined with our proven and consistent track record of delivering strong growth across all economic cycles, means that we have entered FY24 with a positive mindset and cautious optimism.”

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