Acquisitive Gateley sees profits rise as activity returns
Lagel and professional services group Gateley has posted “strong” first half results, with profits rising despite a fall in turnover.
Profit after tax at the firm rose by 8.6% to £4.8m, while revenues dropped slightly by 2.6% to £50.5m for the six months ending October 31.
Gateley said it had experienced a “sharp reduction” in activity levels during the early months of the period, but that levels were now within 2% of 2020.
Rod Waldie, chief executive of Gateley, said: “I am delighted with the group’s excellent operational and financial performance during H1 21. The wellbeing of all our people remains our priority. In the meantime, despite the personal challenges of working through the pandemic, our loyal and dedicated teams continue to serve our clients to the highest standard. This affirms the strength of Gateley’s ‘one team’ culture and the adaptation of our systems to ensure the delivery of an excellent service to our clients.
“Gateley’s business model and its mix of service lines, which has been supplemented by our successful M&A strategy, was deliberately designed to provide resilience, the value of which is demonstrated in the group’s H1 21 performance.
“Our strategy remains to continue to acquire complementary legal and consultancy services, to expand our diversified business and to reach deeper into our chosen markets, further enhancing the group’s resilience.”