Strong revenue and profit growth at legal and professional services group
Gateley has reported robust growth and continued trading momentum in its half year results for the six months ended 31 October 2021.
The legal and professional services business has recorded revenues of £62.3m (H1 2021: £50.5m) and pre-tax profits of £7.3m (H1 2021: £6.1m).
Revenue from consultancy (non-legal revenue services) grew substantially, increasing 33.9% to £8.3m (H1 21: £6.2m).
And the group notes that its trading margins are ahead of pre-pandemic levels with an adjusted underlying profit margin of 13.7% (H1 20: 13.3%, H1 19: 13.2%).
Gateley says its strong trading in H1 22 is expected to continue in H2 22, as demand for its combined legal and consultancy services remains high. The company says its operating costs remain lower than pre-pandemic levels.
Rod Waldie, chief executive officer, said: “We have delivered strong, predominately organic, revenue and profit growth on a like-for-like basis and have returned the Group to pre-pandemic profit margins.
“Our balance sheet remains strong, and we are committed to investing in our Platform strategy, to seize attractive growth opportunities.
“Our acquisition pipeline is strong, and we are actively engaging with opportunities for further growth across each of the Platforms.
“Current levels of activity are expected to continue throughout H2 22. We are therefore well positioned to deliver market expectations for the full year.”
Gateley currently employs over 1,100 people, and its offices include bases in Birmingham, Bolton, Leeds, Leicester, Manchester and Nottingham.