Gateley to restart divi payment after strong financial year

Rod Waldie
X The Business Desk

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Law firm Gateley has announced it will recommence dividend payments following ‘a very strong’ end to the financial year.

In a trading update for the year to the end of April 2021, the listed firm reported revenues and profitability were expected to be ‘substantially ahead’ of market expectations of £111.7m and £14.7m respectively.

It also expects net cash of £8.4m.

The board also confirmed that it intends to recommence dividend payments, and will pay a divi for this financial year in line with its previous policy of distributing up to 70% of pre-tax profits.

As part of this total dividend payment for the year, it intends to declare an interim dividend of 2.5p per ordinary share, details of which will be announced in due course.

Rod Waldie, CEO of Gateley, said: “I am delighted to report this outperformance, which demonstrates the Group’s well balanced and resilient business model and provides further validation of our strategy to continue to build a substantial and well-diversified professional services group.”