Revenues and profits on the up at Gateley

LAW firm Gateley says it has enjoyed a “solid six months trading performance” after seeing revenue increase by 10.9% in the six months to October 31.

The half year results cover the greater part of the firm’s first five months as a plc; it became the first UK law firm to be listed when it started trading on AIM on June 8.

It recorded revenue for the period of £29.6m (2014: £26.7m) while profit before tax was up 11.5% to £2.9m (pro-forma 2014: £2.6m). Adjusted EBITDA was up 40.6% to £4.5m (pro-forma 2014: £3.2m).

The highlight of the period covered was undoubtedly the firm’s IPO in June which raised £30m. But it also advised on 123 corporate deals with an aggregate value in excess of £970m (2014: 117 deals).

There have been eight new lateral partner hires since May 1 with overall staff numbers increasing from 604 to 622 over the six month reporting period.

The firm, which has an office at Ship Canal House on King Street, Manchester, says it has a strong balance sheet, strong cash generation and new long-term bank facilities that provide a robust platform for growth.

Chief executive Michael Ward said: “I am delighted with the performance of the business during the six month period to 31 October 2015, a period in which we have achieved and in some cases over-achieved against the targets we set ourselves at the time of our IPO in June 2015.
 
“The group’s ability to deliver a strong first half performance, in an improving but challenging market, whilst at the same time transitioning the business from an LLP to a Plc not only highlights the capabilities of the senior management team but also reconfirms our strategy of using our more flexible Plc status to enhance shareholder value through organic growth and strategic acquisitions.
 
“These results represent a very solid start to our life as a Plc and I believe will serve to further raise our profile, differentiate us from our direct competitors and attract quality staff. As such, the board looks forward to the remainder of its first year as a Plc with confidence.”