Law firm’s ‘solid organic growth’ continues

Law firm Gateley “continues to achieve solid organic growth” while looking out for acquisitions which would boost its performance.

The Birmingham-based firm, which was the first law firm to float on the stock market when it completed its IPO in 2015, has previously bolted on the divisions which are now Gateley Hamer and Gateley Capitus.

At the firm’s AGM today, Gateley’s non-executive chairman Nigel Payne is expected to tell shareholders that it “remains well placed for the future”.

He is expected to say: “Following a year of significant expansion and investment, Gateley continues to achieve solid organic growth, whilst remaining focused on the execution of its stated ambition of seeking complementary acquisitions which are earnings accretive to the group.”

Shareholders will be asked to approve a final dividend of 4.4 pence per ordinary share, which would result in a total dividend for the year to April 2017 of 6.6 pence per ordinary share.

Gateley has also introduced an employee share scheme so that all staff can “participate in its long term financial success”, which the firm says has received a good response.

The firm had seen strong growth in its share price, which rose by two-thirds between November and June, but it has faltered in the last three months handing back most of its gains in 2017.

Last night’s close of 155p gave it a market value above £150m.