Listed City firm Gateley enjoyed another year of double-digit revenue and profit increases in the past year, the firm has announced.

In audited preliminary results for the year ended 30 April 2022, Gateley said it had out performed expectations set out at the start of the year.

Group revenue was up by 13% to £137.2m, while group profit before tax increased by 10.4% to £18m. Net assets have increased by 22.9% to £72.9m.

The company has proposed total final dividends of 8.5p for the year, up from 7.5p in 2021.

Gateley chief executive Rod Waldie said: ‘We have delivered another set of strong revenue and profit growth figures whilst continuing to strengthen our balance sheet. Legal services generated solid organic revenue growth, comparing favourably with reported UK legal industry performance.

Rod Waldie

Gateley chief executive Rod Waldie

‘Our consultancy service lines delivered impressive organic growth of 26.7% resulting in overall consolidated group organic revenue growth of 10.9%.’

Gateley said it had maintained control on costs ‘in the face of market specific and macro-economic headwinds’. There remains ‘significant headroom’ in the group’s banking facilities to invest in further organic growth and acquisition opportunities, based on a new revolving credit facility of £30m agreed in April.

The group said current year activity levels are in-line with expectations and there is an ‘encouraging pipeline’ of potential acquisitions.

Shares in Gateley Holdings plc rose by 0.5% to 189.5p following the announcement, 21% down on this time last year.