Cost savings through home working helped legal and professional services group Gateley return to profit growth last year, the listed business told the London Stock Exchange today. Audited preliminary results for the year ending 30 April show pre-tax profits up 10.5% to £16.3m and revenue also up 10.5% to £121.4m. Net cash reserves grew £20.5m to £19.6m.
The figures contrast with those from last year when pre-tax profits fell by 6.9% despite revenue growing 6.1% and no dividend was paid.
Gateley said today’s results 'demonstrate resilient double-digit revenue and profit growth, delivered through an increasingly diverse and successful business model, yielding strong and sustained cash generation.' It announced a dividend of 7.5p.
During the year fee earner headcount rose 9.1% to 770 and non-legal revenues grew by 27.3%. The firm’s consultancy businesses contributed 11.5% of total revenues.
Rod Waldie, chief executive, said the figures had exceeded the firm’s pandemic-adjusted performance expectations. He hinted at further acquisition-driven diversification in professional services. 'We remain excited by a wide range of opportunities and are looking forward to continuing to grow the group, both organically and via acquisition, in line with our strategy.'
Shares in Gateley (Hioldings) Plc slipped slightly to 211.5p in early trading.
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