Gateley generates small growth despite ‘economic conditions’
Listed law firm Gateley has single-digit growth for its first half-year results, but the group’s boss envisions a good momentum going into H2.
The group’s revenue grew by seven per cent and is expected to be not less than £81.5m, while its underlying profit before tax had a smaller growth of fourth per cent, expected to be not less than £10m.
Gateley credits a better Q2 24 for its activity levels, compared to Q1 24 but highlighted that its performance is in line with the board’s expectations for FY 24.
However, the group’s board “remains mindful of current economic conditions and, therefore, maintains a cautious outlook”.
Commenting on the results, Rod Waldie, CEO of Gateley, said: “Given the economic conditions during the period, I am pleased with the group’s performance in H1 24 and improving activity levels as the financial year progresses mean that we are carrying good momentum into H2.”
“Whilst the macroeconomic and geopolitical outlook remains uncertain, the group continues to benefit from the resilience created by our strategy of investing in a diverse and complementary range of professional services. Our balance sheet provides a strong foundation from which to take a long-term view of potential opportunities to further invest in both legal and consultancy services,” he added.
Gateley will announce its full results on 17 January 2024.
The group’s share price is trading at 1.61p per share today.