StockMarketWire.com - Gateley (GTLY) reported pre-tax profit rose 12.2% to £11m (pro-forma 2015: £9.8m) in the year to 30 April 2016.

FINANCIAL HIGHLIGHTS

- Revenue increased 10.2% to £67.1m (2015: £60.9m)

- Adjusted EBITDA increased 13.3% to £12.8m (pro-forma 2015: £11.3m)

- Basic EPS increased 5.7% to 8.18p (pro-forma 2015: 7.74p)

- Proposed total year dividend of 5.639p (being 1.895p paid Interim dividend and 3.764p proposed final dividend) (pro-forma 2015: 5.15p)

- Cash held at the period end increased from £2.7m to £9.8m, whilE net cash flow from operating activities was strong at 122% of profit after tax before one off transitional changes

OPERATIONAL HIGHLIGHTS

- Successful IPO in June 2015 raised £30m

- Acquisition of Gateley Capitus, including the appointment of three director shareholders

- Opened new office in Reading, including the appointment of four partners to date

- Utilisation of fee generating staff 89% (April 2015: 85%)

- 12 new lateral partner hires since 1 May 2015. Four internal promotions to partner together with 18 fee earner promotions on 1 May 2016

- Staff numbers increased 5.3% from 606 to 638

- Advised on 212 (2015: 237) corporate deals with an aggregate value in excess of £1.76bn (2015: £1.6bn)

- Strong balance sheet, strong cash generation and new long term bank facilities provide a robust platform for growth and a smooth transition from the previous LLP to the new Plc corporate structure

Gateley CEO Michael Ward said: "I am pleased to report that the group has performed well in its first year as a public company.

"In a market that continues to be challenging the board has remained focused on the execution of our stated strategy of long term organic and acquisitive growth.

"The group has made excellent progress since our successful AIM admission, all of which has been made possible by the positive reaction to our flotation by our diversified client base and excellent staff.

"Trading in the second half of the financial year ended 30 April 2016 was robust and we are pleased to report that trading in the first two months of the current financial year has been encouraging.

"We are confident that our business is well balanced and resilient and we remain focused on delivering another year of growth in our core services, whilst continuing to look for complementary acquisitions."


At 8:00am: [LON:GTLY] Gateley Hldgs Plc share price was +4.5p at 107.5p



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