Trading Update

RNS Number : 6984X

Gateley (Holdings) PLC

06 May 2021

 

6 May 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

GATELEY (HOLDINGS) PLC

("Gateley" or the "Group")

TRADING UPDATE

Gateley (AIM:GTLY), the legal and professional services group, provides the following update in respect of the Group's trading for the year ended 30 April 2021 ("FY21").

The Board is pleased to report that, following a very strong end to the financial year, revenue in FY21 is expected to be materially ahead of consensus market expectations*. As a result of the Group's continuing prudent approach to costs and cash management, profitability is therefore expected to be more significantly ahead of consensus market expectations with a cash position at 30 April 2021 substantially ahead of consensus market expectations.

The Board confirms that it intends to recommence dividend payments, and will pay a dividend for this financial year in line with its previous policy of distributing up to 70% of profit after tax.  The Board is also pleased to announce that as part of this total dividend payment for the year, it intends to declare an interim dividend of 2.5p per ordinary share, details of which will be announced in due course.

Rod Waldie, Chief Executive Officer of Gateley, said:

"I am delighted to report this outperformance, which demonstrates the Group's well balanced and resilient business model and provides further validation of our strategy to continue to build a substantial and well-diversified professional services group."

Further details will be provided in a pre-close trading statement, which will be announced later this month.

*Gateley believes consensus market expectations, prior to this announcement were: revenue of £111.7m, Adjusted PBT of £14.7m and net cash of £8.4m.

Enquiries:

Gateley (Holdings) Plc
Neil Smith, Finance Director	Tel: [phone]
Nick Smith, Acquisitions Director and Head of Investor Relations	Tel: [phone]
Cara Zachariou, Head of Corporate Communications	Tel: [phone] / Mob: [phone]
finnCap - Nominated adviser and broker	Tel: [phone]
Matt Goode / James Thompson (Corporate Finance)
Andrew Burdis (ECM)
N+1 Singer - Joint broker	Tel: [phone]
Peter Steel (Corporate Finance)
Rachel Hayes (Corporate Broking)
Belvedere Communications Limited - Financial PR
Cat Valentine ([e-mail])	Mob: [phone]
Keeley Clarke ([e-mail])	Mob: [phone]
	[e-mail]

 

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