Business
Audited Preliminary Results 2020
Audited Preliminary Results 2020.
About this update from Gateley (holdings) Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3687A\n Gateley (Holdings) PLC\n 29 September 2020\n \n \n \n \n 29 September 2020\n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n Gateley (Holdings) Plc\n \n \n (\"Gateley\", the \"Group\" or the \"Company\")\n \n \n \n \n \n AUDITED PRELIMINARY RESULTS 2020\n \n \n \n \n \n Strong performance, demonstrating resilience through diversity\n \n \n \n \n Gateley (AIM: GTLY), the legal and professional services group, is pleased to announce its audited preliminary results for the year ended 30 April 2020 (\"FY20\" or the \"Year\"), which show a strong and resilient performance in a year of macro-economic uncertainty, caused by Brexit negotiations, a General Election and the COVID-19 pandemic.\n \n Rod Waldie, CEO of Gateley, said:\n \n \"We are delighted with the performance of the Group for the Year and that the business has continued to trade profitably and remain cash positive throughout the new financial year. This would not have been possible without the commitment, dedication and understanding of all of our colleagues, whose wellbeing remains our highest priority.\n \n \"In FY20 we continued to invest in the growth of the Group through strategic headcount increases and four diversification acquisitions. The Group performed well and in line with market expectations until COVID-19 impacted at the end of February 2020. When country-wide restrictions were introduced in early March, many of the Group's mandates were put on hold and, like most businesses, we experienced an unexpected and sudden reduction in revenue.\n \n \"As a people business with a cost structure aligned to forecast revenue, and with little time before the end of the year for cost mitigation measures to take effect, this reduction in revenue, during our critical Q4, immediately impacted our profitability. We took swift action to mitigate this, whilst taking great care to protect the long-term growth prospects of the Group, which are of utmost importance to all our stakeholders. We believe that it is crucial to the sustai...